BUZZ-Pacific Exploration and Production Corp: Buys Colombian oilfield stake

Mon Dec 21, 2015 10:50am EST
 
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** Canadian oil and gas producer's shares up about 8 pct at C$1.69 in morning trading

** Company's unit, Meta Petroleum Corp, to buy remaining 50 pct stake held by Talisman Colombia Oil & Gas Ltd in the CPE-6 Block in southern Llanos Basin of Colombia

** Cash to be paid for the stake contingent on production and capped at $48 mln, Pacific Exploration says

** Up to Friday's close, stock had fallen about 78 pct this year