UPDATE: PetroMagdalena Announces Farm-in with Interoil; Shares Open Up 2%
PetroMagdalena Energy Corp. (PMD.V) opened up 2% to $1.79 today after announcing earlier that it has entered into a binding letter of intent with Interoil Colombia E&P Inc. in respect of a 50% participation to farm in to the LLA-47 block located in the Llanos just south and on trend with the company's main Cubiro block and other producing blocks in the basin.
Luciano Biondi, Chief Executive Officer of PMD, said: "This allows us to leverage our in-depth Cubiro experience to an exciting new block with the same geological and surface characteristics and logistical aspects."
More than 3,000 PMD shares have changed hands so far.
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