UPDATE: Pacific Rubiales Announces Purchase of Participating Interest in Block Z-1, Offshore Peru; Shrs Now Up 1%, Off Day Highs

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Pacific Rubiales Energy Corp. (PRE.TO) is up more than 1% at around $28.75 but is below a day low $29.15 - compared to a year high $31.10 - after it 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.

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