Plan of Arrangement. Under the Arrangement, shareholders of the Company will receive C$1.60 in cash for each outstanding Share held at closing. In addition, holders of all of the outstanding Company Warrants will receive C$0.25 in cash for each unexercised Warrant held at closing.

http://www.otcbb.com/asp/dailylist_detail.asp?d=07/30/2012&mkt_ctg=NON-OTCBB

Buyout at $1.60 per share is too low

PetroMagdalena announces all-cash offer by Pacific Rubiales
TORONTO, June 5, 2012 /PRNewswire/ - PetroMagdalena Energy Corp. (TSX-V:PMD) announced today that it has entered into a definitive agreement (the "Arrangement Agreement") with Pacific Rubiales Energy Corp. (TSX:PRE; BVC: PREC; BOVESPA: PREB), pursuant to which Pacific Rubiales has offered to acquire all of the issued and outstanding common shares of PetroMagdalena (the "Shares") by way of a Plan of Arrangement under the British Columbia Business Corporations Act (the "Arrangement").

Under the Arrangement, shareholders of PetroMagdalena will receive C$1.60 in cash for each outstanding Share, representing a premium of approximately 38% on the 20 day volume weighted average price of PetroMagdalena's common shares on the TSX-V as of June 4, 2012. In addition, holders of all of the outstanding PetroMagdalena warrants (TSX-V: PMD.WT) (the "Warrants") will receive C$0.25 in cash for each unexercised Warrant held at closing. The Warrants had a closing trading price on the TSX-V of C$0.215 on June 4, 2012.

PetroMagdalena's Board of Directors, after consultation with GMP Securities L.P. ("GMP") who acted as PetroMagdalena's exclusive financial advisor and Blake, Cassels & Graydon LLP, PetroMagdalena's legal advisors, and based on the recommendation of an independent committee of PetroMagdalena's Board of Directors formed specifically to consider the offer, has unanimously determined that the Arrangement is fair to PetroMagdalena's shareholders and warrantholders (collectively, "Securityholders") and recommends that PetroMagdalena's Securityholders vote in favour of the Arrangement. Both Miguel de la Campa and Serafino Iacono, directors of the Company who are also directors of Pacific Rubiales, did not participate in any discussions or negotiations regarding the approval of the proposed acquisition and abstained from the Boards' deliberations.

Luciano Biondi, Chief Executive Officer of PetroMagdalena, stated "We are very pleased to receive this offer and provide shareholders with an opportunity to realize value on their investment and provide liquidity in a volatile market."

Arrangement Agreement Summary

The Arrangement Agreement contains customary non-solicitation provisions, subject to PetroMagdalena's right to consider and accept superior proposals. In the event of a superior proposal, Pacific Rubiales will have a five business day right to match the superior proposal. If the Arrangement is not completed as a result of a superior proposal or for other certain specified circumstances, a termination fee equal to C$10,000,000 will be paid by PetroMagdalena to Pacific Rubiales. If the Arrangement is not completed, due to certain circumstances, including a failure to receive necessary regulatory approvals, a reverse termination fee of C$10,000,000 will be paid to PetroMagdalena by Pacific Rubiales.

The terms and conditions of the Arrangement will be summarized in PetroMagdalena's management information circular which will be filed and mailed to PetroMagdalena's Securityholders in late June 2012. Securityholders will be asked to approve the Arrangement at a special meeting to be held in July 2012 (the "Special Meeting").

The Arrangement will be subject, among other things, to the approval of at least 66 2/3% of the votes cast at the Special Meeting of PetroMagdalena's Securityholders to be called to consider the Arrangement. In addition, the Arrangement will be subject to certain customary conditions, including court approval, relevant regulatory approvals and the absence of any material adverse change with respect to PetroMagdalena. The transaction is expected to close in the third quarter of 2012.

GMP has provided an opinion that, based upon and subject to the assumptions, limitations, and qualifications in such opinion, the consideration to be received by PetroMagdalena's shareholders and warrantholders is fair, from a financial point of view, to PetroMagdalena shareholders and warrantholders, respectively. A copy of the fairness opinion will be included in the PetroMagdalena meeting materials in respect of the Special Meeting.

PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com.

All monetary amounts in U.S. dollars unless otherwise stated. Certain information contained in this news release, including any information relating to the proposed transaction (the "Transaction") and or future financial or operating performance of PetroMagdalena may be deemed "forward-looking". These statements relate to future events or future performance and reflect PetroMagdalena's expectations regarding the Transaction, and the future growth, results of operations, business prospects and opportunities of PetroMagdalena, Pacific Rubiales and the combined company. These forward-looking statements also reflect PetroMagdalena's current internal projections, expectations or beliefs and are based on information currently available to each party, respectively. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed in the Annual Information Form of PetroMagdalena for the year ended December 31, 2011. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward looking information regarding completion of the Transaction is based include that each party will be able to satisfy the conditions to the Transaction, that the required approvals will be obtained from the Securityholders of PetroMagdalena, that all third party regulatory and governmental approvals to the Transaction will be obtained and all other conditions to completion of the Transaction will be satisfied or waived. Although PetroMagdalena believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. PetroMagdalena expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Neither 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 news release.

SOURCE PetroMagdalena Energy Corp.

2011 year end results and announces increases in revenues, netbacks and oil reserves

http://www.prnewswire.com/news-releases/petromagdalena-files-2011-year-end-results-and-announces-increases-in-revenues-netbacks-and-oil-reserves-146785285.html

Protesters Block Highways Near Oil Fields In Eastern Colombia
Last update: 3/2/2012 10:26:29 AM
BOGOTA (Dow Jones)--Several hundred protesters in Colombia's rural eastern plains set up at least three highway roadblocks Friday to prevent passage of oil tanker trucks that carry around 50,000 barrels a day of crude oil to a nearby pipeline, a government official said.
Companies affected include three Canada-based firms, Canacol Energy Ltd. (CAAEF, CNE.T), Parex and PetroMagdalena; as well as San Antonio-based Lewis Energy, said the official from the Mines and Energy Ministry.
The protests are over a recent reduction in royalties that some local communities will receive from the oil companies in exchange for drilling rights on the land. A new Colombian law spreads out royalties to include regions where oil isn't produced, which means the oil-producing regions receive less than before.
A representative at Parex confirmed that one of the roadblocks, near the town of Trinidad in the state of Casanare, was affecting the company's operations.
Officials at the other oil companies mentioned weren't immediately available for comment.
-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542; dan.molinski@dowjones.com

PetroMagdalena Provides Production and Exploration Update

TORONTO, Feb. 7, 2012 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD), today provided an update on its ongoing exploration program previously announced on January 18, 2012, and provided a production update for a new discovery on the Arrendajo block.

Luciano Biondi, Chief Executive Officer of the Company stated: "We continue to make substantial progress with our first quarter exploration program. The result from the discovery at Azor is very positive. The incremental production we have from this well underpins our cash flow and provides the financial support that will allow us to expand our 2012 work program. The new Azor-1X well adds 587 bopd to our gross working interest production. We have also made good progress on our exploration program with intermediate casing set on the Santa Cruz-1X well, logging and casing the Cernicalo-1ST well and the Arrendajo Norte-1X well just south of the Azor discovery will reach total depth by the end of the week. As previously indicated, the first quarter incorporates intensive drilling activity."

PRODUCTION UPDATE
Azor-1X production test
The Azor-1X well has been completed and was put on production on January 31, 2012. The well produced at a stable rate of 1,181 bopd, 0.3% water cut and a well head flowing pressure of 270 psi, natural flow with a 20/64th of an inch choke over the first 12 hours. The choke was then changed to 16/64th of an inch and the well flowed at a stable average rate of 870 bopd with a wellhead flowing pressure of 290 psi of natural flow and a 0.3% water cut over a continuous 6-day period. Thisresultsin587bopdgrossworkinginterestfortheCompany.

The Azor-1X well was spudded on December 24, 2011 and discovered the Azor field on the Arrendajo Block, north of the Cubiro Block in the Llanos Basin and on January 17, 2012, PetroMagdalena initiated production testing on the C5 sand with the announcement on January 18, 2012 that the zone was tested at 752 bopd of35.5degreesAPIoilwith1%-BS&W. Thefinalpermitallowingforpermanentproductioniscurrentlyinprocess.
The Azor field is located on the Arrendajo Block in the Llanos Basin, where the Company has a 67.5% working interest, subject to ANH approval.

EXPLORATION UPDATE
Arrendajo Block, Llanos Basin: Arrendajo Norte - 1X Exploration well
After drilling the discovery well, Azor-1X, the drilling rig has moved to another location on the Arrendajo block, Arrendajo Norte-1X, where the rig spudded on January 28, 2012 and has completed drilling to 588 feet (MD), after logging, the surface casing has been run and cemented. It is anticipated that the well will reach the projected TD of 7022 feet (MD) by February 10, 2012 to test the Carbonera sequence that was successful in the Azor-1X well, which is located 3 kilometers to the north.

Cubiro Block, Llanos Basin: Cernicalo - 1ST Exploration well
The Cernicalo-1ST well on the Cubiro Block has been drilled to a TD of 6,792 feet (MD) and has completed electric logs. Based on these results, 7-inch production casing has been run in the well to total depth and plans are in place to complete and production test the Guadalupe and C7 Carbonera Formations. Results from the completion and testing program are expected before the end of February 2012. PetroMagdalena has a 70% working interest in the Cernicalo-1ST well and is the operator of the Cubiro Block.

Santa Cruz Block, Catatumbo Basin: Santa Cruz -1X Exploration well
After spudding the Santa Cruz-1X exploration well on November 20, 2011, intermediate casing of 9 5/8 inch was set at 9,533 ft MD and drilling has progressed to 10,580ftMD. ItisexpectedthewellwillreachTDbeforetheendofFebruary2012.ThiswellisbeingdrilledadjacenttotheRioZuliafield.

For location details on these wells, please refer to the Company's investor presentation at www.petromagdalena.com. PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further
information can be obtained by visiting our website at www.petromagdalena.com.

PetroMagdalena provides exploration and production update including new discoveries at Cubiro and Arrendajo

http://www.prnewswire.com/news-releases/petromagdalena-provides-exploration-and-production-update-including-new-discoveries-at-cubiro-and-arrendajo-137557043.html

PetroMagdalena suspends Yaraqui-1X exploratory well

TORONTO, Jan. 9, 2012 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) announced today that the operator has decided to suspend the Yaraqui-1X well, located in the Topoyaco block, as tests over indicated log pays resulted in uneconomic heavy oil flows.
The Company has a 50% beneficial working interest in Topoyaco and Pacific Rubiales Energy Corp. holds the remaining 50% beneficial working interest and is the operator for this block, in both cases subject to ANH approval.
PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com

PetroMagdalena Energy announces the Petirrojo-2 development well on production at a rate of 1,108 bopd and the spudding of an exploration well

TORONTO, Dec. 12, 2011 /PRNewswire/ - PetroMagdalena Energy Inc. (TSXV: PMD) is pleased to announce that the Petirrojo-2 development well has been on production for the last 24 hours with an average rate of 1,108 bopd natural flow with a 21.3% water cut of 40.4 degrees API light oil. This represents approximately 775 bopd gross working interest share for the Company.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "We are very pleased to announce the Petirrojo-2 development well is now on production, and that completion operations on Petirrojo-3 have started. This development has now increased our daily production average to approximately 4,400 boepd. The last two Llanos basin exploration wells for this year will be drilled before year end, and is part of our plan to increase light oil production and reserves."

The drilling rig used to drill and complete Petirrojo-2 is now being mobilized to drill the Azor-1 exploration well on the adjacent Arrendajo block where the Company now has a 67.5% beneficial working interest, subject to ANH approval. A workover rig is also currently being mobilized to Petirrojo-3, which was drilled and cased in November 2011, to complete the well and put it on production. The Petirrojo-3 well is expected to be on production in approximately 12 days.

The Company is also pleased to announce that on December 11, 2011, the Yopo-1 exploration well was spudded on the Cubiro Block, four kilometers north of the Petirrojo production facility. Yopo-1 will test an exploration prospect located between the Petirrojo field and the Palmarito located six kilometers north of the Yopo-1 well. It is anticipated the well will reach total depth (TD) in approximately 12 days.

PetroMagdalena announces 1,114 bopd Copa A Sur-1 production test and provides operational update

7:00a ET October 31, 2011 (PR NewsWire)
PetroMagdalena Energy Corp. (TSXV: PMD) is pleased to provide an operational update highlighting that the Copa A Sur-1 well has produced 1,114 barrels of oil per day ("bopd") of 38.4 degrees API light oil on natural flow over 75 flowing hours during a 4-day production test period with only 1.5% water cut and a stable 350 psi wellhead flowing pressure. This represents a gross (before royalties) working interest share of 636 bopd to the Company.

The Copa A Sur-1 well logs indicate 12 feet of net oil pay in two C7 sand layers. The well was spudded on September 16, 2011 and directionally drilled to a total depth of 7,572 feet measured depth ("MD"). The production test was conducted only on the C7 formation. After an extended well test has been completed, there are plans to then test two C5 sands with log indicated net oil pay of 21 feet and then the 24 feet of log indicated net oil pay in two C3 sands.

The Company holds a 57% working interest in the newly discovered Copa A Sur light oil field located in Polygon C of PetroMagdalena's Cubiro Block in the Llanos Basin. Based on 3D seismic, the Copa A Sur field is 1.4-kilometre long with an estimated closure of 216 acres. The Copa A Sur structure is located 2.7 kilometres to the south of the Company's Copa Field, and immediately north of the recent discovery of Copa B, all of them part of the Copa trend. The Copa trend includes additional structures to be drilled targeting the prospective sands of Carbonera C7, C5 and C3.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am very excited as this is the third successful exploratory well we have drilled in a row, having a direct impact on our bottom line and significantly improving the potential of the remaining exploration acreage on the Copa trend in the Cubiro block, our core producing asset in Colombia."

Operations Update

The Company is currently drilling the first development well, Petirrojo-3, in Polygon B of Cubiro and has a workover rig on the Copa B-1 well in Polygon C conducting a re-completion, after the electro-submersible pump stopped working on October 20, 2011. This is expected to add an additional 6-foot net pay sand that was not included in the initial test. Copa B-1 is expected to be back on production in approximately 10 days.

The Company is now mobilizing the Petrex-22 rig to the Santa Cruz-1 exploration well location and expects to spud the well before the end of November 2011.

The Company is pleased to announce that the operating partner, Pacific Rubiales Energy Corp., is drilling the Yaraqui-1X exploration well on the Topoyaco block and is currently drilling at approximately 8,300 feet MD and plans to run intermediate casing once it reaches 8,500 feet MD. The well is planned to reach a total depth of 10,509 feet MD, or 9,402 feet true vertical depth (TVD), or 8,484 feet true vertical depth sub sea (TVDSS) and is targeting the Cretaceous Villeta and Caballos formations in a sub-thrust structure called Prospect "D".

Production Update

The Company's gross share of production for the third quarter of 2011 averaged 2,708 barrels oil-equivalent per day ("boed"), up 12.4% from the second quarter of 2011. For the month of September 2011, the Company's gross share of production averaged 3,248 boed, reflecting the positive impact of the previously announced discoveries at Petirrojo-1 and Copa B-1 in the Cubiro block. Cubiro represented 78.4% of total production in the month of September.

PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com.

All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of PetroMagdalena. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of PetroMagdalena; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of PetroMagdalena and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although PetroMagdalena 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 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. PetroMagdalena undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

I hope you took advantage of it...

That was a lot of money in a short amount of time. WoW!

I've sold 50% of my holdings and will hang on to the rest for the big move.

Petromagdalena announces 86% increase in 2P reserves at Cubiro

http://petromagdalena.mediaroom.com/index.php?s=22634&item=76016

PetroMagdalena Announces Copa A Sur-1 Light Oil Discovery

TORONTO, Oct. 24, 2011 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD.V) is pleased to announce it has discovered a new light oilfield with the Copa A Sur-1 ("Copa AS-1") exploration well, located at short distances to the north and south of the Copa AS-1 well. A workover rig is currently at the location and the testing and completion program has begun, the results of which will be provided upon conclusion.
Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am pleased that we have a third successful well as part of our Cubiro 2011 drilling campaign and the third consecutive discovery based on the analogy with the Copa and Copa B fields. This well will add to our production growth for the balance of the year and into 2012, and it increases the chances of additional discoveries on the Copa trend in the Cubiro block, our core producing asset in Colombia."
Located in Cubiro Block of the Llanos Basin, the Copa AS-1 well, in which the Company holds a 57% working interest, was spudded on September 16, 2011 and directionally drilled to a total depth of 7,572 feet measured depth ("MD"). The top of C7, C5 and C3 Carbonera sections were encountered at depths of 6,241 feet (MD), 5,796 feet (MD) and 5,523 feet (MD), respectively. Well logs indicate a total of 57 feet of net oil sand, 12 feet in two C7 sands, 21 in two C5 sands and 24 feet in two C3 sands. Porosities range from 25% to 32%.
Based on 3D seismic, the accumulation discovered by Copa AS-1 is a 1.4-kilometre long structure with an estimated closure of 216 acres, and bounded to the east by a normal fault, the common exploration play in the Llanos Basin. The Copa AS structure is located 2.7 kilometres to the south of the Company's Copa Field, and immediately north of the recent discovery of Copa B, all of them part of the Copa trend. The Copa trend includes additional structures to be drilled targeting the prospective sands of Carbonera C7, C5 and C3.
PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com

Holding on for the big move, not too worried about the day to day. I've traded some a few times but it's hard on low volume. Just increasing my holdings when I can on dips.

PetroMagdalena Finalizes Farm Out Agreement for Santa Cruz

TORONTO, Oct. 12, 2011 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) announced today that the Company has finalized the contract to farm out 30% of the Santa Cruz Block to a private Colombian investment fund as previously announced on August 25, 2011. The investment fund will earn a 30% participation in the block for a carry of 60% of the first exploratory well and 45% of the second exploratory well to be drilled. PetroMagdalena will retain a 70% working interest and remain as operator. The Santa Cruz Block is located in the Catatumbo Basin in Colombia and neighbors the producing Rio Zulia field, which has a cumulative oil production of approximately 180 million barrels.
Luciano Biondi, the Company's Chief Executive Officer stated: "We are very pleased to announce the completion of this farm out agreement as it frees up approximately US$7 million of funding in this year's budget, which will be put towards the expanded work program at Cubiro. We look forward to sharing updates on the development work at our producing Petirrojo field in the Cubiro Block later this quarter, as well as the exploration drilling at Yopo."
All permits have been obtained at Santa Cruz and the location for the first exploratory well is currently under construction. PetroMagdalena has also contracted a 1500 HP drilling rig and plans to commence drilling in mid-November of this year. The cost of drilling the well is estimated to be approximately US$12 million, of which the Company's share will be approximately US$5 million. The completion of this farm out agreement minimizes the Company's capital expenditure commitment for the Santa Cruz Block, while maintaining the benefits from a potentially significant new discovery.

The chart is looking promising.

For an unknown stock this seems to jump up on low volume.

Petromagdalena Announces Filing of Second Quarter 2011 Results and Update on Cubiro Exploration Wells
TORONTO, Aug. 29, 2011 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) announced today the filing of its interim condensed consolidated financial statements for the three and six months ended June 30, 2011, together with its Management's Discussion and Analysis. These documents will be available on the Company's website at www.petromagdalena.com and at www.sedar.com.
Luciano Biondi, the Company's Chief Executive Officer, stated: "we are pleased to report second quarter results under the new management team which reflect a stable cash position and the ongoing improvement in operating netback. The key focus points for the Company are maintaining a stable balance sheet, improving our economics and growing production. Our efforts so far have increased operating netback to $54 per boe in Q2, the highest quarterly average in our history and is a direct reflection of the Company's commitment to improving income and minimizing costs. We are very pleased with the advances we are making in our exploration program. The results in Petirrojo-1 are now followed with positive results in Copa B-1, where we have over 45 feet of log indicated pay in the C5 and C3 and after casing the well, we will begin testing. Our strategy builds on our core assets, expanding our work program at Cubiro with an additional development well and exploration well in Block B as a result of the successful Petirojo-1 discovery, and the exploration wells later this year in Topoyaco and Santa Cruz. Importantly, we received our environmental permit for the Santa Cruz block, and our partners are about to spud the Yaraqui-1X well at Topoyaco very soon. We look forward to continue providing our investors and analysts with timely information on our operations and exploration."
The Company reported revenues for the second quarter of 2011 of $16.4 million driven by the sale of 173,686 barrels of oil at an average selling price of $96 per barrel and 163,319 mcf of gas at an average selling price of $4.56 per MMbtu. Operating netback amounted to $10.8 million, or an average of $54 per barrel of oil-equivalent ("boe") in the second quarter, a $2 per boe improvement from the first quarter of 2011 as a result of production cost savings measures implemented at Cubiro and the shift of one-third of its oil deliveries from the Rubiales field to Guaduas during the second quarter. As announced last week, commencing in July, the Company is now delivering 100% of its oil under the marketing agreement with Pacific Rubiales Energy Corp. to Guaduas, a move that has enhanced its operating netback by more than $10 per barrel compared with previous deliveries to the Rubiales field. Cost savings initiatives implemented by management resulted in a reduction of G&A in the second quarter to $3.7 million, $0.2 million higher than previously expected due to the strengthening of the Colombian peso against the U.S. dollar in the second quarter.
For the second quarter of 2011, the Company reported a net loss of $12.7 million, or $0.09 per share. The second quarter net loss included a $4.0 million write-off of the La Punta-4 dry well, $3.6 million of share-based compensation expenses related to stock options granted in the second quarter and a $3.8 million foreign exchange loss. For the first half of 2011, the net loss of $23.0 million, or $0.17 per share, also includes the impact of the one-time charge of $6.3 million related to the 2011-2014 equity tax levied on companies in Colombia.
The Company's balance sheet continued to show improvement in the second quarter. At June 30, 2011, the cash position stood at $26.5 million and total debt amounted to $47.3 million, including the CA$31.1 million of 9% Secured Notes issued in May to fund the acquisition of additional working interests in the Cubiro and Yamu Blocks in the Llanos Basin.
The Company is pleased to announce that the Petirojo-1 discovery well, announced last week, has since tested an average rate of 1,766 bopd of 40.3 degrees API light oil over a 7-day test, which represents 1,237 bopd gross working interest share for the Company. After four days of constant production, the pump speed was increased to generate a second inflow rate by increasing the drawdown from 20% to 23.46%. Over the last 48 hours of the test, the well has produced at a stabilized rate of 2,020 bopd with a constant water cut of 31.5% and a 23.5% drawdown.
This month, with testing completed, production commenced from a successful new well, Yamu-2, at the Yamu property in the Llanos Basin. The Company's 10% working interest share of daily production from this new well is currently 95 bopd bringing the companies share of production from the Yamu block close to 180 bopd
On August 26, 2011, the Company received notification that the environmental permit for the Santa Cruz property has now been issued. The drilling location and timing are currently being finalized and it is expected that the first exploratory well, in which the Company will have a 70% working interest but fund only 40% of the cost as a result of the farm out announced last week, will spud in the fourth quarter of 2011.
The Company's capital and exploration program over the second half of 2011 is expected to be approximately $27 million to $30 million including the Petirojo-1, Yopa, Copa-B and Copa-A South exploratory wells and two development wells at Cubiro, the Yaraqui-1X exploratory well at Prospect D at Topoyaco and the exploratory well at Santa Cruz. With the recent successful new Petirojo-1 and Yamu-2 wells in August, together with risked production increases from the Cubiro drilling campaign, the Company continues to expect that it will meet its daily production guidance of an average of 2,800 boed for 2011.
Management will hold a conference call on Tuesday, August 30, 2011 at 11:00 a.m. (Eastern Time) to provide an operational update and to discuss the second quarter results. Analysts and interested investors are invited to participate as follows:
Toronto & International: (647) 427-7450
North America: (888) 231-8191 Conference ID: 96023876
A playback of this conference call will be available by dialling 416-849-0833 or 1-855-859-2056 (toll free) with the above conference ID number until September 14, 2011.
PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com.
All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of PetroMagdalena. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of PetroMagdalena; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward- looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of PetroMagdalena and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although PetroMagdalena 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 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. PetroMagdalena undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither 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 news release.

Petromagdalena Announces Farm Out of Santa Cruz and US$10/bbl Improvement in Oil Marketing Agreement at Cubiro

TORONTO, Aug. 25, 2011 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) announced today that it has signed a letter of intent to farm out 30% of the Santa Cruz Block, in which the Company holds a 100% working interest, for a carry of 60% of the first exploratory well to be drilled on the block and 45% of the second exploratory well. The Santa Cruz Block is located in the Catatumbo Basin in Colombia and neighbours the producing Rio Zulia field. The Company expects to have its environmental permit shortly and to commence drilling of the first exploratory well, estimated to cost approximately US$15 million, in the fourth quarter this year. PetroMagdalena will retain a 70% working interest in the block and remain as operator.

Commenting on the farm-out agreement, Luciano Biondi, the Company's Chief Executive Officer stated, "We are very pleased to announce this farm out agreement as it diversifies our exploration risk, maintains our upside opportunity from a new discovery and frees up approximately US$8-9 million of funding in this year's budget which had been allocated to Santa Cruz. Consistent with our strategic focus on our core oil assets, we will invest these funds in the expanded work program at Cubiro following the Petirojo discovery announced on Monday, including a development well and an exploration well in Cubiro Block B in addition to accelerating the workover candidates at Cubiro."
The Company also announced that it is continuing to take steps to improve the netbacks from its operations at Cubiro. Earlier this year, the Company announced that it had implemented an improved marketing contract with Pacific Rubiales Energy Corp. to deliver its oil from Cubiro through multiple delivery points to the existing Colombian pipeline infrastructure. Initially, oil deliveries were directed to the Rubiales field with the Company's selling price based on a formula that resulted in it receiving, on average, WTI minus $7/bbl. Commencing in July 2011, the Company is now delivering 100% of its oil under the marketing agreement with Pacific Rubiales to Guaduas due to the high quality of its oil from Cubiro, which is now sold as Vasconia, resulting in an improved selling price compared with WTI. Vasconia has increased against WTI over the past year and is actually selling today at US$19/bbl over WTI. The Company's oil sales for the month of July were equivalent to WTI plus US$10/bbl using Vasconia as the benchmark. This is a US$17/bbl improvement in oil selling price versus the previous arrangement. With transportation costs approximately US$7/bbl higher to deliver through Guaduas, the net improvement in the netback structure in the oil marketing agreement is approximately US$10/bbl. The Company continues to evaluate additional opportunities to improve its netbacks through price enhancement and cost reductions.

Well, we got the $1.00 up range but not the way you imagined; however, I believe the rest of your assessment is correct and with the huge insider buying before the consolidation someone else believes so too.

I'm not happy going from 100,000 shares to 14,000 shares but if things turn around it won't matter.

Name and symbol change with consolidation of shares 1 for 7

http://tmx.quotemedia.com/article.php?newsid=42989794&qm_symbol=PMD

I read over the auditors executive committee report for 2010,wow what a horror story and no wonder why old management is gone! Those guys spent $$$ like it was going out of style hence the huge loss. From my prospective is that new management is under severe pressure from the Committee to cut the BS and to get the Company profitable. IMHO this has a great chance to become a big boy player in the Colombian energy sector. This one is worth the risk IMHO to eventually go into the 1.00 and up range for long term investors

Purchase of Alange Energy Common Shares by Directors

Apr. 21, 2011 (Canada NewsWire Group) --

TORONTO, April 21 /CNW/ - Alange Energy Corp (TSXV: ALE) announced today that two of its directors, Mr. Serafino Iacono and Mr. Miguel de la Campa have collectively purchased 1 million common shares of the Company on the open market at an average price of $0.2792. In addition to the common shares owned, directly or indirectly, by each of them prior to their appointment as directors of the Company, they collectively now own, directly or indirectly, approximately 8.1 million shares of the Company. The purchase is a reflection of their commitment and long-term confidence in the Company.

About Alange Energy Corp.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 12 properties in four basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.

All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Alange Energy Corp. ("Alange Energy"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of Alange Energy; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Alange Energy and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although Alange Energy 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 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. Alange Energy undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Estimated values of future net revenue disclosed do not represent fair market value.

Alange Energy Announces Update on Internal Review Process, a Production Update and Appointment of New Director

Mar. 7, 2011 (PR Newswire) --

TORONTO, March 7 /PRNewswire-FirstCall/ - Alange Energy Corp. (TSXV: ALE) announced today an update on its internal review process, which is still ongoing:

The Company has terminated, without liability or further obligation, the "pipeline without a pipe" strategy for the direct export of its oil to the "Cartagena Oil Export Platform" which did not prove to be cost effective given the Company's current or anticipated levels of production. This platform included a sales agreement with Arcadia Petroleum Limited and Colombiana de Distribucion y Servicio CI S.A ("Codis") and three-year contracts with each of Transporte Sanchez Polo S.A. for the trucking of oil and with Codis for storage and port handling services in Cartagena. The Company has implemented a more conventional marketing contract with Pacific Rubiales Energy Corp. to significantly improve its netback per barrel, relative to the previous Cartagena Oil Export Platform, by selling its crude oil from Cubiro into the international market under a straightforward FOB ("Freight on Board") pricing model, without a minimum load requirement, through multiple delivery points to the existing Colombian pipeline infrastructure.
Management has continued to take steps to reduce the Company's ongoing G&A. To date, staff reductions include 10 senior managers, 20 support staff and 19 technical consultants. The Company has also cancelled the contract of a local public relations firm in Colombia. Management is continuing to review other contracts and activity-based spending to identify further cost savings.
To date, the Company has repaid $9 million of its long-term debt and is currently in the process of finalizing repayment of a further $22 million of credit line borrowings and long-term debt. The funding for these debt repayments was provided through the recently completed C$70 million equity financing. By the end of March, the Company expects to have only one long-term debt facility of approximately $12 million following the debt repayments.
The Company's share of production, before deduction of royalties, averaged 2,374 barrels of oil equivalent ("boe") per day in December 2010. The Company's production averaged 2,181 boe per day and 2,310 boe per day for January and February, respectively. Production at Cubiro during the first two months of 2011 has been impacted by trucking disruptions affecting many of the operators in the Llanos Basin. Oil represents approximately 88% of the Company's total share of production (before royalties) through the first two months of 2011.
The transfer of operatorship of Topoyaco to Pacific Rubiales Energy Corp. was completed and did not result in any payment or compensation. Although no longer the operator, Alange Energy retains its full economic interest of 50% in the block.
Further, the Company is pleased to announce the appointment of Mr. Ian Mann as an independent director to its board, effective immediately.

Mr. Mann is currently the President of Meridian Fund Managers Ltd., a BVI-registered fund manager that oversees two alternative investment funds primarily focused on global mining and oil and gas companies. Prior to 2003, Mr. Mann held senior management and partner positions with several Bermuda-based companies. He has over ten years of corporate governance experience as a non-executive Director of two Canadian-listed mining companies, L.G.R. Resources Inc. and Franc Or Resources Ltd. He holds an Honours Business Administration degree from The University of Western Ontario.

Mr. Mann joins the board to replace Mr. Boris Abad, who resigned on February 10, 2011; the appointment of Mr. Mann remains subject to regulatory approval.

The Company will be releasing its fourth quarter and year-end results on April 28, 2011. An updated reserves report, prepared in accordance with National Instrument 51-101, will be issued in conjunction with the financial results. It is expected that the internal review process will continue, and be concluded, by this date.

About Alange Energy Corp.

Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 12 properties in four basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.

All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Alange Energy Corp. ("Alange Energy"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of Alange Energy; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Alange Energy and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although Alange Energy 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 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. Alange Energy undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Estimated values of future net revenue disclosed do not represent fair market value.

Up 10% on the day with good volume.

Alange Energy Announces Closing of C$70,035,000 Equity Financing

TORONTO, Feb. 22 /CNW/ - Alange Energy Corp (TSXV: ALE) ("Alange Energy" or the "Company") is pleased to announce that it has closed its previously announced equity financing (the "Offering") of 233,450,000 units of the Company (the "Units") (which includes the exercise in full of the over-allotment option of 30,450,000 Units) at a price of C$0.30 per Unit for aggregated proceeds of C$70,035,000. The Units were sold pursuant to an underwriting agreement with a syndicate of underwriters led by GMP Securities L.P., and including Canaccord Genuity Corp., Jennings Capital Inc. and Raymond James Ltd. (collectively, the "Underwriters").
Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each full warrant entitles the holder to purchase an additional common share in the capital of the Company at an exercise price of C$0.50 for a term of 5 years from the date hereof. In addition, the Company has issued Units equal to 6% of the Units sold pursuant to the Offering to the Underwriters in settlement of their underwriting commission.
The net proceeds raised under the Offering will be used to repay approximately US$33 million of bank debt, with the balance being used to, among other things, provide funding for exploration and development of the Company's core assets in 2011 as well as for general corporate and working capital purposes.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release is not an offer of securities for sale into the United States or Canada. No offering of securities shall be made in the United States or to or on behalf of a US person except pursuant to registration under the US Securities Act of 1933, as amended, or an exemption therefrom.

I agree about being at bottom. I will continue to add every .01 move down.

I haven`t bought yet but thinking about it next week if it stays around this level till then. Seems to be at a bottom.

I bought in today at .295. Couldn't resist and feel this is a great opportunity.

Been watching this for a while. Thinking about getting some. Anyone have any thoughts on what will happen when it ia available in Colombia?

The odd buying was what attracted to me to this and the fact that it is partly managed by Pacific Rubiales. What I believe made this run was the fact that this company has struck oil in Colombia. It trades on Pinks and the Canadian exchange. ALE.V is its ticker in Candar. This has potential to follow in the footsteps of Pacific but doubt it will ever reach its magnitude

you holding here neverenuf?

Interesting pattern. Once people notice the parabolic chart from short-squeeze/bizarre buying I figure they'll want to talk about it.

It'll collapse spectacularly (with borrowable shares available), or it'll break that 0.69 high and get really fun as it gets hyped.

http://www.prnewswire.com/news-releases/topoyaco-2-well-indicates-114-feet-of-oil-pay-sandstones-and-125-feet-of-oil-saturated-carbonates-105339613.html

http://www.prnewswire.com/news-releases/alange-energy-provides-an-update-on-the-topoyaco-2-exploration-well-104304783.html