Bloomberg News

Colombian Stock Movers: Rubiales Declines; Petrominerales Rises

December 12, 2011

Dec. 12 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.

The IGBC Index dropped 0.4 percent to 12,770.03, while the Colcap Index fell 0.4 percent to 1,572.06.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 0.9 percent to 38,380 pesos.

Oil fell to the lowest level in more than two weeks as Moody’s Investors Service said it will review the credit ratings of all European Union countries and China’s export growth slowed to the weakest pace since 2009.

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, rose 4.7 percent to 31,300 pesos.

The company said its Cobra-2 well is currently producing over 5,000 barrels of oil per day of 30 degree API oil at a 2 percent water cut, according to a regulatory filing.

“That’s a positive for the company,” said Juan David Pineros, an oil industry analyst at brokerage Interbolsa SA.

--Editors: Glenn J. Kalinoski, Brendan Walsh

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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