Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) is pleased to announce that the proposed acquisition of Petrominerales Ltd. (TSX: PMG) (BVC: PMGC) ("Petrominerales"), as previously announced (the "Arrangement"), has received shareholder and court approval. Closing of the Arrangement remains subject to approval under the Investment Canada Act (the "ICA").
The review period under the ICA has been extended to December 22, 2013. Extensions to the review period are not unusual. Typically, the ICA provides an initial 45 days for the review, which may be extended for an additional 30 days. Pacific Rubiales is not aware of any reason why the Arrangement would not receive ICA approval within the extended review period and expects that closing of the Arrangement will occur promptly following the receipt of such approval. No further regulatory approvals are required.
Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.
The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.