Petro Vista sells stake in indirect Colombian subsidiary
Petro Vista Energy has completed the sale of its interest in its indirect Colombian subsidiary, Petropuli, which holds a 50% participating interest in the Morichito block in the Llanos basin of Colombia.
The company's wholly-owned Barbados subsidiary, Petro Vista Energy Colombia (Barbados) Corp (PTV Barbados), sold all of the issued capital of Petropuli to oil and gas company Deep Core.
The transaction does not include Petropuli's 25% participating interest in Block SSJN-5, which will be transferred to a Petro Vista affiliate.
As a result of the closing of the transaction, PTV Barbados is released from its obligations under the advance payment agreement with Deep Core, previously announced in December 2011.
Deep Core's security over Block SSJN-5 and PTV Barbados' rights in the La Maye Block is terminated.
Pursuant to the same advanced payment agreement, Deep Core holds an exclusive option to acquire Petro Vista's 25% participating interest in the La Maye block, Colombia that expires on 2 April 2012.
Petro Vista chairman Keith Hill said the sale of the Morichito property is the first step in Petro Vista's business plan to rationalize its Colombian oil and gas interests, allowing the company to focus on the development of its Tartaruga producing asset in Brazil.
"The proceeds from the sale of Petropuli will also be directed towards pre-drill costs in the SSJN-5 Block," Hill said.
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