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Petrominerales Ltd. entered into a share purchase and sale agreement and related arrangement agreement with Veraz Petroleum Ltd. pursuant to which Petrominerales will acquire the remaining 20% working interest in blocks 126, 141 and 161 in Peru, South America for $5.0 million.
Block 126 is a 2.6 million acre block in the Ucayali Basin in east central Peru; Block 161 is a 1.2 million acre block also in the Ucayali Basin; and Block 141 is a 1.4 million acre block in the Titicaca Basin situated in southern Peru.
The transaction is expected to close July 2012.