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Economy

Pacific Rubiales to buy PetroMagdalena for $234M

by Toni Peters June 5, 2012
1.7K

Oil field

Colombia’s largest private oil producer, Pacific Rubiales announced Tuesday it will buy smaller oil and gas company PetroMagdalena for $243 million.

Ronald Pantin, Pacific Rubiales CEO said, “We are very pleased to strike this deal with PetroMagdalena, which is already a key provider of light oil as diluent for our crude. We believe this acquisition is both very complementary and accretive to our existing business.”

Canada-based Pacific Rubiales will buy all of PetroMagdalena’s issued and outstanding common shares subject to, among other things, approval of two thirds of PetroMagdalena’s shareholders and warrantholders.

PetroMagdalena, a Canada-based oil and gas exploration company with 19 interests in properties in Colombia, has a market value of $180 million.

CanadaeconomyoilPacific Rubiales

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Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
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