Petrominerales announce the successful completion of our previously announced plan of arrangement (Arrangement), pursuant to which Pacific Rubiales Energy Corp. acquired all of the outstanding shares of Petrominerales. Pursuant to the Arrangement, each share of Petrominerales has been exchanged for C$11.00 cash and one share of a new Brazil focussed company, Alvopetro Energy Ltd. (Alvopetro). The shares of Petrominerales are expected to be delisted from the Toronto Stock Exchange and from the Bolsa de Valores de Colombia in approximately three to four trading days from today.
The Arrangement is a culmination of Petrominerales' exploration and development successes in Colombia and Peru. "The key to our success in Colombia has been our unparalleled asset base combined with our talented staff who are true ambassadors of Petrominerales' Vision and Values", said Corey C. Ruttan, President and Chief Executive Officer of Petrominerales.