2007 a Year of South American Acquisitions for Pluris Energy

Pluris Energy Chairman and CEO, Sacha H. Spindler, begins by stating, "2007 was an extremely busy and productive year with many milestones and accomplishments for the Company and our valued shareholders. 2007 commenced with the Company having successfully initiated its South American business development mandate by securing the successful bid to purchase 100% of the shares of San Enrique Petrolera, SA, which was announced by the Company in late 2006. This significant milestone quickly established Pluris Energy in South America, and our ongoing commitment to complete the San Enrique acquisition has proven and galvanized the Company's commitment to the region. Furthermore, this first entry success provided the foundation for our continued evolution in Argentina by further realizing the fulfillment of our South American business development mandate during 2007 with the subsequent announcement of the major acquisition agreement with Clear SRL, for the proposed purchase of their Cerro Negro concession. As a continuation of these previous successes, Pluris Energy has secured its third strategic acquisition opportunity under an exclusive Acquisition Agreement."

Pluris Energy is pleased to announce that at the end of December 2007, the Company entered into an exclusive acquisition agreement to acquire 100% of the shares of a well established Buenos Aires, Argentina based oil development and production company as a wholly owned operating subsidiary to Pluris Energy. The acquisition positions the Company upon closing with production and significant leasehold assets of potentially over 135,000 net acres primarily located in the Neuquén Basin, Rio Negro Province, Argentina. The concessions are adjacent to and on trend with well-known oil fields which have produced over 20 million barrels of oil to date.

Mr. Spindler continued, stating, "We are extremely pleased to have structured terms of an acquisition agreement to purchase 100% of the shares of yet another Argentine based oil production company. This is a highly instrumental deal for Pluris insofar as positioning the Company and its shareholders with a significant high impact portfolio of assets in the prolific Neuquen Basin. The assets include existing infrastructure proximal to production, extensive 3D and 2D seismic data, field offices and oil treatment facilities capable of handling capacities of several thousands of barrels of oil per day. The acquisition is subject to Pluris Energy performing in depth due diligence over the assets and the company, which will include detailed third party engineering and geophysical evaluation of available 3D and 2D seismic data, all well data, as well as negotiating and executing a mutually acceptable share purchase agreement. We look forward to providing further details of the acquisition to our shareholders immediately after closing."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Columbia, SC
Project Manager
Expertise: Engineering Manager
Location: Atlanta, GA
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Raleigh, NC
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours