Petrominerales Ltd (TSX:PMG) agreed to acquire 25% stake in 10 exploration blocks located in the Recôncavo Basin and three marginal fields from Alvopetro Inc. for CAD 9 million on September 30, 2013. The purchase and sale agreement contemplates a non-completion fee of CAD 0.45 million payable on the occurrence of certain circumstances including if the Alvopetro shareholders do not approve the transaction. The deal is subject to due diligence, approval of Alvopetro Inc.'s shareholders and regulatory approvals and directors and officers of Alvopetro are required to enter into lock-up and support agreements with Petrominerales. The deal is expected to be completed by fourth quarter of 2013. The proceeds will be used to repay trade payables of approximately CAD 1.8 million which Alvopetro has incurred to pursue its interests in Brazil and offer repayment CAD 2.82 million of convertible debentures.

Petrominerales Ltd (TSX:PMG) completed the acquisition of 25% stake in 10 exploration blocks located in the Recôncavo Basin and three marginal fields from Alvopetro Inc. on November 19, 2013.