PetroFalcon to acquire Anadarko Venezuela

PetroFalcon Corporation announces the signing of a binding sale and purchase agreement for the acquisition of 100% of the issued and outstanding shares of Anadarko Venezuela Company (Anadarko Venezuela) from an affiliate of Anadarko Petroleum Corporation.

PetroFalcon intends to acquire Anadarko Venezuela from Anadarko Petroleum for US$200 million in cash with a financial effective date of January 1, 2008. The agreement is subject to the approval of the Venezuelan Ministry of Energy and Petroleum.

Anadarko Venezuela indirectly owns 18% of Petroritupano, S.A. (Petroritupano), a joint venture with Petroleos de Venezuela, S.A. (PDVSA) and the Brazilian energy company, Petrobras Energia, S.A. (Petrobras). In addition, Anadarko Venezuela holds a US$58 million voucher that can be used as credit with the Venezuelan government for new oil and gas investment opportunities.