This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PetroMagdalena Acquires Additional Interest In Arrendajo And Settles With Beta Energy

TORONTO, Nov. 24, 2011 /PRNewswire/ - PetroMagdalena Energy Corp. (TSXV: PMD) is pleased to announce that it has executed a conditional assignment agreement whereby it will acquire an additional 32.5% working interest in the Arrendajo block in the Llanos basin. In addition, the Company announces the conclusive and final settlement with Beta Energy Corp., whereby it regains control of two rigs located in Colombia, one of which will be used to drill the upcoming Yopo exploration well on the Cubiro block.

Luciano Biondi, the Company's Chief Executive Officer stated, "When new management took over the Company earlier this year, our priorities were to focus on re-establishing investor confidence in the portfolio, develop our core oil assets, clean up our financial position, improve our cash flow, and increase production. The acquisition of an additional interest in Arrendajo, which is close to our core property Cubiro, and the settlement with Beta Energy are consistent with these objectives and we are pleased that through our recent exploration and development success, production continues to grow."

Acquisition of Additional Interest in Arrendajo

The Company has entered into an assignment agreement, conditional only upon the approval of the Agencia Nacional de Hidrocarburos (ANH), with Pacific Stratus Energy Colombia Corp., Sucursal Colombia, a subsidiary of Pacific Rubiales Energy Corp.  When this process is duly completed, PetroMagdalena will have a 67.5% participating interest in the Arrendajo Block.

The block covers an area of 31,606 hectares, and it is located only 5 km to the north-east from the Cubiro Block. Its exploration plays are of the same type as in the Cubiro Block, where PetroMagdalena has recently discovered three light oil fields and added 5 million barrels of 2P reserves.  Operations at Arrendajo will be supported by the pre-existing main operations base of the Company on the nearby Cubiro block.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs