Pacific Rubiales Energy Corp. has acquired a 21.7%, indirect interest in Promotora de Energia Electrica de Cartagena & Cia, S.C.A. E.S.P. (Proelectrica), a private, Cartagena, Colombia-based 90 megawatt electrical utility. Proelectrica is a peak demand supplier to the local Cartagena utility and therefore is paid a premium for its energy when supplied.
Proelectrica is a reliable back-up generator for the Cartagena area and provides critical transmission system balance support to the area. Proelectrica is well-positioned to benefit from the local, demand-driven electricity market. In addition, it is an environmentally friendly gas-fired peak demand power plant and one of the most efficient thermal plants in the Colombian Atlantic Region.
Pacific Rubiales acquired its interest in Proelectrica through a US$9.0 million equity investment in Ronter Inc., a private Panamanian company which holds all of the shares of Proelectrica and its related companies.
Ronald Pantin, Chief Executive Officer of Pacific Rubiales, said "the acquisition of an interest in Proelectrica makes strategic sense for Pacific Rubiales. It has a gas-fired plant and aggressive expansion plans for the Cartagena area, into which we supply our gas from La Creciente. Additionally, Proelectrica is paid a premium as a peak demand energy supplier to the fast-growing Cartagena area, making it an attractive investment in its own right."
Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Limited, a Colombian oil operator which operates the Rubiales and Piriri oil fields in the Llanos Basin in association with Ecopetrol S.A. the Colombian, national oil company. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia as well as in other areas in Colombia and northern Peru. Pacific Rubiales has a current net production of approximately 21,000 barrels of oil equivalent per day, with working interests in the Rubiales, Piriri and Quifa concessions and the Caguan, Dindal, Rio Seco, Puli B, La Creciente, Moriche, Guama, Arauca, Tacacho and Jagueyes blocks in Colombia and blocks 135, 137 and 138 in Peru.