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Petrominerales announced its 2012 results this morning and had its conference call at 10:00 am Eastern. At the close, the share price in Toronto was down 8.4%. The company declared a Net Loss of US$54M in 4Q12 versus a profit of US$77M in 2011. For the year the company turned a profit of US$102M but that was 69% less than in 2011. The problem was production which was down 29%. This was offset by higher oil prices and better netbacks so funds from operations were only down 18%. As the graph shows, additions to reserves were minimal meaning 1P (proven) reserves are down 15%.

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