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By: AllPennyStocks.com
The South American nation of Colombia is known more for its coffee than for the
other valuable form of black gold that comes out of the earth. And with
petroleum prices again righting themselves to levels they knew before the world
economy came crashing down 18 months ago, the lens is being focused on companies
finding oil for refinement and use the world over.
As March came to an end, word came out of Colombia that a Canadian company was
finding success at locating oil and bringing it to the surface. The company in
question has the Hispanic name of Petro Vista Energy Corp. (TSX-Venture:PTV),
and its headquarters in San Clemente, California. The company also has branch
offices in Vancouver, Bogota and Aracaju, Brazil.
PTV’s Morichito-5 well in Colombia has tested oil in two zones and was being
completed as a future producer.
The well was drilled to a total depth of 6,160 feet. Logging has identified
three potential pay zones at the location with a combined net pay thickness of
approximately 16 feet. Engineering analysis indicates that this zone has the
potential to produce at rates of up to 1,000 barrels of oil per day (bopd) using
artificial lift methods.
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 169,000 acres gross (59,000 net) leasehold acres in
Colombia and Brazil.
The company’s goal is to build an upstream oil and gas company with exploration
and production focused in the highest resource potential and commercially
attractive countries in South America.
Across the border in Brazil, PTV’s strategy is to build a base of producing
assets coupled with low-risk low-cost exploration and production opportunities
in two focus areas of the 2016 Olympic host.
The Company also owns the right to acquire certain participating interests in a
total of two onshore petroleum exploration concessions in the producing
Recôncavo Basin of north-east Brazil. Petro Vista continues to attempt more land
acquisitions in high-potential areas such as the Campos Basin, where Devon
Energy (NYSE:DVN) is producing 55,000 bopd with 200 Million barrels of oil
equivalent (MMBOE).
The “up” news from the Colombian wells jacked up volume in PTV stock at the time
of the release. Its price remained around 22 cents, at last check, smack dab in
the middle of a 52-week trading range that peaked late last May at 41 cents
before dipping to a low of 8.5 cents in July. But this independent company with
international aspirations has already shown it means business with the Colombian
wells and with its holdings in Brazil, and is anxious to convince would-be
investors to come on board.
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