Petrominerales, a 66% owned subsidiary of Petrobank Energy and Resources Ltd., has completed its previously announced acquisition of PanAndean Resources.
The acquisition was completed by way of scheme of arrangement in accordance with the United Kingdom Companies Act 2006. The Scheme included the demerger of the North American and Bolivian assets of PanAndean, resulting in Petrominerales acquiring only the Colombian and Peruvian assets of PanAndean. The shares of PanAndean will be de-listed from trading on the London AIM Exchange, effective April 15, 2010.
As a result of this acquisition, Petrominerales has acquired four additional exploration blocks in Peru consisting of 6.7 million gross acres (2.6 net acres) and one, 87,383 acre, exploration block in Colombia. Combining this acquisition with our existing 55% working interest in Block 126, Petrominerales will have the exploration rights to a significant concentration of land in the highly under-explored Ucayali Basin of Peru, all under compelling fiscal terms. In Colombia, the addition of the Antorcha block provides Petrominerales with another heavy oil exploration opportunity in an area close to infrastructure in the Middle Magdalena Basin.