Petrominerales Ltd. announced that, following the Brazilian 11th Bid Round, administered by the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil (ANP), successfully bid on three blocks. The company was awarded Block REC-T 106 and Block REC-T 107 in the Recôncavo Basin and Block TUC-T 177 in the Tucano Basin, all located in the state of Bahia, onshore Brazil. Block REC-T 106 is comprised of 7,759 acres located in the southern portion of Sector SREC-T1 of the Recôncavo Basin. The company's first phase work commitment consists of the acquisition of 10 square kilometers of 3D seismic. Block REC-T 107 is comprised of 7,561 acres located in the southern portion of Sector SREC-T1 of the Recôncavo Basin, near The company's Bom Lugar field. The company's first phase work commitment consists of drilling two wells. Block TUC-T 177 is comprised of 46,505 acres located in the southern portion of Sector STUC-S of the Tucano Basin. The company's first phase work commitment consists of drilling one well and the acquisition of 31 square kilometers of 3D seismic. The three blocks awarded will be subject to ANP contracts, expected to be finalized in August 2013. Petrominerales participated in the Bid Round through the company's subsidiary, Alvopetro S.A. Extração de Petroleo e Gás Natural, and upon the execution of the ANP contracts, Petrominerales will hold a 100% interest in Block REC-T 106 and Block TUC-T 177 and a 75% interest in Block REC-T 107. All three blocks have an initial three year exploration phase. The blocks acquired in the Bid Round cover 61,825 acres, allowing company to more than double the company's land position in Brazil to approximately 120,000 acres (103,000 net acres). The REC-T 106, REC-T 107 and TUC-T 177 blocks increase the company's exposure not only to the deep tight oil potential in the Gomo horizon but also add considerable exploration potential in shallower conventional reservoirs. The company's initial focus will be to demonstrate the commercial deliverability of the Gomo sands using fracture stimulation technology.

Petrominerales Ltd. announced that at its annual general and special meeting of shareholders held on May 9, 2013, the shareholders approved amendments to the company's articles of incorporation to allow for the implementation of a share dividend program.

Annual General Meeting