Pan American has become a wholly-owned subsidiary of Rio Bravo, and it has heretofore aggregated certain oil and gas working interests and assets and has a proportionate interest in certain oil field equipment and improvements.
Rio Bravo said this transaction is the first in a series of acquisitions of oil and gas working interests planned by it.
Rio Bravo chief financial officer Carlos Buchanan II said the acquisition will allow the company to demonstrate value growth through focused development of undervalued reserves.
