The Company was formed in July 2004 to acquire and pursue exploration, development and production of oil and gas assets with an initial focus in Latin America.
In 2004, the Company raised $21.3 million (net of costs) through private placements principally with institutional investors to fund the acquisition of PetroLatina Corporation (formerly Mexpetrol Guatemala Corporation) which owned a licence in Guatemala and subsequent operations related thereto.
During late 2005, the Company acquired a second licence in Guatemala (A7-2005). In 2006, PetroLatina expanded its operations into Colombia, acquiring Petroleos del Norte S.A. and was awarded two exploration licences in the Middle Magdalena Valley.
Currently, the Company’s operations comprise:
- Two production licences in Colombia, that produce approximately 500 barrels of oil per day (“bopd”) net to the Group
- Two exploration licences and three technical evaluation licences (“TEA’s”) in the Middle Magdalena Valley, Colombia and,
- Two exploration licences in the Peten Basin of Guatemala.
These licences currently hold a potential of some 130 million barrels of oil for Group.
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