Pacific Stratus Energy Closes Colombian Asset Acquisition

Pacific Stratus Energy

Pacific Stratus Energy has completed its previously announced transaction with Empresa Nacional del Petroleo, the national oil company of Chile, to acquire certain producing assets in Colombia owned by its wholly-owned subsidiary, ENAP Sipetrol S.A. for cash consideration of US$54.4 million.

Sipetrol has interests in several blocks and producing oil fields in central Colombia along with working interests in two significant oil pipelines. These include a 90.6% interest in the Dindal and Rio Seco Blocks, and a 27.27% interest in the Caguan Block. The Sipetrol assets currently produce 7,000 barrels of oil per day (2,800 barrels per day net to Pacific Stratus) of high netback crude oil from the Guaduas and Rio Ceibas fields.

With the closing of the acquisition of Sipetrol, each previously issued common share subscription receipt will automatically convert into one common share of Pacific Stratus and each unit subscription receipt will automatically convert into one $1,000 principal amount senior unsecured note and 100 warrants.