Canadian Energy Co. Nabs Minority Stake In Peru Project

Law360, New York (April 27, 2012, 2:34 PM EDT) -- Canadian oil and gas company Pacific Rubiales Energy Corp. has agreed to acquire a 49 percent stake in an offshore energy project in Peru for about $335 million, Pacific Rubiales said Friday.

The Toronto-based energy producer said it would pay $150 million in cash for the minority percent stake in the Block Z-1 energy project from BPZ Resources Inc., which does business under the name BPZ Energy.

In addition to the initial cash payment, Pacific Rubiales would also be obligated to pay $185 million of BPZ...
To view the full article, register now.