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UPDATE: Pacific Rubiales Added To Peru License Contract; Completes C&C Energia Buy

By: MT Newswires
Posted: 12/31/2012 3:25:00 PM
Referenced Stocks: BPZ

BPZ Energy ( BPZ ), an independent oil and gas exploration and production company, today announced that the Peruvian Government has signed the Supreme Decree authorizing Perupetro to execute the amendment to the Block Z-1 License to add Pacific Rubiales Corp. (PRE.TO) to the Z-1 License Contract.

Meanwhile, C&C Energia Ltd. (CZE.TO) announced that today Pacific Rubiales closed the acquisition of C&C Energia by way of plan of arrangement.

With the completion of the Arrangement, Pacific Rubiales has acquired all of the issued and outstanding shares of C&C Energia and each share of C&C Energia has been exchanged for 0.3528 common shares of Pacific Rubiales, Cdn.$0.001 cash and one common share of a new exploration company, Platino Energy Corp. (PZE.V).

The shares of C&C Energia are expected to be delisted from the Toronto Stock Exchange on or about January 3, 2013.