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Pacific Rubiales Energy Corp Closes C&C Energia Ltd Acquisition

Wednesday, 2 Jan 2013 09:00am EST 

Pacific Rubiales Energy Corp announced that it closed the acquisition of C&C Energia Ltd. ( C&C Energia ) by way of a plan of arrangement (the Arrangement ). Pursuant to the Arrangement, a new exploration company, Platino Energy Corp. (Platino) was formed. With the completion of the Arrangement, Pacific Rubiales has acquired all of the issued and outstanding shares of C&C Energia and each share of C&C Energia has been exchanged for 0.3528 of a common share of Pacific Rubiales (approximately 22.8 million Pacific Rubiales common shares), CAD0.001 cash and one common share of Platino. Pacific Rubiales has retained a 5% equity interest in Platino. Platino acquired C&C Energia's interests in the Coati, Andaquies, Morpho and Putumayo-8 blocks in Colombia and has also received cash from C&C Energia in the amount of approximately USD88.5 million .