Alfa and Harbour Energy Comment on the Termination of Their Agreement to Acquire Pacific Rubiales

Source Press Release
Company ALFA, S.A.B. de C.VFrontera Energy Corporation 
Tags Corporate Deals, Deals, Upstream Activities
Date July 08, 2015

ALFA, S.A.B. de C.V. ("ALFA") and Harbour Energy Ltd. ("Harbour Energy") today commented on the announcement by Pacific Rubiales Energy Corp. (TSX – PRE) (BVC – PREC) (the "Company") that the Arrangement Agreement dated May 20, 2015 (the "Arrangement Agreement") entered into by, inter alia, ALFA, Harbour Energy and the Company has been terminated. Consequently, their offer to acquire all of the outstanding shares of the Company (other than the ones held by Alfa), has ceased to remain in effect.

"The early proxy returns suggested that a significant number of shares would be voted against our proposal," said Linda Cook, Harbour Energy's Chief Executive Officer.  "As previously stated our offer of C$6.50 per share was full, fair and final, and therefore we have no plans to revise the proposal.  As a result, we have agreed with the Company to terminate the Arrangement Agreement."

"As we stated in our communication dated June 25, 2015, we thought our offer correctly valued Pacific Rubiales," said Alvaro Fernandez, ALFA's President. We are not willing to change our offer, therefore we are terminating the Arrangement Agreement. We remain committed to pursue opportunities in the Mexican energy sector and will decide on the alternatives we have," he added.

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