C&C Energia Ltd. Announces Acquisition by Pacific Rubiales Energy Corp. & Creation of A New Colombia Focused Junior Exploration Company

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CALGARY, ALBERTA--(Marketwire - Nov. 19, 2012) - C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE) is pleased to announce that it has entered into an agreement with Pacific Rubiales Energy Corp. ("Pacific Rubiales") (TSX:PRE)(BVC:PREC)(BOVESPA:PREB) under which Pacific Rubiales will acquire all of the issued and outstanding shares of C&C Energia by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement Agreement"). Under the terms of the Arrangement Agreement, each common share of C&C Energia will be exchanged for 0.3528 common shares of Pacific Rubiales, cash consideration of $0.001 and one common share of a new Colombia focused junior exploration company ("Newco") based in Calgary, Alberta (the "Proposed Arrangement"). Additionally, Pacific Rubiales will acquire a 5% shareholding interest in Newco in the Proposed Arrangement...