Pacific Rubiales Invests in Puerto Bahia Port (Colombia)
Pacific Rubiales Energy Corp. has announced that it has purchased an additional 50 million common shares in the capital of Pacific Infrastructure Inc. at a price of U.S.$1.00 per share for an aggregate investment of U.S.$50 million.
This latest investment by the Company in Pacific Infrastructure has been made in connection with a letter of intent dated March 26, 2012 pursuant to which the Company agreed to purchase up to 140 million common shares in the capital of Pacific Infrastructure, as previously announced by the Company on March 28, 2012.
Pacific Infrastructure is a private Panama-based company developing a new crude oil and products terminal and port (Puerto Bahia) at Cartagena on the Colombia Caribbean coast, as well as a new oil pipeline that will link Coveñas with Cartagena.
Ronald Pantin, Chief Executive Officer of the Company commented: “This additional investment in the Puerto Bahia Port Project further solidifies the Company’s role in the development of the project, ensures our foothold in what will be one of Colombia’s most important infrastructure projects, and is strategic to our future oil production growth plans. We look forward to working with the Pacific Infrastructure team as we move forward in the development of the port.”
As a result of funding the Subscription, the Company currently holds 111,488,415 common shares in the capital of Pacific Infrastructure, representing approximately 44.1% of the issued and outstanding shares. The Company, in its sole discretion, has until March 27, 2013 to purchase an additional 70 million common shares in the capital of Pacific Infrastructure on substantially the same terms as this Subscription. To date, the Company has invested approximately U.S.$88 million in Pacific Infrastructure.
Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil operator which operates the Rubiales, Piriri and Quifa oil fields in the Llanos Basin in association with Ecopetrol, S.A., the Colombian national oil company, and 100 percent of Pacific Stratus Energy Corp. which operates the La Creciente natural gas field. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia as well as in other areas in Colombia and northern Peru. Pacific Rubiales has working interests in 43 blocks in Colombia, Peru and Guatemala.
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.
Dredging Today Staff, August 14, 2012; Image: pacinfra