2010-04-09-2010-03-04
Acquired company with assets in NE Colombia.
La Cortez Energy Inc., San Diego, (OTCBB: LCTZ) has closed its acquisition of Avante Colombia SARL, a subsidiary of Luxembourg-based Avante Petroleum SA, in a stock deal valued at approximately US$25 million.
La Cortez issued 10.3 million common shares in exchange for Avante Colombia, which has a 50% operated interest in the Rio de Oro and Puerto Barco production contracts in the Catatumbo area of northeastern Colombia. The assets have an estimated total resource potential of 1.4 million barrels of oil.
Under the agreement, La Cortez and Avante will participate in the Catatumbo assets as joint-venture partners. Avante also purchased 2.86 million common shares of La Cortez (approximately US$5 million) under the terms of the transaction.
Macquarie Capital was financial advisor to La Cortez.