Petrominerales Updates 2011 Capital Program

Petrominerales Ltd. (TSX:PMG), a 65 percent owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG) confirms our 2011 capital and strategic plan.

The press release is quoted as saying:

The 2011 Program will be fully-funded through our strong cash flows and existing cash balances and includes: A two rig drilling program on our Corcel, Guatiquia and Block 31 acreage with up to 16 wells targeting the Corcel-type prospects that have fueled the majority of our production growth over the past three years; Drilling two potentially high impact wells targeting large hydrocarbon accumulations on our foothills acreage on trend with existing discoveries; Continued exploration drilling on our heavy oil acreage along with appraisal work on our existing discoveries to advance commercialization plans; The start of a multi-well exploration drilling program in Peru; Follow-up drilling and rapid commercialization of our Yenac discovery on our Central Llanos acreage; Drilling up to 33 development locations on our Neiva and Orito Blocks.

Click here to access the entire press release