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Studied: Power Engineering, Exploration Technology, Worked Upstream, Midstream, Downstream in Oil and Gas, Pipelines, Drilling, Refineries. Regardless of our desire for clean energy, oil makes things and is the building block of any economy. From production to transport to refining its the... More
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  • Colombia Offers Compelling Junior Oil Exploration Stories In 2014 12 comments

    Public companies from Canada operating in Colombia.

    Click Blue Link to go to each particular company website(s).

    Click company Logo(s) to go to company fact sheets, presentations

    For a quick primer on Exploration Drilling go to this link

    Avanti Energy Inc is engaged in acquiring, exploring and evaluating mineral resource properties. The Company operates in USA, Mexico and Italy.

    Azabache Energy, Inc. is an oil and gas exploration company. The Company acquires, develops, and produces crude oil and natural gas in Argentina and Colombia.

    Brownstone Energy, Inc. is a diversified oil & gas company. It holds interest in oil and gas exploration projects, which include offshore Israel and in the Llanos Basin, Colombia, as well as other oil and gas interests around the world.

    (I like the Israel assets)

    The company sold its Colombia assets but I still included it in the 2014 list. Toronto, Ontario (February 18, 2014) - Brownstone Energy Inc. (TSXV: BWN; OTCQX: BWSOF) announces that the TSX Venture Exchange has accepted for filing documentation relating to the previously announced disposition of the company's 34.25% oil and gas participation interest in the Llanos 27 Project in Colombia, and the transaction has been complete.

    Investor Relations: Richard Patricio,VP Legal & Corporate Affairs, ir@brownstoneenergy.com

    Canacol Energy Ltd is engaged in petroleum and natural gas exploration and development activities in Colombia, Ecuador, Brazil, Guyana and Peru.

    Gran Tierra Energy, Inc., together with its subsidiaries is an international energy company engaged in oil and gas acquisition, exploration, development and production. The Company owns oil and gas properties in Colombia, Argentina, Peru and Brazil.

    Pacific Rubiales Energy Corp is engaged in the exploration, development and production of certain oil and natural gas interests, primarily located in the Republic of Colombia.

    Parex Resources, Inc. is engaged in exploration, development, production and marketing of oil and natural gas in South America. It is engaged in the Llanos Basin and Middle Magdalena Basin of Colombia.

    Petrodorado Energy Ltd is an oil and natural gas exploration company. The Company is engaged in the exploration and development activities in Columbia and the United States.

    PetroNova Inc is engaged in the exploration for, and the acquisition and development of oil and natural gas resources in South America. Its assets include participating interests in the Colombian blocks consisting of the PUT 2 and the Tinigua blocks.

    (click to enlarge)

    Petroamerica Oil Corp through its subsidiaries is engaged in the exploration, production and development of hydrocarbons in Colombia.

    Platino Energy Corp is a resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in the Putumayo and Middle Magdalena basins in Colombia.

    (click to enlarge)

    Sintana Energy Inc is an oil and gas exploration company. It has a portfolio of exploration projects in Magdalena in Colombia and the Sechura Basin in Peru.

    Suroco Energy Inc is a junior oil and gas company operating in the Republic of Colombia. The Company is engaged in the acquisition, exploration, development and production of crude oil reserves in Colombia.


    Disclosure: The author is long PARXF, CNNEF, PEGFF, PTAXF.

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Comments (12)
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  • TopDoggie
    , contributor
    Comments (608) | Send Message
    Do you have any thoughts on the Sintana merger? I know they can use the cash. I am not sure what good the $60mil in tax credits will do for them. Perhaps when they return the money to Canada from Colombia?
    14 May 2015, 05:23 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » The Duvernay shale of möbius is attractive, I don't follow Möbius so I can't comment too much, Sintana has the LaLuna Shale play which has very attractive geology, high porosity and high permeability which long term could add some real production to the company. The majors like shell and Exxon are in the neighbourhood of most of Sintana plays which adds credibility to their exploration plans. This will be a 3-4 play to see any real returns, and commodity prices will have to rise to make them a real profit, nibble away at these low oil prices and you will likely be thankful 4 years away. I can't be too much more helpful as I don't study either player but the combination if managed fairly to shareholders will likely strengthen both sides going forward. Take a peek at PENYF they are weeks away from an annual meeting and might have some news shortly. thanks
    21 May 2015, 08:51 AM Reply Like
  • TopDoggie
    , contributor
    Comments (608) | Send Message
    Thanks. I do hold a small stake in PENYF. I took a look at it after reading you blog and liked what I saw in the risk/reward. I am still scratching my head on the well they stoped drilling needing a bigger rig. Hopefully they shed some light at the annual meeting.
    5 Jun 2015, 03:31 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » It should be clearer by Q3. It is expected a nearby land auction will offer some new data on what acreage is fetching in Albania. The risk right now might be dilution if they allow further farm-in by shell oil, but until it occurs its a guess. The rig should be powerful enough to handle the task for M-1 but it appears they are going to drill S-3 before M-1. This means we may not have reserves answers for quite some time as we need M-1 results to assess the size of the field. The Oil show in Canada is next week, if I learn any new tidbits I will add them to the blog. You can get a sneak peak at the 2015 drilling season plays at Tullii.org
    5 Jun 2015, 11:05 PM Reply Like
  • TopDoggie
    , contributor
    Comments (608) | Send Message
    13 Jun 2015, 11:30 AM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » Petroamerica and PetroNova Announce the Filing of Materials for Special Meeting of PetroNova Shareholders and Provides Information on the Expected Consolidation of Petroamerica Shares


    CALGARY, July 6, 2015 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica"), and PetroNova Inc. (TSX-V: PNA) ("PetroNova"), both Canadian oil and gas companies operating in Colombia, are pleased to confirm that PetroNova will hold a special meeting (the "Meeting") of the shareholders of PetroNova to consider and vote upon the proposed plan of arrangement (the "Arrangement") between Petroamerica and PetroNova at the offices of Borden Ladner Gervais LLP, Centennial Place, East Tower, 520 3rd Ave. SW, Calgary, Alberta at 10 AM Mountain Daylight Time on Tuesday July 28, 2015.


    PetroNova today mailed to its shareholders the Information Circular and related proxy materials with respect to the Meeting. The Information Circular and related proxy materials have also been filed with the appropriate regulators and are available for viewing under PetroNova's profile on http://www.sedar.com and on PetroNova's website at http://www.petronova.com.


    Arrangement Overview
    On June 15, 2015 Petroamerica and PetroNova announced that they had entered into an arrangement agreement (the "Arrangement Agreement") whereby Petroamerica had agreed to acquire all of the issued and outstanding common shares of PetroNova ("PetroNova Shares") by way of a statutory plan of arrangement under the Business Corporations Act (Alberta). Under the Arrangement PetroNova Shares will receive 0.85 common shares of Petroamerica ("Petroamerica Shares") for each PetroNova Share held.


    The Board of Directors of PetroNova, based on a recommendation by the special committee established to consider the Arrangement, has unanimously approved the Arrangement Agreement and recommends that holders of PetroNova Shares vote in favour of the Arrangement. The PetroNova Board, based on a written fairness opinion from its financial advisor, Peters & Co. Limited, determined that the consideration to be received by the holders of PetroNova Shares pursuant to the Arrangement is fair, from a financial point of view, and determined that it is in their best interests.


    The Arrangement must be approved by two thirds of the votes cast by holders of PetroNova Shares in person or by proxy at the Meeting. Completion of the Arrangement is subject to customary closing conditions, including approval by the TSX Venture Exchange and the Court of Queen's Bench of Alberta.


    Share Consolidation
    Based on the approval received from the Petroamerica shareholders at the Petroamerica Annual General and Special Meeting held on November 26, 2014 that authorized a consolidation of Petroamerica Shares (the "Consolidation") on the basis of up to one new common share for each ten existing common shares, the Petroamerica Board of Directors has recently authorised the Consolidation of Petroamerica Shares on a one for ten basis immediately following the closing of the Arrangement, and pending approval by the TSX Venture Exchange. It is expected that the implementation of the Consolidation will only occur upon the closing of the Arrangement. If the Consolidation is implemented in conjunction with the closing of the Arrangement, holders of PetroNova Shares will receive 0.085 post-Consolidation Petroamerica Shares for each PetroNova Share held.


    The significant points relating to the shares issued under the Arrangement and the resulting expected Consolidation are as follows:
    •Petroamerica expects to issue approximately 216.4 million pre-Consolidation Petroamerica Shares assuming the Arrangement is approved by the holders of PetroNova Shares and the Arrangement is completed, which, after giving effect to the Consolidation immediately thereafter, will be approximately 21.6 million post-Consolidation Petroamerica Shares.
    •Upon completion of the Arrangement, holders of existing PetroNova warrants ("Warrants") will be entitled to receive approximately 39.2 million pre-Consolidation (approximately 3.9 million post-Consolidation) Petroamerica Shares upon the exercise of such Warrants.
    •Immediately after the completion of the Arrangement, it is projected that there will be approximately 1,088.9 million pre-Consolidation Petroamerica Shares outstanding in addition to an aggregate of 119.9 million pre-Consolidation Petroamerica Shares issuable upon the exercise of Petroamerica stock options ("Options"), historical PetroNova Warrants and Petroamerica's contingent value rights ("CVRs"), representing 11% potential dilution.
    •After giving effect to the Consolidation immediately thereafter, it is expected that there will be approximately 108.9 million post-Consolidation Petroamerica Shares outstanding and approximately 12.0 million post-Consolidation Petroamerica Shares issuable upon the exercise of Options, Warrants and CVRs, still representing 11% dilution.
    •On a fully diluted basis Petroamerica is expected to have approximately 1,208.8 million pre-Consolidation Petroamerica Shares outstanding immediately following the completion of the Arrangement, which after Consolidation will total approximately 120.9 million post-Consolidation Petroamerica Shares.
    22 Jul 2015, 03:51 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » PetroAmerica and PetroNova now official.
    Merger was voted on. Done deal.


    Post-Arrangement Petroamerica will hold working interests in 15 blocks, including two operated blocks, covering over 2.2 million gross (781 thousand net) acres in the Llanos and Putumayo Basins in Colombia. At close, Petroamerica holds over US $20 million in cash after accounting for transaction fees, and remains debt free.
    29 Jul 2015, 10:58 AM Reply Like
  • TopDoggie
    , contributor
    Comments (608) | Send Message
    PENYF also just bid on another block.
    29 Jul 2015, 12:47 PM Reply Like
  • The Protagonist
    , contributor
    Comments (2875) | Send Message
    They bid pre-merger?
    29 Jul 2015, 02:13 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » I think top doggie was referring to Petromanas bidding on exploration blocks in Albania, rather than PetroAmerica merging with PetroNova in Colombia, hope that adds clarity above.
    29 Jul 2015, 07:28 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » $PTAXF fell in post-halt trading, suggesting the current market will not reward the post-consolidation reverse-split combined entity, if the market cap is below the sum of $35MM+$10MM for the combine entity, the value diggers could see upto 25% Selloff from dilution for issuing shares to acquire PetroNova.
    It can take upto 4 quarters to digest a business combination and assess the combined entity and absorb expenses related to an acquistion... so short term we could see a further drop, but the value in the ground will not be easy for analysts to assess for some time, which presents the value play for a trade in the coming days with a 1-2 year reward of significant upside once the digested acreage is drilled on and the added reserves from drilling would expand the assets and balance sheet. Cash on hand is sufficient for PetroAmerica to ride out this bear market but the market at present isn't paying attention as very few shares traded relative to the size of the float. I think oil could go lower as Iran and Iraq pump record volumes of oil, which will leave explorers without value until prices recover. Nibble away if you like the stories in Colombia but expect no real gains for 12-18 months in this play as is a unrewarding market and a buyers dream for longs with 4-5 year hold in mind.
    29 Jul 2015, 07:26 PM Reply Like
  • TopDoggie
    , contributor
    Comments (608) | Send Message
    From what I hear the Exxon well being drilled on Sintana property is done. The press release from Sintana's CEO is supposed to be with Exxon for approval.
    22 Sep 2015, 08:55 AM Reply Like
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