Petro Andina announces sale to Pluspetrol
Petro Andina announces sale to Pluspetrol
Petro Andina Resources Inc. has entered into an arrangement agreement with 1462627 Alberta Ltd., a wholly owned subsidiary of Pluspetrol Resources Corporation N.V. pursuant to which Pluspetrol will acquire all of the issued and outstanding class A shares of Petro Andina for $7.65 per share. In addition, Petro Andina shareholders will receive shares of a new company, 1485196 Alberta Ltd. (ExploreCo) which will hold the Colombia and Trinidad & Tobago exploration assets of Petro Andina. ExploreCo will be fully funded against its existing exploration commitments.
