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Editor's notes: PXT.TO has grown reserves and production significantly, and still has plenty of catalysts to drive share value. LatAm expert Caiman Valores calls for 100% upside.

The recent announcement that Colombia's largest independent oil producer Pacific Rubiales (OTCPK:PEGFF) has agreed to buy small-cap Petrominerales (OTCPK:PMGLF) for $909 million, is seeing renewed investor interest in the Colombian oil patch. It is clear that there are a number of deep-value investment opportunities among the companies focused on operating in Colombia. One company that particularly stands out is Canadian domiciled small-cap Parex Resources (OTC:PARXF), which only commenced operations 2009.

Since then the company has grown rapidly to become the sixth largest operator in Colombia by way of proven and probable reserves. It has developed a strong asset base and continues to grow production. Along with a range of emerging...

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