AGM 6/6 Voted for 1/10 share consolidationOk next 12 months the share count will be reduced 10:1 meaning 1 share for every 10 shares held but no idea on timing other than 2015.
They have 3 exploration wells planned for the N-Sand from Suroco acreage and 3 planned for the PutoMayo from PetroAmericas acreage these 6 wells to drill regardless of oil prices and the goal is to add reserves in 2015 to try to exit with 15,000BBL/day...
The short term might be volatile, but the seismic on the N-Sand looks compelling, the folks who shot it had 20 years experience with Encana and had experience with Ecuador side N-Sand Discovery with a different outfit. The new seismic is better quality acquisition than what was shot in Ecuador so these are less risky from a 3D perspective...they can see what they want and they picked the best targets out of the data.
The cash on hand could be used for further acquisitions but no further mention.
PetroNova is a nearby company that may have success in 2015, they might be one target but in this environment it's not best to speculate.
They 30,000 number was put out there as a plan where they are aiming to get to 2-3 years out...It is what it is out there with the markets some see it as a lull with ripe pickins for bargains others are heading for the hills everyone has their perspective, nobody knows anything 100% for sure which makes for overreactings on both sides of the price swings... Mid march will likely be a better time for PTA. Best of luck to all.