Balay ProductionCheck this excerpt from their Nov 2010 MD&A. They were not being paid then, and likely are not being paid now (or else we would have heard about a marketing agreement of some sort) for the Balay-1 production:
In December 2009, the Company entered into a farm-in agreement with Petrobras Colombia Limited for the Balay Block, which is located in the Llanos Basin of Colombia. Under this farm-in agreement, and subject to the final approval of the farm-in by the National Hydrocarbon Agency in Colombia and another partner in the block, the Company will earn a 15% participating interest in the Balay Block by paying 15% in costs for a 3D seismic program, and 25% of the costs to drill and complete the Balay-1 well. On March 11, 2010 the Company announced that the Balay-1 exploration well flowed at 1,314 barrels of oil per day ("bopd") of 28.3° API oil (as defined by the American Petroleum Institute) through a 24/64 inch choke with a 0.3% water cut. This oil was obtained from a twenty foot perforated section in the Upper Mirador formation, and long term production testing of the well commenced on July 14, 2010. To date, this long term production test has produced 115,644 barrels of 28° API oil with a 0.25% water cut. The Company has not recognized any revenue from this production as it has not yet signed a marketing contract or a distribution agreement with the Block?s operator. The Balay-2 appraisal well began drilling on September 27, 2010, and is expected is reach total depth by year end.
Can't wait to see their next MD&A, as they have yet to answer my repeated questions as to whether PTA is being paid for their production.
Sigh.