Catalyst-backed Frontera to sell PEL power asset for $56 mln
Frontera Energy Corp (TSX: FEC) has agreed to sell its stake in Petroelectrica de los Llanos (PEL), owner of a 260-kilometre power transmission line that supplies power to Columbian oil fields and a pipeline. Frontera will sell the asset to EDEMSA for US$56 million. Most of the proceeds will be used for the company's proposed buy of Pacific Midstream Ltd for US$225 million. Frontera, a Toronto-based explorer and producer of crude oil and natural gas in Latin America, last year closed a US$500 million restructuring deal with Canadian private equity firm Catalyst Capital Group and other creditors.
26 October 2017•3 mins read
