Petroamerica Oil Corp., $0.40, symbol PTA on Toronto (Shares outstanding: 344.5 million; Market cap: $137.8 million), has interests in nine properties in Colombia. In all, these properties include over 1.8 million acres. Petroamerica’s interests are equal to about 540,000 acres of that total. The company began trading on Toronto in October 2009 at $0.70 a share.
Petroamerica aims to develop its properties partly through joint ventures with producers that are already established in Colombia, such as Petrobras of Brazil and TSX-listed Pacific Rubiales.
On March 11, 2010, Petroamerica announced that it had participated in its first oil discovery, at the Balay-1 well. Petroamerica has a 15% stake in the well, which has tested production at a rate of 1,314 barrels per day (Petroamerica’s interest is 197 barrels). The Balay block covers 175 square miles, so it has lots of room for additional drilling. It’s also next to the producing Corcel field.
Petroamerica holds cash of $36.2 million, or $0.11 a..
Privacy Policy and Terms of Use
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Changes to this Policy
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