09:55 AM EST - Petrominerales : announced its 2012 fourth quarter and year-end financial results, 2012 reserves and an operational update highlighted by the Tatama heavy oil test rate of 556 barrels of oil per day ("bopd") over an extended period. At December 31, 2012, proved plus probable reserves totaled 41.3 million barrels with a net present value before tax discounted at 10% of $1.6 billion U.S. The company’s enterprise value is over $1.9 billion U.S, consisting of our proved plus probable reserves of $1.6 billion U.S. and our pipeline assets (US$0.3 billion at cost), significantly higher than our current market value. The company generated funds flow from operations of $122.5 million U.S. or $1.43 U.S. per share in the fourth quarter and $647.9 million U.S. or $6.96 U.S. per share for the year, resulting in net free cash flow of $16.3 million U.S. in 2012. Petrominerales
shares T.PMG are trading down $0.57 at $7.50.
