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COPYRIGHT 2006 Hart Publications, Inc.
Trying to be a foreign oil producer in Venezuela can be a dicey proposition these days. However, where some companies see untenable political risk, others see the possibility of stunning rewards. Canadian firm PetroFalcon is one that holds the latter opinion, says Clancy Cottman, chief financial officer. The flight of some foreign competitors from the region has given the junior a plateful of opportunities that it believes are unrivaled for a company its size.
PetroFalcon started its operations as a private company in 2000, and went public in June 2003. Management owns approximately 30%, and the World Bank, through its private investing arm IFC, owns about 6%. At...
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