LONDON (ShareCast) - Luc Gerard, a director of PetroLatina, has bought £19,080 worth of shares in the Colombia-focused oil and gas company.

He purchased 40,000 shares at a price of 47.7p each and now holds 40,000 shares or 0.09% of the group's issued share capital.

Gerard is the founder and president of Colombian private equity firm Tribecapital Partners, whose portfolio investment company Tribeca Oil and Gas has a 35% stake in PetroLatina.

Shares in the oil and gas company were wanted last month after the company gave a bullish resource update.

Independent petroleum consultants have upgraded the proved reserves of the company’s Colombian interests to 2.75m barrels of oil equivalent (boe), as at the end of 2007, up from 0.45m boe estimated at the end of 2006.

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