Petrobras Can't Confirm Peru Gas Find (PBR)

Petrobras (NYSE: PBR), the giant Brazilian state-run oil company, says it cannot confirm a claim by Peru's president that Petrobras has found at least 1 trillion cubic feet of natural gas in Peru.

Petrobras will analyze findings from a 13,100-foot well it drilled in the Peruvian jungle. Peruvian President Alan Garcia said yesterday Petrobras made a massive discovery. Garcia believes the area in which Petrobras is exploring holds up to 5 trillion cubic feet of gas.