Pacific Rubiales Energy Corp. announced today that it has entered into an agreement in principle with Alfa S.A.B. de C.V in connection with the formation of a joint venture company in Mexico on a 50/50 basis.
The Joint Venture will also allow for the joint study of, and bidding on, assets in Mexico's initial oil and gas bid round in 2015; the acquisition of services contracts with a view to migrating them to exploration and production contracts; the development of petroleum and natural gas assets in Mexico; and the development of any business ancillary to the petroleum business in Mexico, including mid-stream projects.
Ronald Pantin, Chief Executive Officer of the Company, commented, "This Joint Venture represents a significant milestone for the company as we enter into the Mexican oil and gas industry with a world class partner. We are very pleased to be partnered with ALFA in this Agreement, which brings together the strengths and advantages of both companies, to identify and pursue opportunities offered by the recent opening up of the Mexican energy sector to foreign investment.
Adapted from a press release by Joe Green
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