Denham Capital's buyout of Platino for $29 million closesDenham Capital Management has closed its $28.7 acquisition of Calgary-based Colombia explorer Platino Energy Corp. Denham offered $0.25/share for a total cash payout of $17.4 million. The remainder of deal value came from the assumption of working capital deficit and decommissioning liabilities. The equity portion of the deal is a 9% premium to the 30-day, volume-weighted price of Platino. Platino’s assets were in the Llanos and Putumayo basins in Colombia. Working interest...
Jul 17, 2015
Denham Capital closes their buyout of Platino EnergyThe US$23 million acquisition of Platino Energy Corp. by Denham Capital Management has closed. Denham was offering US$0.20/share (C$0.25/share) for a total cash payout of US$13.9 million. The remainder of deal value came from the assumption of working capital deficit and decommissioning liabilities. The equity portion of the deal is a 9% premium to the 30-day, volume-weighted price of Platino.Platino’s assets were in the Llanos and Putumayo basins in Colombia. Working interest...
Jul 17, 2015
Denham Capital buying Platino for $23 million Platino Energy Corp. has agreed to be bought out by Denham Capital Management for a total of US$23 million. Denham is offering US$0.20/share (C$0.25/share) for a cash payment of US$13.9 million, with the remaining deal value coming from the assumption of working capital deficit and decommissioning liabilities. The equity portion of the deal is a 9% premium to the 30-day, volume-weighted price of Platino. Platino’s assets are in the Llanos and Putumayo basins in Colombia. Working interest...
Jun 09, 2015
Parex inks five deals to add 367,000 net acres in ColombiaAn aggressive acquisition campaign during and after Q2 has increased Parex Resources' Colombian footprint by 367,000 net acres. First the company increased its operated stake on the Cabrestero block in the Llanos Basin to 100% WI by acquiring its partner Cepsa's 50% WI for US$12.5 million cash. The block holds the producing Kitaro and Akira oil fields with YE12 proved plus probable reserves of 1.2 MMbbl. Also in the Llanos Basin, Parex agreed to acquire an operated 80% WI in the LLA-26...
Aug 14, 2013
New explorer Platino preps for Colombia drillingPlatino Energy Corp., formed out of the acquisition of C&C Energia Ltd. by Pacific Rubiales Energy Corp., expects to spud an exploration well on its Coatl Block (100% WI) in Colombia in late June. The company plans to drill to basement at ~10,500 ft, with the Caballos Formation as the main target and the Villeta T, U and N sands as secondary targets. The company expects the well will take 45 days to reach TD and expects results in Q3.On the Putumayo-8 Block (50% WI) Platino and...
Apr 17, 2013
Colombia-focused Platino Energy starts operationsPlatino Energy Corp., formed out of the acquisition of C&C Energia Ltd. by Pacific Rubiales Energy Corp., has begun operations as a new E&P company operating in Colombia. In the acquisition, C&C Energia shareholders received 0.3528 of a common share of Pacific Rubiales, $0.001 in cash and one common share of Platino for each C&C Energia share held. Pacific Rubiales retained a 5% equity interest in Platino.Platino acquired C&C Energia's interests in the Coati, Andaquies, Morpho and...
Dec 31, 2012
US & International Briefs - March 10, 2015Toronto-based BE Resources Inc. signed an LOI to acquire southern Kentucky assets consisting of acreage, gathering lines and service vehicles for US$3.45 million. The leasehold being acquired from Southern Oil & Gas LLC covers 2,700 acres in Warren County. The deal is slated to close by July 31, pending the completion of a financing of at least $3.5 million by the buyer. BE also continues to work toward the completion of a JV announced last July with Cunningham Energy LLC in West Virginia’s...
Mar 10, 2015
People Briefs - February 05, 2015Alliance Pipeline said Mike McGonagill is retiring from his role as COO. Effective immediately Alliance's pipeline operations will be headed by VP of Pipeline Operations & Engineering Jim Walsh.Augusta Industries appointed Warren Goldberg to its board and as chair of its audit committee. Goldberg is a chartered professional accountant and a partner at Schwartz Levitsky Feldman LLP of Ontario. In addition, Gerry Feldman has resigned as a director of the company to focus on his other...
Feb 05, 2015
People Briefs - July 03, 2014• Brownstone Energy's president and COO Jonathan Schroeder resigned to pursue other business opportunities. The company has no immediate plan to fill the position, and reassures that Schroeder will remain a director of the board.• Ceiba Energy Services appointed Peter Cheung as CFO and corporate secretary effective June 30. Most recently Cheung served as VP finance and CFO at Petrobank Energy and Resources.• Chinook Energy appointed Jason Dranchuk as VP finance and CFO...
Jul 03, 2014
A&D News Briefs - August 8, 2013• Ascent Resources divested its 100% interest in Italian unit Ascent Resources Italia to Global Power Resources for US$1.1 million. ARI holds majority stakes in the Frosinone (80%) and Fiume Arrone (70%) exploration permits and a 50% interest in the Strangolagalli concession containing the Ripi field redevelopment project. Ascent will be granted a two-year call option option to buy back 51% of any future discovery made by ARI at cost plus 5.0%. Ascent can also acquire other assets of GPS...
Aug 08, 2013
People Briefs - March 28, 2013• Adira Energy announced the resignation of Orit Leitman from its board.• Jason Waugh was appointed Vice President of Canadian Energy Services & Technology Corp.• CanElson Drilling appointed M. Scott Bratt to its board. He previously served as managing director and co-head of corporate finance at FirstEnergy Capital.• Lone Pine Resources announced the departure of president and CEO David M. Anderson and EVP and CFO Edward J. Bereznicki. Board member David M....
Mar 28, 2013
People Briefs - February 08, 2013• Augusta Industries appointed Momenur Rahman as CFO.• Apache appointed Thomas E. Voytovich as EVP, internal operations. Thomas M. Maher has been appointed as VP and general manager of Egypt operations. Faron J. Thibodeaux has been appointed as VP and managing director, Australia. Timothy O. Wall has been appointed as president, Kitmat upstream operations. Robert Spitzer has been appointed as EVP, development, of Kitmat. Timothy J. Sullivan has been appointed as region VP, and president...
Feb 08, 2013