Petrolifera to begin La Pinta testing on June 6
2009-06-05 09:12 ET - News Release
Mr. R. A. Gusella reports
TESTING OF PETROLIFERA'S LA PINTA WELL IN COLOMBIA TO COMMENCE JUNE 6, 2009; DEADLINE FOR ARGENTINA BIDS EXTENDED TO JULY 10, 2009 AT REQUEST OF PROSPECTIVE PURCHASERS
Petrolifera Petroleum Ltd.'s testing of its La Pinta No. 1 well on the Sierra Nevada licence in
Colombia is anticipated to commence on June 6, 2009.
It is expected that the complete testing program will require between seven and 10 days, after which the rig will be released from the La Pinta No. 1 location. Results will be communicated by way of press release when they are conclusive and testing is completed.
The company also announced that at the request of a number of interested parties, the deadline for submission of bids related to the potential purchase of Petrolifera's Argentinian operations has been extended until July 10, 2009.
We seek Safe Harbor.
As much as it has climbed in the last 2 months, there are 2 major catalysts that can double this stock in the next 2 mths.
#1 Testing Of Petrolifera's La Pinta Well In Colombia To Commence June 6, 2009;
#2 And the Buy Out Of Argentina's Assets : ProspectivePurchasersArgentina Bids Extended To July 10, 2009
Petrolifera (C$3.00, C$0.20, 7.1%) has extended the deadline for submissionsof bids related to the potential purchase of its Argentinean operations to July10 at the request of a number of interested parties. It also said testing of itsLa Pinta No. 1 well on the Sierra Nevada License in Colombia is expected tostart Saturday.
Solid cash flow, profitability and favorable commodity pricing realized in Argentina during Q1
2009
• Plan of Arrangement for asset backed commercial paper restructuring completed; related line of
credit expanded to $28.2 million and borrowings reclassified as long term, which improved
working capital and enhanced liquidity
Daily sales volumes
Crude oil and natural gas liquids - bbl/d 5,245 6,726 (22)
Natural gas - mcf/d 6,500 7,044 (8)
Barrels of oil equivalent - boe/d (2) 6,328 7,900 (20)
Average selling prices
Crude oil and natural gas liquids - $/bbl $ 52.17 $ 41.99 24
Natural gas - $/mcf $ 2.98 $ 2.20 35
Barrels of oil equivalent - $/boe $ 46.30 $ 37.72 23
Common shares outstanding (000s)
Weighted average
Basic 54,948 50,212 9
Diluted 55,195 51,562 7
End of period 54,948 50,353 9
Petrolifera Petroleum Limited is a Calgary-based crudeoil and natural gas exploration, development and production companyactive in South America. Petrolifera holds interests in approximatelyeight million acres of petroleum and natural gas rights in ten onshoreconcessions or licenses in Argentina
Connacher Oil and Gas Limited of Calgary, Alberta was responsible forthe creation and financing of Petrolifera and owns 24 percent ofPetrolifera's shares. Connacher also provides some management servicesto Petrolifera.
Board of Directors
Richard A. Gusella
Executive Chairman
Gary D. Wine
President and Chief Operating Officer
much more here:
http://treasurepicks.blogspot.com/
We seek Safe Harbor.
Public Float definition
The last price at which a stock was sold multiplied by the number of outstanding shares of voting and non-voting stocks that are held by public investors, not company directors or executives.
Depending upon whether the float is in conjunction with a stock offering, regulators may specify a certain time frame within which the calculation must be made, such as 60 days within the date a registration statement is filed.
Stock exchanges typically use public float figures to determine whether companies meet minimum listing standards, rather than looking at market capitalization, which includes the figures from both public shareholder and company directors and executives.
The smaller the float the faster the rise in the stock up/down when it is moving.
I expect this to gap up very fast- Buy New, Or Average Down This is going to fly Soon:
#1 Testing Of Petrolifera's La Pinta Well In Colombia To Commence June 6, 2009;
#2 And the Buy Out Of Argentina's Assets : ProspectivePurchasersArgentina Bids Extended To July 10, 2009
Petrolifera (C$3.00, C$0.20, 7.1%) has extended the deadline for submissionsof bids related to the potential purchase of its Argentinean operations to July10 at the request of a number of interested parties. It also said testing of itsLa Pinta No. 1 well on the Sierra Nevada License in Colombia is expected tostart Saturday.
Solid cash flow, profitability and favorable commodity pricing realized in Argentina during Q1
2009
• Plan of Arrangement for asset backed commercial paper restructuring completed; related line of
credit expanded to $28.2 million and borrowings reclassified as long term, which improved
working capital and enhanced liquidity
Daily sales volumes
Crude oil and natural gas liquids - bbl/d 5,245 6,726 (22)
Natural gas - mcf/d 6,500 7,044 (8)
Barrels of oil equivalent - boe/d (2) 6,328 7,900 (20)
Average selling prices
Crude oil and natural gas liquids - $/bbl $ 52.17 $ 41.99 24
Natural gas - $/mcf $ 2.98 $ 2.20 35
Barrels of oil equivalent - $/boe $ 46.30 $ 37.72 23
Common shares outstanding (000s)
Weighted average
Basic 54,948 50,212 9
Diluted 55,195 51,562 7
End of period 54,948 50,353 9
Petrolifera Petroleum Limited is a Calgary-based crudeoil and natural gas exploration, development and production companyactive in South America. Petrolifera holds interests in approximatelyeight million acres of petroleum and natural gas rights in ten onshoreconcessions or licenses in Argentina
Connacher Oil and Gas Limited of Calgary, Alberta was responsible forthe creation and financing of Petrolifera and owns 24 percent ofPetrolifera's shares. Connacher also provides some management servicesto Petrolifera.
Board of Directors
Richard A. Gusella
Executive Chairman
Gary D. Wine
President and Chief Operating Officer
much more here:
http://treasurepicks.blogspot.com/
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