Canadian Oil & Gas Companies in Colombia

| By Mark Young

Gran Tierra Energy Inc. (TSX:GTE) recently agreed a US$84 million deal to acquire Petroamerica Oil Corp. (TSX-V:PTA), a deal which will expand Gran Tierra’s position in the Llanos and Putumayo basins of Colombia. Analysis of M&A deal history in CanOils’ report, “Canadian Upstream M&A Reaches Cdn$2.7 Billion in November 2015,” shows that these basins have proven to be popular acquisition targets for Canadian oil and gas companies over the past few years. No fewer than nine TSX and TSX-V listed companies have made an acquisition in these basins since 2012:

  • Canacol Energy Ltd. (TSX:CNE)
  • Gran Tierra Energy Inc. (TSX:GTE)
  • Pacific Exploration & Production Corp. (TSX:PRE)
  • Parex Resources Inc. (TSX:PXT)
  • Petroamerica Oil Corp. (TSX-V:PTA)
  • Petrominerales Ltd. (Formerly TSX:PMG, see note 1)
  • Platino Energy Corp. (Formerly TSX-V:PZE, see note 1)
  • Santa Maria Petroleum Inc. (TSX-V:SMQ.H)
  • Suroco Energy Inc. (Formerly TSX-V:SRN, see note 1)

The most active company in terms of spending has been Pacific Exploration & Production Corporation, spending a total of just over Cdn$2.25 billion between 2012 and 2014. This includes the Cdn$1.58 billion acquisition of Petrominerales Ltd. in 2013. The other eight companies’ deals combined for a total reported value of around Cdn$570 million between 2012 and 2015.

Parex Resources Inc. has been the most active company in terms of number of acquisitions announced, having agreed 10 separate deals in the four year period.


Source: CanOils M&A Database


Source: CanOils M&A Database

UPDATE TO ARTICLE: 14th January, 2016 – Gran Tierra Energy signed another deal to consolidate its interest in the Putumayo basin block PUT-7 for US$19 milion. This comes a day after news that the company’s acquisition of Petroamerica Oil Corp. completed.



1) The following companies in the list of nine companies are no longer active, but were listed on the TSX or TSX-V at the time of their respective acquisitions being made:

  • Petrominerales Ltd. was acquired by Pacific Exploration and Production Corp. (then known as Pacfic Rubiales Energy Corp.) in 2013 
  • Platino Energy Corp. was acquired by Denham Capital Management LP in 2015
  • Suroco Energy was acquired by Petroamerica Oil Corp. in 2014

Insights from CanOils’ M&A database, as well as data from CanOils’ Assets, Financings, Financial & Operating and Oilsands databases, help to provide a thorough, independent overview of the month’s most significant deals in the Canadian oil and gas industry in this report. Sign up to the Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

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