Canadian oil company, Parex Resources, is acquiring a company that will hold the 50% interest it does not already own in four Llanos Basin blocks in Colombia for $255 million. The Calgary-based oil and natural gas company will finance the transaction by a bought deal of $172.8 million and $90 million of debt.

The company, with a market capitalization of about $568 million, will issue 23.6 million receipts to a syndicate of underwriters led by FirstEnergy Capital and Scotia Capital. The acquisition may close by June 29, 2011.

Click here for the release from Parex Resources.