TORONTO, Jan. 29, 2014 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) today announced an update on the purchases of its common shares pursuant to the normal course issuer bid previously announced on April 29, 2013 (the "NCIB").
Under the NCIB, the Company has purchased for cancellation a total of 3,986,800 commons shares at an average purchase price of $17.98. The Company commenced the purchase of common shares for cancellation on Thursday December 5, 2013 and expects to continue doing so. These purchases are not expected to affect the Company's capital expenditure budget in 2014.
Ronald Pantin, Chief Executive Officer of the Company, commented:
"The Company's management and the board of directors believe that the current share price is under-valued. Using the proceeds from the recent sale of our 5% equity interest in the OCENSA pipeline as well as additional midstream asset sales expected in the future, we plan to pay down debt and continue to buy-back stock. We strongly believe that at current valuations purchasing our shares represents a significant return to our shareholders."
Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of Petrominerales Ltd., which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.
The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.
This news release was prepared in the English language and subsequently translated into Spanish and Portuguese. In the case of any differences between the English version and its translated counterparts, the English document should be treated as the governing version.
SOURCE Pacific Rubiales Energy Corp.