Pacific Rubiales Energy Corp. (
TSX: T.PRE,
Stock Forum) intends to buy Calgary-based oil and gas company
/www.stockhouse.com/companies/quote/t.pmg/petrominerales-ltd">TSX: T.PMG, Stock Forum) in a proposed deal worth roughly $1.6-billion.
Petrominerales shareholders would be paid $11 per share plus they'll get one share of a new Brazil-focused exploration and production company called ExploreCo that will be based in Calgary, Pacific Rubiales said in a press release.
Petrominerales shares jumped 51% to $11.72 while Pacific Rubiales fell 6% to $20.29.