Petroamerica Oil Corp. Repays Outstanding Principal and Accrued Interest of Debentures that Matured on April 19, 2015
Apr 20 15
Petroamerica Oil Corp. announced that it has repaid the outstanding principal and accrued interest, through its trustee Computershare Trust Company of Canada, of CAD 35 million debentures that matured on April 19, 2015. With the payment of the debentures complete, the company is now debt free while holding approximately USD 27 million of cash. Further to this, the company remains in advanced discussions for the establishment of a new debt facility which the Company expects to finalize by the end of the second quarter of 2015.
Petroamerica Oil Corp. Announces Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Revised Capital Spending Guidance for the First Half of 2015; Provides Production Guidance for the First Quarter of 2015
Apr 15 15
Petroamerica Oil Corp. announced consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported oil revenues – net of royalties of $31,540,000 compared to $43,510,000 a year ago. Loss for the period was $54,121,000 or $0.06 per basic and diluted share compared with $7,947,000 or $0.01 per basic and diluted share for the same period a year ago. Capital expenditures – excluding acquisitions were $19,449,000 against $9,564,000 for the same period in the last year. Funds flow from operations was $16,719,000 or $0.02 per basic and diluted share against $1,048,000 or $0.00 per basic and diluted share for the same period in the last year. The company reported $37 million in revenue (before royalties) from the sale of 530,000 barrels of oil equivalent. Net loss was as a result of lower realised oil prices and an impairment charge of $70 million as a result of carrying value adjustments on assets held due to the 2014 year-end reserves evaluation that was primarily driven by lower oil price projections for future years.
For the full year, the company reported revenues of $174,217,000 compared with $203,255,000 for the same period a year ago. Loss before income taxes was $37,291,000 compared with income before income taxes of $91,847,000 for the same period a year ago. Net loss for the period was $38,027,000 or $0.05 per basic and diluted share compared with net income of $53,877,000 or $0.09 per basic and diluted share for the same period a year ago. Cash provided by operating activities was $87,209,000 compared with $106,056,000 for the same period a year ago. Exploration and evaluation expenditures were $16,068,000 compared with $16,375,000 for the same period a year ago. Property, plant and equipment were $27,554,000 compared with $53,465,000 for the same period a year ago. Capital expenditures – excluding acquisitions were $46,586,000 against $73,942,000 for the same period in the last year. Funds flow from operations was $62,616,000 or $0.09 per basic and diluted share against $108,790,000 or $0.18 per diluted share for the same period in the last year.
For the quarter, the company reported average production of 5,988,000 bopd compared to 6,009 bopd a year ago.
For the year, the company reported average production of 6,246,000 bopd compared with 5,451,000 bopd for the same period a year ago.
The company has revised its capital spending projection for the first half of 2015 from $20 million as announced on January 12, 2015 to $12.9 million. This reduction is due to a combination of movement of the drilling of the Langur-2 appraisal well (on the LLA-19 block) to the third quarter of 2015, and the removal of the Calatea-2 exploration well on the (El Porton block) from the current drilling plans. The company was notified by its farmin partner on the El Porton block that it intended to withdraw from the El Porton farmout agreement and not drill the Calatea-2 exploration well. Petroamerica is presently evaluating all options that are available to protect its interests in the block.
First quarter 2015 production averaged 4,587 boepd, with 2,546 boepd coming from the Llanos Basin and 2,041 bopd from the Putumayo Basin.
Petroamerica Announces Oil Discovery at Langur-1X
Jan 12 15
Petroamerica Oil Corp. announced that testing operations have established a stabilized test rate of 760 barrels of oil per day (bopd) from the Langur-1X exploration well on the LLA19 Block in the Llanos Basin of Colombia. After being drilled to 13,717 feet TD, the Langur-1X exploration well was cased to evaluate 14.5 feet of Gacheta C oil pay. Two intervals were perforated and the well was tested for fifteen days under flow-assistance by coiled tubing and nitrogen, establishing a stabilized flow rate over the last 24 hours of 760 bopd of 24° API oil (380 bopd net to the Company before royalty) with a 27% watercut. The watercut was steadily decreasing for the duration of the test from approximately 50% at the beginning of the test, to 26% at the time the well was shut-in. This watercut behaviour is not typical of water break-through from an active aquifer and the produced water is not interpreted to be coming from a nearby oil-water contact. The well has been equipped with an electric submersible pump and is expected to produce at rates in excess of 1,000 bopd during an extended production test. Operator Pacific Stratus Energy Colombia Corp. (50% working interest (WI)) and Petroamerica (50% WI subject to ANH - National Hydrocarbon Agency) are currently assessing potential follow-up drilling locations to the Langur-1X discovery well.