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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: architect* who wrote (17026)	3/11/2011 11:14:00 AM
From: architect*	Read Replies (1) \| Respond to of 24921

I haven't yet, but review Pacific Rubiales's Q4 2010 finances. I'll guess that higher oil prices have improved Pacific Rubiales's balance sheet considerably from Q3 2009. I guessed wrong -the market doesn't like PRE's Q4 2010 report.

To: architect* who wrote (17026)	3/13/2011 11:30:50 PM
From: Cal Gary	Respond to of 24921

Not mentioned in PDP's Dec 21, 2010 news release was who bought the 25% interest in their Sierra Nevada License. Putting a $40mm valuation on that license. From their recent MD&A: "In December 2010, the company entered into a purchase and sale agreement (“Purchase and Sale Agreement”) with Gran Tierra Energy Colombia Ltd. (“Gran Tierra Energy Colombia”), a wholly-owned subsidiary of Gran Tierra Energy Inc. (“Gran Tierra Energy”), to sell a 25 percent working interest in the company’s Sierra Nevada License in Colombia in consideration for cash of US$10.0 million. If the Agencia Nacional de Hidrocarburos (“ANH”), does not acknowledge Gran Tierra Energy Colombia’s working interest, through a written resolution, within 180 days after all required documentation is submitted, either the company or Gran Tierra Energy Colombia may terminate the Purchase and Sale Agreement, unless this condition is waived by both parties." Proceeds intended for the San Angel 100x well, now drilling day 42.

To: architect* who wrote (17026)	3/13/2011 11:37:02 PM
From: Cal Gary	Read Replies (1) \| Respond to of 24921

GTE Canangucha-1 drilling day 33. Should be TD any day. Transaction to buy PDP closes this Thurs/Friday court stamp. This PDP subsequent event, intention to relinquish Block 106 (+2mm acres), is a pain in the butt for me: b) Relinquishment of Exploration License Rights to Peruvian Block 106 On March 4, 2011 Petrolifera issued a letter to Perupetro, the state agency of Peru, advising of its intention to surrender the license covering Block 106 in the Maranon Basin, Peru. The company’s Block 106 carrying value of approximately $21.3 million was included as an unproved property cost in properties and equipment in the Consolidated Balance Sheet as at December 31, 2010. The company retains licenses covering Blocks 107 and 133 in the Ucayali Basin, Peru. PDP's management with the timing and the optics stink. The PDP deal: $195,000,000 deal includes $36.5 mm Debt 10,900,000 P1 BO 17.89 $/P1 19,300,000 P2 BO 10.10 $/P2 PV 10 (pre-tax) of 2P reserves estimated at $251 million 3,683 boe/d Block 106 Block 106 is in the Maranon Basin in northern Peru and is prospective for medium gravity crude oil. An underutilized crude oil pipeline with estimated availability of approximately one half of its rated 120,000 bbl/d capacity bisects the Block from north to south. The defined prospects on the Block, if successfully drilled, are expected to yield crude oil with API's greater than 18 degree which is what is required to meet pipeline specifications. The majority of the prospects are within a five kilometer radius of the pipeline, thereby significantly enhancing the economics of the project on this river-only-access region. The Block surrounds the Maranon Basin's largest crude oil field and in turn is surrounded by various filled-to-spill point crude oil fields, so source and migration of hydrocarbons, two key exploratory risks, are not considered an issue. Oilfields adjacent to or surrounded by Block 106 include Pavayacu, Corrientes, Chambira Este and the Yanayacu Fields. During 2009, Petrolifera completed a 440 kilometer 2D seismic program over the Block. The data is currently being interpreted to upgrade the leads and prospects. Petrolifera currently owns 100 percent of this Block, however efforts are being made to farmout the Block.