PetroFalcon to Buy Anadarko Venezuela

PetroFalcon, a Canadian-listed oil company operating in Venezuela, is buying Anadarko Venezuela from an affiliate of Anadarko Petroleum for $200m. Anadarko indirectly owns 18% of Petroritupano, a joint block with Petrobras, and holds a $58m voucher that can be used as credit with the Venezuelan government for new oil and gas investment opportunities. Sweden’s Lundin Petroleum, which indirectly owns 42% of PetroFalcon, has provided a guarantee to Anadarko for the full purchase price. In consideration for the guarantee, PetroFalcon has agreed to issue 17.1m shares to Lundin Petroleum. The acquisition is subject to government approval. PetroFalcon said it intends to fund the purchase through third-party financing, and is considering debt and equity. Huddleston & Company advised PetroFalcon.