Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

I totally agree, let us assume PetroRio will be buying the 16.5 million shares at an average price of R$6 (price range R$3-R$9), that would be only R$99 million, a fraction of its cash resources, also they may be able to sell it back to the market at much higher prices

I own shares in another company called Eco Atlantic Oil & Gas who also have introduced a share buy back program a year ago,
ecooilandgas.com/news/2015/index.php?&content_id=98
despite the low oil price environment they have managed to boost its shareprice up by 138% since then, they now have a Market Cap of US$14 million with only US$4 million in cash (pure exploration company, no production or discoveries so far)