The acquisition of West Falcon Unit raises the Company's daily production to over 1,600 barrels of oil equivalent (boe).
Vinccler anticipates that the assets of this new subsidiary will form an integral part of the Empresa Mixta currently being negotiated with MENPET and Corporacion Venezolana de Petroleo ("CVP"). The combined assets will solidify the Company's position in the State of Falcon and allow Vinccler to grow its oil and gas production.
Juan Francisco Clerico, Chairman and CEO of the Company stated, "This acquisition is consistent with our commitment to expand our Venezuelan operations and grow our oil and gas production in the western part of the country. We look forward to working with the Ministry of Energy and Petroleum and PDVSA to expand activity in the State of Falcon."
PetroFalcon Corporation is a natural resource company currently engaged in oil and gas operations in Venezuela through its wholly-owned subsidiary, Vinccler Oil and Gas, C.A. The common shares of the Company trade on the Toronto Stock Exchange with the symbol "PFC".
Most Popular Articles
From the Career Center
Jobs that may interest you