Veraz Petroleum Ltd. has completed the previously announced sale of its wholly-owned subsidiary, Veraz Petroleum Peru S.A.C. (Veraz Peru), to Petrominerales Ltd. (Petrominerales) pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Sale Transaction").

The Sale Transaction was approved by 98% of the votes cast by shareholders at the annual general and special meeting (the "Meeting") of Veraz held earlier today.

Pursuant to the terms of the Sale Transaction, Petrominerales acquired Veraz Peru for total consideration of US$5 million, which was satisfied by the issuance of 524,871 common shares ("Petrominerales Shares") of Petrominerales.

Tags: Veraz Petroleum Ltd.