Referenced Stocks

UPDATE: Pacific Rubiales Announces Acquisition of a Participating Interest in Block Z-1, Offshore Peru; Shares Rise 2% Early Morning

By Midnight Trader,  April 27, 2012, 09:59:50 AM EDT

Pacific Rubiales Energy Corp. ( PRE ) announced today that it has reached an agreement with BPZ Resources, Inc. ( BPZ ) to enter into a series of transactions ultimately resulting in the acquisition of beneficial ownership of a 49% undivided participating interest in the Z-1 exploration and development block, offshore in Peru. Under the terms of the agreement, Pacific Rubiales will pay US$150 million in cash and is subject to a commitment of US$185 million for BPZ's share of capital and exploratory expenditures in Block Z-1.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: BPZ, PRE



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