The Next PMG....Petroamerica V.PTA ($.60) is the newest of the bunch. The big coup for Petroamerica is that it has recruited most of the senior operational management from Petrominerales– Paul Kroshko, Anh Vardalos and Wade Spark. This team was instrumental in developing Petrominerales’ key asset, the Corcel Field. Wells there have an IP (initial production) rate of 10,000 bopd - BIG wells.
One director from Pacific Rubiales, Augusto Lopez, sits on the board of Petroamerica and Ron Pantin, CEO of Petro Rubiales, is on the Advisory Board.
So between the management track record at Petrominerales, and the fact that a couple Pacific Rubiales people are involved early, Petroamerica could quickly build into a fast growing oil producer. If Pacific Rubiales gets bought out (Pacific Rubiales has reached a production level of 117,784 barrels of oil equivalent per day (boepd) of gross operated production, equivalent to 48,667.7 boepd net after royalties in all its assets in Colombia) then Petroamerica is the junior that should benefit the most, as it appears key members of that team could be moving to it.
Petroamerica has interests in 5 properties in three major oil producing basins in Colombia, for a total of more of more than 550,000 acres. Petroamerica recently announced it has been awarded a farm-in by Pacfic Rubiales Energy Corp. on the CPO-1 Block which is located in the Llanos Basin of Colombia. The CPO-1 Block lies on trend and to the northeast of the Caracara field.
Conclusion
As these well-funded plays start drilling, institutional and retail investors alike will be watching to see which horse comes out ahead. Shouldn’t Colombian oil be on every investor’s radar screen?
Richard (Rick) Mills
rick@aheadoftheherd.com
www.aheadoftheherd.com