Referenced Stocks

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

By MT Newswires,  April 27, 2012, 02:18:45 PM EDT

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.




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



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