Privately held Pluspetrol Resources Corp. NV, Toronto, has closed its acquisition of Petro Andina Resources Inc., Calgary, (Toronto: PAR) for an undisclosed price in stock.

Pluspetrol paid C$7.65 per Petro Andina share plus 1.1 share per Petro Andina share of a new company, Parex Resources Inc., which will hold all of the non-Argentine assets of Petro Andina.

Petro Andina holds assets in South America and the Caribbean region, including 628,000 gross acres (346,000 net) in the Neuquen Basin of Argentina, 489,000 gross acres (244,500 net) in the Llanos Basin of Colombia, and 211,000 gross acres (105,000 net) onshore Trinidad & Tobago.

Parex holds exploration contracts for four onshore blocks in Colombia and three onshore blocks Trinidad & Tobago. The new company has been capitalized with C$98 million of gross working capital and no debt. Drilling in the exploration acreage is expected to begin first-half 2010.

FirstEnergy Capital Corp. and Scotia Waterous Inc. were advisors to Petro Andina.