Pacific Rubiales Announces Agreement to Acquire a 35% Net Working Interest in Karoon Blocks in ...

TORONTO, Sept. 18, 2012 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today that it has reached an agreement with Karoon Gas Australia Ltd. (ASX: KAR) ("Karoon") to acquire a 35% net working interest in the following exploration blocks: S-M-1101, S-M-1102, S-M-1037 and S-M-1165, and also has as an option to acquire a 35% interest in S-M-1166 (collectively, the "Karoon Blocks"). In consideration for acquiring the interests in the Karoon Blocks, the Company will pay Karoon U.S.$40 million in cash as consideration for the assignment and fund up to U.S.$210 million in carried well costs. Ronald Pantin, Chief Executive Officer of the Company, commented:...