Pacific Rubiales Energy Corp. has closed the acquisition of C&C Energia Ltd. (C&C Energia) by way of a plan of arrangement. Pursuant to the Arrangement, a new exploration company, Platino Energy Corp. 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 (approximately 22.8 million Pacific Rubiales common shares), Cdn.$0.001 cash and one common share of Platino. Pacific Rubiales has retained a 5% equity interest in Platino.

Platino acquired C&C Energia's interests in the Coati, Andaquies, Morpho and Putumayo-8 blocks in Colombia and has also received cash from C&C Energia in the amount of approximately U.S.$88.5 million.

Tags: Pacific Rubiales Energy Corp.