Pacific Rubiales Energy third-quarter profit and sales up from year ago mark

TORONTO – Pacific Rubiales Energy Corp. (TSX:PRE), which recently received Colombian environmental licences for two exploration and development blocks, said Thursday it earned $82 million in its latest quarter.

The Toronto-based oil and gas producer said the profit amounted to 25 cents per share for the quarter ended Sept. 30, compared with a profit of $68.8 million or 23 cents per share a year ago.

Sales revenue was $1.11 billion, up from $870.4 million.

In September, Pacific Rubiales announced a plan to buy Petrominerales (TSX:PMG).

Under the deal, Petrominerales shareholders will be paid $11 per share plus they’ll get one share of a new Brazil-focused exploration and production company that will be based in Calgary.

The total transaction value is approximately $1.6 billion, including the assumption of net debt, but excluding ExploreCo’s asset value and $100 million of cash.

A shareholders meeting to vote on the deal is scheduled for Nov. 27.