C&C Energia Enters Into Agreement to Acquire Oil & Gas Assets

C&C Energia Ltd. (TSX:CZE) signs a purchase & sale agreement to acquire a company which will hold certain of Ramshorn International Limited ‘s oil and gas properties in Colombia.

The press release is quoted as saying:

The purchase price of the acquisition is US$89 million (subject to certain customary closing adjustments), payable in cash, with an effective date of January 1, 2011. The oil and gas properties, located in the oil rich Central Llanos Basin, are comprised of a 70% operated interest in the Cachicamo E&P Block comprised of 87,646 acres (61,532 net acres) and a 50% non-operated interest in the Pajaro Pinto Exploration Block comprised of 60,080 acres (30,040 net acres). C&C currently holds the 30% interest in the Cachicamo Block that Ramshorn does not own and is the operator and 50% working interest owner of the Pajaro Pinto Block.

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