Calgary, Canada - November 14, 2013 - Petrominerales (TSX:PMG, BVC:PMGC) announces 2013 third quarter financial results and an operational update.
THIRD QUARTER FINANCIAL AND OPERATING HIGHLIGHTS

ØWe have entered into an Arrangement Agreement with Pacific Rubiales whereby, subject to shareholder and other customary regulatory approvals, Pacific Rubiales intends to acquire all of the issued and outstanding common shares of Petrominerales in exchange for Cdn$11.00 per share and one share of ResourceCo, a newly formed company that will hold all of Petrominerales' Brazilian assets and will be funded with approximately Cdn$100 million of cash.

ØWe conducted a successful well test from Taya-1 in the Mirador formation that produced 2,038 barrels of oil per day ("bopd") for the remainder of the quarter.

ØWe continued the successful appraisal drilling on our Mantis oil field with our Mantis-7 well demonstrating that the oil pool boundary continues to extend further north than mapped. We are now planning to drill Mantis-8 and 9 in 2014.

ØIn October we drilled a successful follow-up well, Curito-2, which has produced from the Carbonera C7 formation at an average rate of 1,859 bopd of 34 degree API oil to-date.

ØProduction averaged 23,712 bopd in the quarter, a 10% increase over the prior quarter due to exploration and field extension drilling success.

ØWe generated funds flow from operations of $125.1 million, or $1.47 per share. Funds flow was negatively impacted by $7 million due to using production to fill the OBC pipeline in the quarter.

ØOur operating netback was $63.37 per barrel, 16% higher than previous quarter due to higher oil prices and lower operating costs.

ØOur oil marketing business earned $20.4 million of operating cash flow including our first semi-annual dividend of $15.4 million from our OCENSA pipeline equity investment.

ØWe entered into a share purchase agreement to acquire the remaining 25% interest in certain Brazil assets for Cdn.$9.0 million, and expect the transaction to close in November. After closing, we will have nearly 120,000 acres in Brazil located onshore in the Reconcavo and Tucano basins.

To continue reading this noodl, please get the original version here.

distributed by