PETROMINERALES GOES FOR ACQUISTIONS IN PERU.

PETROMINERALES GOES FOR ACQUISTIONS IN PERU.

The canadian oil company, Petrominerales, is looking to acquire the peruvian oil company Veraz in an operation of 5 million dollars.

The idea of Petrominerales is to acquire the 100% of the shares of Veraz Peru for 5 million dollars to take over the operations in the blocs 126, 141 and 161 of the oil region in Peru.

Also in the official statement of the company communicated that they will be obtaining another 20% of those blocs in order to improve their market share and to provide their shareholders high exposure in the short term and very good exploring conditions in the long term, also giving the company the flexibility to evaluate future strategic asociations.

The approval of this operation will have to be given by two thirds of the shareholders, and its expected to happen in mid June.

The expectations are that by the end of its fiscal year, those wells could count with 2 million dollars in capital work.