Calgary firms to recapitalize Brazil Reconcavo explorer

10/07/2013
Pacific Rubiales Energy Corp. will acquire Petrominerales Corp. in a transaction valued at $1.6 billion (Can.) and will capitalize it in Calgary as ExploreCo with $100 million (Can.) in cash and all Petrominerales assets in Brazil. The board of Petrominerales has recommended that its shareholders approve the deal at a meeting to be held by the end of November. Petrominerales said it reached agreement to acquire its partner's entire 25% interest in certain Petrominerales Brazil properties. ExploreCo will hold 120,013 gross acres (119,321 net acres) focused on the Reconcavo basin onshore Brazil. The transaction "is a culmination of Petrominerales' exploration and development successes ...
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