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OT: Basserdan, my brother in law is rumored as per the Dutch press to be one of the 5 candidates to become the next head of the Dutch Central bank. Since he told my sister to sell her gold coins inherited from my dad at around 350 Euros/oz a few years back, I´ve just send him your link and a recommendation to "dont forget to fill in " sold family Gold at 300 Euros" in your application. Will help your case." LOL
"Economists" and Central Banks are just hopeles...
HNR:
Soros Fund Adds to Harvest National (sic) Resources Holdings
February 07, 2011 |
George Soros' investment firm, Soros Fund Management, just filed a 13G with the SEC regarding shares of Harvest Natural Resources (HNR). Per portfolio activity on January 24th, 2011, Soros has disclosed a 5.94% ownership stake in HNR with 2,008,417 shares.
This marks a 241% increase in Soros' position size as the hedge fund owned 588,100 shares at the end of September last year. In addition to Soros, one of the largest institutional holders of HNR shares is value investor Mohnish Pabrai.
Soros often takes stakes in energy and natural resource plays as we detailed his hedge fund's new stake in San Leon Energy and an increase in its position in Aurelian Oil & Gas as well.
Per Google Finance:
Harvest Natural Resources is "an international petroleum exploration and production company. The Company focuses on acquiring exploration, development and producing properties in geological basins with proven active hydrocarbon systems. The Company holds interests in Venezuela, the Gulf Coast Region of the United States through an area of mutual intent (AMI) agreement with two private third parties, the Antelope prospect in the Western United States through a joint exploration and development agreement (JEDA), and exploration acreage mainly onshore West Sulawesi in the Republic of Indonesia (Indonesia), offshore of the Republic of Gabon (Gabon), onshore in Oman and offshore of the People’s Republic of China.
PVG, gotta love these IPOs when nobody knows about them yet. Is it just me or PVG´s chart looks just like TLH´s when it begin trading?.
If it will keep following the same pattern we are in for a fun ride the next few weeks...
MBAC ANNOUNCES $37 MILLION BOUGHT DEAL
2/1/2011 3:45 PM - Canada NewsWire
TORONTO, Feb. 1, 2011 (Canada NewsWire via COMTEX News Network) --
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
Symbol: MBC:TSX Shares Outstanding: 72,689,336 Fully Diluted: 80,703,643
MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX:MBC) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp., on behalf of a syndicate of underwriters led by Canaccord Genuity Corp., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 11,900,000 common shares of the Company (the "Common Shares") at a price of $3.10 per Common Share for gross proceeds of $36,890,000. The Corporation has granted the underwriters an option (the "Over-Allotment Option") to purchase an additional 1,785,000 Common Shares at the offer price and on the same terms as the offering, exercisable at any time, in whole or in part, for a period of 30 days after and including the closing date of the offering. If the Over-Allotment Option is exercised in full, an additional C$5,533,500 will be raised pursuant to the Offering, for total aggregate gross proceeds of C$42,423,500.
The Company will file a preliminary short form prospectus in each of the Provinces of British Columbia, Alberta, Manitoba, and Ontario, for the purpose of qualifying the Common Shares for distribution to the public. The offering is scheduled to close on or about February 24, 2011.
The net proceeds are intended to be used by the Company to advance the Itafós phosphate project, exploration of its Santana project in Brazil and for general working capital purposes.
The offering is subject to the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of MBAC Fertilizer Corp. in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.
About MBAC MBAC is focused on becoming a significant integrated producer of phosphate and potash fertilizers in the Brazilian and Latin American markets. MBAC has an experienced team with over 150 years of combined experience in the business of fertilizer operations, management, marketing and finance within Brazil. In October 2008, MBAC acquired Itafós Mineracão Ltda, which consisted of a phosphate mine, a mill and plant and related infrastructure, all located in central Brazil. MBAC's exploration portfolio includes a number of additional phosphate and potash projects, which are also located in Brazil. The Company continues to search for additional fertilizer opportunities in the Brazilian and other Latin-American markets, where strong agricultural fundamentals and unique opportunities are expected to provide attractive growth opportunities in the near future. All material information on MBAC can be found on the Company's website at www.mbacfert.com or at SEDAR at www.sedar.com.
Antenor Silva President & Chief Executive Officer
FORWARD LOOKING STATEMENTS This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the closing of bank financing, future business strategy, competitive strengths, goals, expansion, growth of the Company's business, operations, plans and with respect to exploration results, the timing and success of exploration activities such as diamond drilling to validate geological continuity, obtaining enough material for first phase technological characterization and metallurgical testing and exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation, timing and results of future resource estimates or future economic studies and the outcome of application for tenement areas.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions made by management and considered reasonable at the time such assumptions were made, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future commodities' price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's current annual information form and management's discussion and analysis available on SEDAR at www.sedar.com. Although MBAC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's current plans, objectives and expectations and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/01/c7025.html
SOURCE: MBAC Fertilizer Corp.
<p>Steve Burleton, Vice President Corporate Development, at 416-367-2200, <a href="mailto:investor@mbacfert.com">investor@mbacfert.com</a> or visit our website at: <a href="http://www.mbacfert.com">www.mbacfert.com</a></p>
Copyright (C) 2011 CNW Group. All rights reserved.
MBC.TO halted. Wonder what it might be. Already had significant news yesterday
MBAC ANNOUNCES APPROVAL OF DEBT FINANCING FOR THE DEVELOPMENT OF ITAFOS PROJECT
MBAC Fertilizer Corp. has received approval from Banco Itau BBA SA for a $110-million (U.S.) project financing facility in connection with the development of its large-scale single superphosphate fertilizer project (the Itafos project) located in the state of Tocantins, Brazil. The facility is expected to be provided through the on-lending program of the Brazilian development bank (Banco Nacional de Desenvolvimento Economico e Social (BNDES)), which is the Brazilian development bank. Subject to BNDES approval and certain conditions, Itau BBA has indicated that it will underwrite $110-million (U.S.) of project financing facility. The actual disbursement is subject to certain terms and conditions, including those provided in the indicative term sheet received in September, 2010. See Sept. 7, 2010, news release in Stockwatch.
In addition, further to a mandate letter received in October, 2010, the International Finance Corporation, a member of the World Bank Group, has provided indications to the company that it would be willing to provide $25-million (U.S.) of project financing and $20-million (U.S.) of equity financing in connection with the project. The IFC has recently completed a site visit whereby it conducted technical, environmental, social, financial and market due diligence. The company expects to receive a definitive term sheet from the IFC upon completion of the due diligence, expected in March, 2011.
The proceeds from these financings, along with the cash on hand, will be sufficient to fully finance the expected future capital expenditures for the Itafos project through to the commencement of commercial production in mid-2012.
Antenor Silva, president and chief executive officer of MBAC, stated: "We are extremely pleased to see the enthusiasm demonstrated for the project by Itau BBA. The support from both of our financial partners gives us great confidence that we will be in a position to proceed with the development of the project once we receive the construction licence which is expected soon."
MBAC continues to advance the development of the Itafos project and has commenced detailed engineering as well as the procurement of long lead items, including the sulphuric acid plant.
Update on progress at the Santana project
The drilling program at the Santana project in the southern Para state, Brazil, continues to experience high grades consistent with the previously announced results. Additional two drill holes have yielded an average 17 per cent P2O5 confirming the encouraging results from the first drill hole announced in MBAC's Stockwatch news release dated Jan. 19, 2011. These preliminary results were obtained from a calibrated portable XRF analyzer and all of the recent drill samples are now subject to assaying at ALS, an independent external lab. These positive results obtained in the Santana project have led the company to plan for an additional 10,000 metres of drilling expected to be completed within the next six months.
The Santana project consists of tenement areas covering approximately 90,000 hectares located in the southern Para state, approximately 80 kilometres away from the main route used for export of soya and other agricultural products to Europe and elsewhere. This main route also gives the Santana project access to extensive farm land in the northern Mato Grosso state of Brazil, one of the fastest growing agricultural frontiers in the world.
Dr. Luiz A. Bizzi, PhD, MBA, vice-president of exploration of MBAC, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the applicable contents of this news release.
We seek Safe Harbor.
CEN.V Goldman increased target to $12.45 from $7.78
01-02-2011 09:10 DJ MARKET TALK: Goldman Sachs Reviews UK Oil And Gas Stocks
0810 GMT [Dow Jones] Goldman Sachs upgrades Cove Energy Energy (COV.LN), Coastal Energy Company (CEO.LN) and Dominion Petroleum (DPL.LN) to buy from neutral and raises price targets to 155p from 129p, to 775p from 495p and to 10.53p from 7.28p, respectively. Says Cove offers exposure to substantial, de-risked exploration drilling in Mozambique. Goldman views Dominion's position offshore Tanzania as attractive and says farm-outs could bring this acreage into focus. Says Coastal offers upside potential to its core value and recent share price appreciation does not fully price in the upside potential of its exploration activities. Goldman downgrades Valiant Petroleum (VPP.LN) to neutral from buy but raises price target to 1006p from 864p following recent strong share price performance. Also downgrades Desire Petroleum (DES.LN) to neutral from buy and cuts target price to 53.10p from 116p after the company's disappointing drilling. Goldman cuts Hardy Oil & Gas (HDY.LN) to sell from neutral and cuts target price to 173p from 222p following disappointing results in its D9 block. (michele.maatouk@dowjones.com)
Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com
EE.TO I think the sell off is related to the financing which was a little screwy , first announced at 2.10 then at 2.00 with special warrants. I for once got lucky and sold a good chunck of my holdings at 2.34 just before the financing announcement and am finally looking to reload around 1.80
Soros-Backed Adecoagro Raises $314 Million in New York IPO After Price Cut
By Rodrigo Orihuela - Jan 28, 2011 8:29 PM GMT+0100
Adecoagro SA, the South American farmland venture backed by billionaire investor George Soros, raised $314 million from its U.S. initial public offering after pricing the shares at the bottom of the range.
The Luxembourg-based company sold 28.57 million shares at $11 apiece, after earlier today cutting the range to between $11 and $12, according to Bloomberg data. That’s down from a previous plan to sell the shares at as much as $15 each.
The initial offering comes as commodity prices rally and food prices reach record highs. Adecoagro produces sugar, coffee, soybeans, corn, rice and milk in farms in Brazil, Argentina and Uruguay. Proceeds will be used to build a sugar and ethanol processing plant in Brazil and to buy farmland.
Adecoagro added 4.6 percent to $11.51 at 2:27 p.m. in New York Stock Exchange composite trading.
“The problem with Adecoagro is that it is a new company, people are not familiar with it and, as a consequence, I think the initial price range was quite high,” Kristof Bulkai, a fund manager at Thames River Capital LLP in London said today in a telephone interview. He plans to buy a “large stake.”
Adecoagro’s shareholders include Pampas Humedas LLC, an affiliate of Soros Fund Management LLC, which owns about 33 percent and plans to reduce its stake in the company to about 21 percent after the offering, according to the filing.
Zurich-based Credit Suisse Group AG, New York-based Morgan Stanley and Itau Unibanco Holding SA in Sao Paulo are leading the offer, according to the prospectus.
Qatar Holding
Qatar Holding LLC, the investment arm of the Qatar Investment Authority, the Persian Gulf state’s sovereign wealth fund, agreed to buy stock equal to about 25 percent of proceeds.
“If we like it, we like it at a lower valuation because we need to have some upside,” Thames River’s Bulkai said. “There was just not a lot of clarity” on future earnings, he said.
The sugar-mill will process about 11 million tons of sugar cane a year and will be one of the biggest in Brazil, according to Adecoagro’s website. The total cost of the mill is $1 billion. About $690 million is needed to complete the mill, Adecoagro said in its SEC filing.
Investors should “avoid the initial public offering and consider opportunistic purchases” in the future, once there is “clarity on restrictions against foreign ownership of Brazilian farmland,” Michael Fritz, an analyst with Monona, Wisconsin, based-Mercador Research LLC, said today in an e-mailed note to clients.
Food Shortage
Brazil is the world’s largest exporter of coffee and sugar, the second-largest soybean producer and the third-largest exporter of corn. Argentina is the second-largest corn shipper and the third-largest grower of soybeans.
Investing in Adecoagro is “a way to play the potential global shortage of food, especially in emerging markets,” Francis Gaskins, president of Marina del Rey, California-based IPOdesktop.com, said in a note today.
Higher commodity prices are leading to riots, demonstrations and political instability, Nouriel Roubini, the New York University economics professor who predicted the financial crisis, said at the World Economic Forum in Davos, Switzerland earlier this week.
To contact the reporter on this story: Lee Spears in New York at lspears3@bloomberg.net; Rodrigo Orihuela in Buenos Aires at rorihuela@bloomberg.net
To contact the editor responsible for this story: Daniel Hauck at dhauck1@bloomberg.net; Dale Crofts at dcrofts@bloomberg.net
PVG.TO: interesting post on SH...
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=29163060&l=0&r=0&s=PVG&t=LIST
OYL good buying op right now, down 20% to 84 cents, on dry hole from MUR close to where OYL will be drilling next. I just added a few. still just pizza money to me of a play...
Wire: BLOOMBERG News (BN) Date: Jan 26 2011 15:59:14
CreditSights Raises Catalyst Paper on Potential Abitibi Merger
By John Detrixhe
Jan. 26 (Bloomberg) -- CreditSights Inc. raised its rating
on Canada’s Catalyst Paper Corp. to “overweight” on the
newsprint market’s near-term stability and its potential to be
acquired by AbitibiBowater Inc.
The company’s $250 million of unsecured 7.375 percent notes
maturing in March 2014 climbed 1 cent to 87 cents on the dollar,
the highest since July 2007, as of 4:40 p.m. in New York,
according to Trace, the bond price reporting system of the
Financial Industry Regulatory Authority.
CreditSights increased the Richmond, British Columbia-based
company’s rating from “marketweight” and said Catalyst’s $110
million of 11 percent secured securities due in December 2016
are a “top pick” among paper company bonds, analysts Chris
Ucko and Rahul Gandhi wrote today in a report. Catalyst’s
secured debt was quoted at 97.13 cents on the dollar, according
to Bloomberg Valuation.
AbitibiBowater, which emerged from bankruptcy last year
after applying for court protection from creditors in April
2009, may buy Catalyst because it only has one mill on the west
coast where Catalyst “is the leading producer,” and the firm
has a strong enough balance sheet “to justify such a deal,”
the analysts wrote.
AbitibiBowater also hired Richard Garneau, Catalyst’s
former chief executive officer, to head the company in a move
that may “establish dialogue between the two producers,”
according to CreditSights.
Brian Baarda, chief financial officer at Catalyst, didn’t
immediately respond to telephone messages for comment. Seth
Kursman, a spokesman for Montreal-based AbitibiBowater, said the
company doesn’t comment on rumors or speculation.
MBC: Do you know if they have to go to the market anytime soon to raise more cash for their expansin ?
Bob, are you interested in AMZ for Brazil potash as well? I dont remember if its been discussed here before. It´s run hard lately but looks interesting.Will look into MBC and compare both. Holding just a few on AMZ. Damn I wish I had loaded up when It was really cheap. Too bad there´s so few Ag stocks to choose from..
Just relax and hope for the best on the drilling front... Share price movement meaningless right now
2011-01-18 17:25 (UTC)
BAGHDAD, Jan 18 (Reuters) - Iraq's central government confirmed on Tuesday it reached an agreement with the Kurdish authorities to resume oil exports from the semi-autonomous region on Feb. 1, a government spokesman said.
Government spokesman Ali al-Dabbagh told Reuters all issues related to the legality of the Kurdish contracts signed with international oil firms working in the region, and how the companies will be paid, will be discussed 'at a later stage.'
Under the deal, exports from Iraqi Kurdistan will start at 100,000 barrels per day, he said.
(Reporting by Ahmed Rasheed; writing by Rania El Gamal; editing by Keiron Henderson)
()
Keywords: IRAQ OIL/EXPORTS
yes sir... MMT will soon be printing $$$ almost as fast as only Bernanke can :)
MMT: this looks very good...
http://investorvillage.com/smbd.asp?mb=12706&mn=1118&pt=msg&mid=10018339
CEN.V: Oil Barrel Presentation.
GFS, so what are you guys doing? Adding? Panicking? This 21% fall looks out of proportion. Probably my buying op at last...
OGC chart totally breaking down
Other 2 plays with near term (this quarter) high impact exploration worth mentioning are
OYL and HNR
OYL very risky wild cat, could be like VST, a multibagger on esteroids, if they hit in Guyana or go totally bust if no oil as I understad they will have to raise money for the next well and the share price will get decimated before that happens. Put lottery money into it IMHO
HNR spudded one well already this month in Indonesia. Will spud another later this quarter. Look at the targets and then at the share count, only 33M. Amazingly low for an international E&P junior. Huge leverage to a discovery, stock could double overnight. If no oil no plunge as no value baked in the share price relative to the Indonesia wells (HNR would remain a value stock), so a lot safer than OYL
I own both
Slap 10 bucks valuation per barrel and this roughly equals 20 bagger for VST and 8 bagger for GSA from current prices. But if no oil, VST will get hurt way further than GSA since VST is a one trick pony only. I bought some VST today, but holding way way more GSA
VST up big time on good volume, maybe oil time for Qara Dagh ?
So if one dollar is too conservative, where do you see it headed?
make that 14%! At this pace we will hit the buck by next month!
CEN up 7%, 52week high on largest volume I can remember (above 1M shares traded)
looks like little CEN is finally getting some due respect
now if it only would trade close to fair value !! (10/12 bucks...)
CEN keeps finding oil...
Coastal Energy Announces Drilling Update
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN, AIM: CEO) announces an update of its operations in the Gulf of Thailand.
The sidetrack of the Songkhla A-12 well has made a new discovery east of the recent discovery made by the Songkhla A-09 well. The A-12 encountered pay zones in both the Oligocene and Eocene reservoirs. Analysis of the data indicates both reservoirs are separated from the Songkhla Main reservoir by a 400 foot fault. The A-12 encountered 105 feet of net pay in the Oligocene with 20% porosity and 43 feet of net pay in the Eocene with 19% porosity. The Company's oil in place estimate for this newly discovered Oligocene reservoir is over 20 million barrels. The Company expects to have this well completed within the next week.
The previously announced A-11 well, which encountered 69 feet of net pay in the Eocene reservoir, is currently being flow tested. Currently only the Eocene is being tested and it is producing approximately 300 bopd. The A-11 also encountered 44 feet of net pay in the Oligocene reservoir with 18% porosity. The Company plans to commingle production from the Oligocene reservoir later this month once the flow test of the Eocene reservoir is completed.
Following completion of the A-12 well, the Company is planning to sidetrack the previously drilled Songkhla A-07 well targeting the reservoir discovered by the Songkhla A-09 well.
The fracture stimulation of the Eocene reservoir in the Bua Ban A-04 well is expected to commence the week of January 23rd.
Randy Bartley, Chief Executive Officer of Coastal Energy (CENJF.PK - news) , commented:
"Drilling at Songkhla has continued to produce successful results. We now have three newly discovered reservoirs apart from the main Songkhla reservoir. Given the encouraging results, we have decided to drill one further development well to bring more production online before moving the rig. We will continue evaluating future appraisal and development well locations and plan to return to Songkhla later this year.
"Once drilling is completed at Songkhla, we will move to our high impact exploration targets at Bua Ban North. We plan to issue the next operations update at the end of the month."
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical ∓ Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.comor may be found in documents filed on SEDAR at www.sedar.com
CTL I recently red some back of napkin calculation with a 1 buck target for CTL for 2011. do you agree?
LOL. grab some NTR then !
PTV.V: It´s my understanding the well is in firm land albeit legally qualifies as "offshore" and that might have had to do with the permiting delays due to the BP spill.
pages 8 & 9 :
http://www.pvecorp.com/documents/pve-may-2010-report.pdf
PTV.V: The wells are on land. I believe PTV could become a new Mart if everything goes smooth. I suggest you not only sell the milk and the diapers to buy PTV , but the baby itself. If you dont make any money at least you´ll get some sleep!
Damn! You sold out very near the top on this correction! You are good...
PTV- Brazil Permits at last !!!
Petro Vista Announces Completion Underway at Tartaruga and Provides Operations Update
VANCOUVER, BRITISH COLUMBIA – December 16, 2010 - (TSX-V:PTV) Petro Vista Energy Corp. (“Petro Vista” or the "Company"), provides the following operational update.
Brazil - Tartaruga:
Petro Vista has been advised by the operator of this block, UP Petroleo, that it has been granted environmental and production permits and has mobilized a work over rig and commenced testing and completion of the previously announced discovery (see news release dated April 12, 2010). The completion should be accomplished within one week and, assuming success, this well can be brought immediately into production using the existing facilities.
The well exhibits at least 101 feet of net pay based on shows while drilling and petro-physical analysis. The well is updip from well (SES-107D) which is currently producing at rates up to 280 and 400 bopd gross and has been in production for 9 years with an initial production rate of 1600 bopd (42o API).
Following the completion of its farmout obligations to TDC Engineering, Petro Vista and UP Petroleo intend to commence the proper process in Brazil for the acquisition from UP Petroleo and transfer to Petro Vista of a 37.5% working interest (27.23% net revenue interest) in the Tartaruga Block, such transfer being subject to first receiving all necessary approvals from Petrobras Brasilia S.A and the Agencia Nacional do Petroleo (ANP).
Colombia - Morichito:
Petro Vista (50% interest; operator) partners Golden Oil Corp and Green Power.
Evaluation continues on several development options for the M-5 well discovery which previously tested oil in two zones out of three potential pay zones as evidenced by well logging and sidewall cores (see news release dated March 25, 2010). However, due to an uncommonly strong rainy season in Colombia, there has been no access to our M-5 well or the planned location for our exploration / appraisal well M-5B which is now anticipated to be spud in February 2011.
Testing of the M-5 well will begin as soon as the Ministry of Mines approves our completion and testing plan and we can access the well location. The test should begin before the end of January 2011 and will last up to 45 days. Negotiations are underway on treating and transportation of crude produced which will be dependent on flow rates from production testing. The anticipated net cost to Petro Vista completion and testing of M-5 are US$550,000.
All permits are in place for the M-5B well (exploration / appraisal well). We are in the process of completing the prognosis, which will be sent to the Ministry of Mines and have begun negotiation on a rig and turnkey operations contracts. The Morichito-5B well will be drilled at a location that will test the updip extension of the previously announced discovery as well as testing deeper horizons within the Cretaceous section. This well will be tied into the early production system if successful. The anticipated net cost to Petro Vista of the M5-B well is US$1,750,000.
Colombia - La Maye:
Petro Vista (25% interest; non-operator) partners New Horizon Explorations, Inc. (operator) and Petrodorado Energy Ltd.
Exploration well Noelia-1 well is awaiting testing of the previously announced zones of interest (see news release dated November 20, 2009) due to excessive flooding of the Magdalena River restricting access to the block. The Agencia Nacional de Hidrocarburos (ANH) granted an extension until the end of November 2010 for the test of up to three zones in the well and we are waiting on approval to a further extension due to lack of access to the area to allow for permitting by the ANH. Considering the current situation we expect to begin tests during December or early January.
The next exploration well M-4 is to be drilled in the southern part of the block. Operator New Horizon Exploration expects to receive the environmental permit for the well in January, after which access roads to the location will be built and a rig mobilized to drill the well.
The M-4 well will be drilled in a stratigraphic structural trap and we expect to encounter thick Cienega de Oro carbonates as well as potential clastic reservoir intervals.
Capital contribution to this project, including the testing of the Noelia-1 well and the drilling and completion of the M-4 well have previously been paid and Petro Vista has no additional capital requirements.
Colombia - Block SSJN-5:
Petro Vista (25% interest; non operator) partners SK Energy Limited (operator) and Petroamerica Oil Corp.
All permits have been received for the 500 km 3D seismic program to be shot as part of the Phase 1 exploration program over the highest potential prospect, La Mocha Consuelo located in the southeastern portion of the block. The program has been initiated with approximately 7% completed to date. The total cost of the survey is estimated at approximately US$18,450,000 with the net carried cost to Petro Vista (25%) of US$4,612,500. This structure previously produced gas up to 200mcfg/month in shallow reservoirs and could have deeper oil targets. The survey should be completed by the end of the first quarter of 2011, after which processing and interpretation will be completed.
Petroamerica Oil Corp. will cover 100% of Petro Vista costs on this 3D seismic program as its farmin obligation to earn a 25% participating interest in the block.
About Petro Vista Energy Corp.
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp., is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 727,031 acres gross (197,697 net) leasehold acres in Colombia and Brazil. The Company's website at www.pvecorp.com provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
"Read Taylor"
Read B. Taylor, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling, completion and production risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
For further information please contact:
Petro Vista Energy Corp.
Investor Relations
Toll Free: +1 (877) 427-3876
Email: investor@pvecorp.com
Website: www.pvecorp.com
Mailing Address:
Petro Vista Energy Corp. (USA)
302 North El Camino Real Suite 108
San Clemente, California 92672, USA
Tel: +1 (949) 542-3345
Fax: +1 (949) 542-3347
E-mail: info@pvecorp.com
Web: www.pvecorp.com
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Well happens all the time. As for me I always "saw" a 10 next to TLH quote, it has to be a Billion dollar co. at least .... I´ll stick to my guns on this one!
TLH.TO another new high, up 5% to 7.25
true energizer bunny stock !!!
MMT: I still think your birthday is a good target date for one buck on MMT ....
http://investorshub.advfn.com/boards/replies.aspx?msg=51859919
... even it´s now pretty obvious we won´t see a release on a full quarter with 3 new wells by then !
things are slow in Martistan.... but the ride has been damn gooooooodddd !!! :)
do you think a higher bidder might show up?
CFX.UN : also does anyone know if this applies to about every Canadian income trust converting or just to some like CFX.UN and if so why CFX and not others? TIA
CFX this is confusing. Any thoughts on what might happen with a European holding stock with the depositary of the shares in USA? Do I get screwed like a US citizen or they will go to the detail to check the nationality of particular holding even when its held in custody in US?
Coastal Energy Announces Drilling and Operations Update
HOUSTON, TX--(Marketwire - December 08, 2010) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN) (AIM: CEO) announces an update of its operations in the Gulf of Thailand.
A new field discovery was made at the Songkhla area with the third of three planned wells. The "Songkhla North" field was discovered by the A-11 well, which was drilled to a total depth of 7,974 feet TVD. The well encountered 44 feet of net pay in the Lower Oligocene reservoir with 18% porosity and 69 feet of net pay in the Eocene reservoir with 21% average porosity. Pressure data indicate that the A-11 well was drilled into a separate fault block, north of Songkhla East and that a possible oil-water contact in this fault block exists at 7,500 feet TVD.
As previously announced, the Songkhla A-09 well was drilled to 8,109 feet true vertical depth and encountered 140 feet of net pay in the Lower Oligocene reservoir with average porosity of 15% and pressures approximating the original reservoir pressure at Songkhla Main. The well also encountered 75 feet of net pay in the underlying Eocene reservoir. This well was tested and flowed at approximately 2,000 bopd at two-thirds pump capacity; better than original Company guidance of 1,000 - 2,000 bopd.
The Songkhla A-12 well was drilled into the same fault block as the A-09 well. The main Lower Oligocene target zone and the Eocene zone which was tested were water bearing at this location; however, pressure data indicate that the Lower Oligocene reservoir in the A-09 and A-12 wells is a new field discovery ("Songkhla East"). The A-12 well establishes the oil-water water contact and indicates a closure of approximately 287 acres and approximately 20 million barrels of oil-in-place at Songkhla East. The Company plans to sidetrack the A-12 well and target the Oligocene in a better structural position.
Production at Songkhla is currently being shut-in in preparation for the upgrade of processing equipment.
The frac boat is en route to the location at Bua Ban and is soon expected to commence fracture stimulation of the Eocene reservoir in the Bua Ban A-04 well, which encountered over 400 feet of oil bearing sand with average porosity of 14%.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"Drilling results at Songkhla have been successful thus far. We have now identified two new fields in addition to the Songkhla Main field. Production from these fields can be tied into existing facilities at Songkhla once the upgrade of the processing facilities is complete.
"The A-11 well will require further appraisal drilling to assess the size of the reservoir; however, if the initial pressure data are confirmed, the mapped closure may be approximately 1,700 acres and the oil in place estimate would be approximately 54 million barrels.
"Once drilling is completed at Songkhla, we will move to our high impact exploration targets at Bua Ban North."
Huddleston & Co. assigned 5.6 million barrels of Proved + Probable + Possible reserves to the Songkhla Eocene reservoir in their reserve report dated December 31, 2009. The above stated net pay and porosity figures, which are 50% and 33% higher, respectively, than those used by Huddleston in their December 2009 evaluation, will be used in the 2010 reserves evaluation.
An updated Songkhla Lower Oligocene structure map is available in the 'Presentation' section of the Company's website.
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or through United States newswire services
Enquiries:
Coastal Energy Company
+1 (713) 877-6793
Email: investor@CoastalEnergy.com
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Rory Murphy
Paul Cocker
Stifel Nicolas Weisel (Broker)
+44 (0) 20 3205 3615
Paul Colucci
Macquarie Capital (Europe) Limited (Broker)
+44 (0) 20 3037 2000
Ben Colegrave
Paul Connolly
Buchanan Communications
+44 (0) 20 7466 5000
Tim Thompson
Katharine Sutton
Ben Romney