PACIFIC RUBIALES CONTINUES WITH HIS ACQUISITION PLAN.

PACIFIC RUBIALES CONTINUOS WITH HIS ACQUISITION PLAN.

The oil market continues to move in Colombia, companies are issuing debt or shares in order to capitalize and finance their expansion plans.

Now was the turn of PetroMagdalena Energy Corp, company that was bought by Pacific Rubiales.

The canadian company made that investment to reinforce their assets in the Llanos Basin in Colombia.

The anouncement was made today by a statement by Pacific Rubiales Energy Corp in which the company comunicated that the agreement was to buy all the common shares circulating in the capital market.

The market value of Pacific Rubiales increase up to 7.510 million dollars according to Thomson Reuters agency, and has the intention to finance the cost of the acquisition that rises up to 253 million dollars

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Petromagdalena has interest to work in 19 properties in Colombia and more than 480.000 hectares, including assets in the Llanos Basin, where Pacific Rubiales is willing to increase its market share.

The CEO of Pacific Rubiales said that they’re very pleasant to close the deal for Petromagdalena because the company already was a key supplier of light oil for the dilution of our crude. Also thinks that this acquisition complements and enhace the assets and business in Colombia.