On January 17, 2011 Gran Tierra Energy announced it has entered into an Arrangement Agreement to acquire all the issued and outstanding shares and warrants of Petrolifera Petroleum Limited pursuant to a plan of arrangement.
The acquisition was approved at a special meeting of Petrolifera shareholders on March 17, 2011 and by the Court of Queen’s Bench of Alberta on March 18, 2011. Over 99% of the votes cast by Petrolifera shareholders present at the meeting or by proxy voted in favor of the acquisition. Petrolifera shareholders received 0.1241 of a share of Gran Tierra Energy, for every Petrolifera share held resulting in the issuance of approximately 18.2 million shares and 4.1 million warrants.
This transaction adds substantial assets featuring both high working interest and operatorship which complement our current assets in three of the four South American countries in which Gran Tierra Energy operates. Gran Tierra Energy will retain its strong balance sheet and cash position to be used in the development of the assets acquired in this transaction. The successful completion of the Arrangement enables Petrolifera shareholders to participate in the exciting future growth potential of Gran Tierra Energy.