Petrominerales Ltd PMGLF

RE: RE: RE: RE: RE: RE: Re: Buyback

[maxleverage]

Oil - I am disguted as well by this stock's performance.   Any other Columbian oil co except CNE would have been MUCH better.  BUT, if they hit a big well next year (Canatua?, others?), then buying back all this stock now will in hindsight be very prudent.  The key is they need to maintain a reasonable level of production to fund drilling / exploration, the divi and the share / convertible buy backs.  As long as the production declines month-to-month are minor (let alone a small increase on an incremental find?), we can wait until they find the next big one.   They will announce the 2013 exploration program any day now.   Fidelity Funds out of the USA have been big sellers - let's hope the "ask" thins out a bit in the New Year.   I believe it will.