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Update on Acquisition of Bijupira & Salema Fields & FPSO Fluminense

Source: 3/16/2015, Location: South America

PetroRio, the new brand of HRT Participaçoes em Petroleo S.A., announces an update on the expected timing of the geological report to be filed with the TSX Venture Exchange in connection with the proposed acquisition of 80% of the rights and obligations of the concession contracts for the Bijupira and Salema Fields and the FPSO Fluminense.

As previously disclosed (by Material Fact dated February 13, 2015), the Company has retained an independent qualified reserves evaluator to prepare a geological report in compliance with the Canadian Securities Administrators‘ National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The Report is expected to be received on or about March 20, 2015. The Report will be used by the TSX-V as supporting documentation for the proposed transaction, and it is expected that the Report will assist investors in assessing the proposed transaction. A further news release will be issued by the Company when the Report is available, providing further details on the assets proposed to be acquired under the agreements. Investors are cautioned that, until the Report is prepared and disclosed, there may not be sufficient information about the assets so as to enable investors to make a reasonable investment decision about the transaction.

The completion of the proposed acquisition is subject to certain conditions precedent, including approval of the assignment of rights by Brazil’s Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Receipt of required regulatory approvals and the subsequent Closing may take several months, or may not occur at all.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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