Canadian oil company Parex Resources said it acquired the remaining 50 percent stake in Llanos Basin blocks in Colombia for $255 million, and doubled its 2011 exit target. The acquisition will be funded by a bought deal of C$165.2 million (C$172.8 million) and C$85.0 million of debt, the company said. Parex did not name the seller. The company -- with a market capitalization of about $568 million -- said it expects to double its 2011 exit output at 14,000 barrels of oil per day and forecast Colombian capital budget to increase by about $30-$35 million. The acquisition is expected to close by June 29. Shares of the Calgary-based company closed at C$7.67 on Wednesday on the Toronto Venture Exchange. ($1 = 0.956 Canadian dollar)
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