Petrominerales acquires 75% interest in Alvopetro S.A.
On December 20, 2012, Petrominerales announced that it entered into an agreement with Fortress Energy Inc. whereby Petrominerales acquired a 75 percent interest in Alvopetro S.A. Extração de Petroleo e Gás Natural, a qualified Class C Brazilian operating entity that owns the licenses for three marginal fields and seven exploration contracts covering over 40,000 acres in the Recôncavo Basin, onshore Brazil (the Brazilian assets).
The transaction was completed within a mere 13 day period.
The benefits of the acquisition of the Brazilian assets include:
10 blocks covering over 40,000 acres;
Large, unconventional resource with, undiscovered petroleum initially-in-place (UPIIP) of over 1 billion barrels;
Over 100 potential development locations;
60 barrels of oil equivalent per day and associated proved plus probable reserves of over 400,000 barrels;
Attractive fiscal regime;
Close proximity to existing infrastructure; and
Complementary to existing high impact exploration portfolio.
Petrominerales has acquired a 75 percent working interest in Brazilian assets.
Petrominerales is a Latin American focused exploration and production company with exploration blocks covering a total of 2.0 million acres in Colombia and 9.5 million gross acres (6.4 million net) in Peru.
Further information can be found on Marketwire's website.