An oil pump is seen at dusk in Sakhir, BahrainHASAN JAMALI
Petroamerica Oil (yesterday's closing price 58¢ UPDATE) is building a portfolio of energy development projects in Colombia. Over the last 30 days, insiders have been public-market net buyers of 320,000 shares. CEO Paul Kroshko was the biggest purchaser, acquiring 250,000 shares at prices ranging between 65 and 71 cents. With the January sell-off in energy stocks, this is the type of insider buying we need to see continue generally, in order for us to maintain a positive insider sentiment reading on the oil and gas group.
Petroamerica has some known energy players on its board, including chair Jeff Boyce who is a co-founder of Vermilion Resources, and John Zaozirny a former Minister of Energy in Alberta. Petroamerica's CEO was a former vice-president of exploration at Bogota, Colombia-based Petrominerales, a Petrobank related energy company.
Ted Dixon is CEO of INK Research,which provides insider news and knowledge to investors. Investments profiled are from a recent edition of the Morning INK report which is distributed daily to subscribers and clients of select financial institutions. INK staff may hold shares in profiled securities.