Petrominerales Reports Record First Quarter 2010 Results With 75 Percent Increase in Oil Production
Petrominerales Ltd. (TSX:PMG), a 66 percent owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), reported record first quarter results highlighted by a 75 percent increase in production to 38,199 barrels of oil per day, funds flow from operations of US$140.1 million and net income of US$73.4 million.
Petrominerales Ltd. (TSX:PMG), a 66 percent owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), reported record first quarter results highlighted by a 75 percent increase in production to 38,199 barrels of oil per day, funds flow from operations of US$140.1 million and net income of US$73.4 million.
The press release is quoted as saying:
Petrominerales Ltd. is a Latin America-based exploration and production company producing oil in Colombia with 15 exploration blocks covering a total of 1.9 million acres in the Llanos and Putumayo Basins and five exploration blocks in Peru covering a total of 9.4 million gross (5.2 million net) acres in the Ucayali and Titicaca Basins. Petrominerales is 66 percent owned by Petrobank Energy and Resources Ltd. (TSX: PBG).