Pacific Rubiales Closes C&C Energia Acquisition; Announces 2012 Exit Production Above Targets

Pacific Rubiales Energy Corp. (PRE.TO) has closed the acquisition of C&C Energia Ltd. by way of a plan of arrangement. Pursuant to the arrangement, a new exploration company, Platino Energy Corp. (PZE.V) was formed.

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 of a common share of Pacific Rubiales, C$0.001 cash and one common share of Platino. Pacific Rubiales has retained a 5% equity interest in Platino.

The company also reported that its 2012 exit production is expected to be in the range of 290 to 295 Mboe/d gross total field or approximately 115 Mboe/d net after royalty (excluding the C&C Energia volumes), approximately 16% above 2011 exit production and surpassing its target of 280 to 285 Mboe/d (about 113 Mboe/d net after royalty).

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

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