Acquisition of FRADE JAPÃO PETRÓLEO LTDA
RIO DE JANEIRO–(BUSINESS WIRE)–Petro Rio S.A. ("Company" or "PetroRio") (B3 ticker: PRIO3), following
best practices of corporate governance, hereby informs the execution of
a Share Purchase Agreement for the acquisition of FRADE JAPÃO PETRÓLEO
LIMITADA (“FRADE JAPÃO”), a limited liability company holding 18.26%
working interest in the Frade Field.
The acquisition is the result of a competitive process and increases
Company net production in approximately 25% of boed, as well as 150% in
oil reserves. The conclusion of the acquisition is subject to certain
conditions precedent as well as internal and external approvals.
The execution of this agreement reaffirms, once again, PetroRio’s
strategy of growth through acquisitions of producing assets, as well as
representing a diversification of its portfolio of revenue generating
Sedar Profile # 00031536
PetroRio is one of the largest independent companies in the oil and gas
production in Brazil. The Company's corporate culture seeks to increase
production through the acquisition of new production assets, the
re-exploration of assets, increased operational efficiency and reduction
of production costs and corporate expenses. PetroRio's main objective is
to create value for its shareholders with growing financial discipline
and preserving its liquidity, with full respect for safety and the
environment. For further information, please visit the Company's
Petro Rio S.A.