Pacific Rubiales Energy Corp (PREC) announced that today it completed the acquisition of light oil and pipeline company Petrominerales Ltd, according to a press release report by MarketWatch.

Through the completion of the deal, PREC has acquired all of Petrominerales' outstanding and issued shares. The shareholders of Petrominerales will receive CAD11 cash for every Petrominerales common share held. In addition, they will also receive one common share of the newly formed production and exploration firm, the report explained.

PREC Chief Executive Officer Ronald Pantin said of the transaction: "The Petrominerales light oil and pipeline assets in Colombia provide a strategic hedge for our future supply, cost and security of diluent volumes and pipeline transportation, based on our expectation of the Company's growing heavy oil production."

Pacific Rubiales is a Canadian firm that produces natural gas and crude oil. The company holds a diversified portfolio of assets outside of Colombia. These assets include production and exploration assets in Guatemala, Peru, Papua New Guinea, Guyana, and Brazil, MarketWatch reported.