Petrominerales Ltd PMGLF

The rumour mill is starting up...

[pokerbeeks]

I hate the rumour mill as much as the next serious investor, but this is from the CEO of a fellow Columbian oil producer. It would be great to salvage something out of this torturous investment and a takeover would do just that...

https://www.bloomberg.com/news/2013-08-14/pacific-rubiales-scouring-for-colombia-oil-acquisition-ceo-says.html

Happy hunting Pacific Rubiales!!!

[ghayes]

Wow - makes sense - buy it up - keep the light oil production - then spin off the exploration component as a new company and get back a large chunk of the investment - perhaps even throw the current directors the exploration part as a sweetener for the deal. What do you think $8 a share? -- Quote from the previous link. Pacific Rubiales Energy Corp. (PRE), the the world’s

[pokerbeeks]

The purchase does make a lot of sense for PRE, but I can't see PMG's directors being happy with $8.  Last year they blew about $150 million on buybacks that averaged well over 10$.  That's a tough pill to swallow at an 8$ price. Secondly the biggest part of this acquisition would be the bonds/liabilities anyways.  They are assuming around $1 billion in liabilites with a