Petrominerales Ltd. (PMG-T)

His company has this as a Neutral with a $7.75 target. He would prefer Pacific Rubiales (PRE-T), which his company has as an Outperform with a $25 target.

At one time they were a 40,000 barrel a day producer and he would guess that they have probably had 8 quarters of declining production. Abysmal exploration success. Drilled a lot of dry holes. Also, have issues with convertible debentures that they had to push out the maturity of. They are now trying to divest some pipeline assets.

A volatile stock. We have a bottom here but the trend is generally down. You want to wait until it is at $9 to buy. Would get resistance at $15 so take some off the table then.

Doesn’t own, but follows it and has a $7.50 target. Not one he is recommending. He believes most of the work on this is in Colombia and Ecuador. If you own, he would switch to something else.

Struggled lately to meet production and growth has been a little bit weak. This is a little bit of an “at risk” stock so he would Sell.

He would be switching into something else. Doesn’t see much organic growth coming out of Latin America with this. If you want to be in energy in Latin America, he would consider Pacific Rubiales (PRE-T).

Have been challenged by operational issues. So beaten up here. Wait for a 10% bounce. Distribution is safe.

Ugly picture on chart, but in the last number of months it has not made a lower low. That bottom is not confirmed yet.

Not a lot of reserves so not as cheap on a NAV basis. Prefers PBM. If you get bullish on oil, some Colombian plays have a lot of leverage to oil. Oil is fairly valued.

Have had a string of dusters. Had a large production base with a high decline rate so they were relying on exploration success to make up for their declines. Trading at a very low ratio to proved reserve values. Also, Colombia has been a disaster to invest in.

(Market Call Minute.) Cheap stock but they happen to be a junior in an international country, which are 2 things the market has absolutely hated lately. Don’t have a lot of debt. It’s on her radar screen.

Super cheap right now and this is a name you could hold onto. Feels that all the bad news is out of the stock. If you are looking for alternatives, he would recommend looking for things with a bit of a yield such as Arc Resources (ARX-T) which would get you out of Colombia and into North America. Baytex (BTE-T) has done very well. Vermilion (VET-T) continues to do well with a 60% weighting towards Brent.

How sustainable is this. He sold it.