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Petrominerales

Peru

Address: Av. Victor Andres Belaunde Nro. 147 Int. 801 Centro Empresarial, Lima, Peru

Tel: +51 (1) 627 3300

Web: www.petrominerales.com

Company description

Petrominerales Ltd. (Petrominerales) is a Canadian company involved in the exploration, development and production of crude oil in Colombia and Peru. The Company produces oil in Colombia with 14 exploration blocks covering a total of 1.8 million acres in the Llanos and Putumayo Basins, and 2.6 million gross acres in the Ucayali Basin of Peru. Petrominerales is 66% owned by Petrobank Energy and Resources Ltd. Petrominerales Colombia Ltd. (PCL) is the Company’s main operating subsidiary. In April 2010, the Company completed its acquisition of PanAndean Resources plc. As a result of this acquisition, Petrominerales acquired four additional exploration blocks in Peru consisting of 6.7 million gross acres (2.6 net acres) and one, 87,383 acre, exploration block in Colombia.

Products and services

In April 2010, Petrominerales completed the acquisition of PanAndean Resources plc for approximately US$29 million bringing 6.8 million gross acres (3.9 million net acres) in Peru and a 100 percent working interest in the Antorcha Block in the Middle Magdalena Basin of Colombia. The acquisition of this acreage will give Petrominerales a strategically significant land position in this highly underexplored basin. Petrominerales’ additional Peruvian assets are: Block 114, Ucayali Basin, Peru. 30 percent working interest in 1.8 million acres, contiguous with Block 126. In 2010, seismic will be acquired; the first well on the block is expected to be drilled in late 2011 or early 2012. Our partners will pay Petrominerales’ share of initial seismic work, the first exploration well, and 50 percent of our costs for the second exploration well. Block 131, Ucayali Basin, Peru. 30 percent working interest covers 2.4 million acres near Block 126. Again, in 2010, seismic acquisition is planned, and the first well drilled potentially in late 2011 or early 2012. Our partners will pay Petrominerales’ share of initial seismic work, the first exploration well and 50 percent of our costs for the second exploration well. Block 161, Ucayali Basin, Peru. 80 percent working interest in 1.2 million acres northwest of Block 126. Commitments include a geological and geophysical report from the evaluation of existing data and reprocessing of 2D seismic by June 2012. Block 141, Titicaca Basin, Peru. 80 percent working interest in 1.3 million acres in southern Peru. Commitments include a geological and geophysical report plus the acquisition of 350 km of 2D seismic by May 2011.
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