Parex the 50% operator on the Las Ocarros Block with Petroamerica

Parex the 50% operator on the Las Ocarros Block with Petroamerica

Platino Energy Corp (PZE:TSXV) to sell its 50% WI in the Morpho Block in the Middle Magdalena Valley Basin in Colombia to Parex Resources (PXT:TSX).  As part of the deal, Parex will give PZE a 4% NPI royalty on the block.  This makes sense for PZE because they need to allocate capital efficiently, like everyone else, and they had budgeted $8 million to that block this year.  The Morpho Block falls outside of PZE’s technical prowess and the larger and more technically savvy PXT has the opportunity to explore and advance it.  PXT is guiding 15,000 to 15,500 bopd this year and is operating the Las Ocarros Block with Petroamerica Oil Corp (PTA:TSXV).

The news release: Platino Energy Corp. Announces a Transaction on the Morpho Block