The battle continues for junior Colombian oil producer, Suroco Energy, which produces roughly 2500 bopd currently and has a prospective land position in Colombia’s Putomayo Basin in the south of that country. Privately held producer, Vetra Holding, and its special acquisition subsidiary, Vetra Acquisition, have increased their offer for all of the outstanding shares of Suroco Energy… Continue Reading
The competition to acquire Suroco Energy between Petroamerica Oil and VETRA Holding is heating up this morning, with Suroco re-affirming their support for a deal with Petroamerica and calling out VETRA’s questionable tactics to gain support for their bid. According to today’s Suroco release, Vetra is paying a proxy solicitation fee to Investment Advisors who solicit Suroco… Continue Reading
With crude oil prices breaking out above $106/barrel this morning and many of the major integrated oil names overbought on multiple time frames investors may want to look to junior energy companies for additional upside this summer. While we remain bullish on Petromanas Energy longer term, 2 other companies are on our radar for more… Continue Reading
Today, Petroamerica Oil (PTA:TSXV) got a vote of confidence for their bid for Suroco Energy (SRN:TSXV). ISS Proxy Advisory Services published a report recommending Suroco shareholders vote in favour of Petroamerica’s share offer which valued the company at roughly $0.573 per share (or 1.7627 Petroamerica shares for each Suroco). This was quickly followed up with… Continue Reading
A new offer has emerged for Suroco Energy that I feel is unimpressive. Suroco signed a friendly agreement with Petroamerica Oil to merge the two small Colombian oil companies in late April, 2014. That deal was expected to close later this month. Then today, VETRA, a private firm which Suroco is partnered with on the Surioriente Block in Colombia’s… Continue Reading
Undervalued Colombian oil play Petroamerica Oil Corp (TSXV:PTA) has grown its exploration portfolio this morning, just three weeks after taking out a smaller competitor, Suroco Energy, to grow and diversify its asset base. The company is acquiring a 50% interest in the Llanos-19 block from a division of Pacific Rubiales, Colombia’s largest non state owned… Continue Reading
(Shares of Parex are up nearly 110% in the past 6 months amid continued successful production growth) Parex Resources (PXT:TSX) has agreed to purchase privately held Colombian light oil producer, Verano Energy Limited, in a cash and stock deal valuing Verano at $198 million or $1.25 per share (net). This deal appears to be beneficial for both companies as… Continue Reading
This morning two Canadian-based Colombian-focused oil and gas juniors announced intentions to combine their growing businesses. Petroamerica Oil Corp is acquiring Suroco Energy in an all shares transaction representing a 66.6% premium over Suroco’s 10-day volume weighted average trading price. Read: Petroamerica Signs Agreement with Suroco Energy Inc. to Acquire all of Suroco’s Issued and Outstanding… Continue Reading
PXT data by YCharts According to a Bloomberg article today, Parex Resources (PXT:TSX) is planning on doubling its current production of 17,500bopd. The company, led by CEO Wayne Foo, has aspirations of growing to 50,000bopd, according to the article. “To be relevant in the market, you really have to be in the range of 25,000… Continue Reading
With shares of Petroamerica Oil Corp (PTA:TSXV) continuing to trade at a deep discount relative to their North American peers, the company has announced a 55 million share buyback to reduce the float by ~10%. Management announced today that the TSX Venture has accepted their proposal to make a normal course issuer bid to buy… Continue Reading
One of the most undervalued junior oil companies announced an update with mostly good news this morning, and a little bad. Petroamerica Oil Corp. (TSXV:PTA), which trades at less than 1.4x cash flow, produced an average of 6497 barrels of oil per day for the month of February, and 6,453 barrels of oil per day… Continue Reading
The $65 million market cap Petronova announced a farm-in deal with Pacific Rubiales that will see the tiny oil explorer carried for 4 wells in the largest untested prospect in Colombia, potentially worth as much as $4 billion (40% to Petronova), with drilling starting in this year’s second half. Plus: Petromanas, Petroamerica, Canacol and frontiers… Continue Reading
Colombian oil and gas junior Petroamerica Oil Corp (TSXV:PTA) is casing the La Guira-2 appraisal well for testing. La-Guira 2 reached its target depth of 12,600 feet and was logged before a decision was made to test the well. Testing will be performed on the Mirador and Gacheta formations, and will commence when a work-over… Continue Reading
Petroamerica (PTA:TSXV) announced exciting news just after market today with two new oil discoveries made in Colombia. The discoveries were made on the El Eden block (40% working interest with PXT 60% operated interest) in the prolific Llanos Basin of Colombia. At their La Casona 2 well the companies discovered 545 barrels of light 47 degree… Continue Reading
Parex Resources (PXT:TSX) and Petroamerica Oil (PTA:TSXV) have provided an update on the exploration and development work going on in some of Colombia’s most prolific light oil fields. Parex is excited about the developments on the El Eden block (60% operated working interest, Petroamerica 40% working interest) as they have begun long-term production from the test facility… Continue Reading
