Pluspetrol Resources buying Apco Oil and Gas International for $427 million

IndustriesAssociated Press

Oil and gas exploration and production company Pluspetrol Resources is buying Apco Oil and Gas for $427 million.

Apco shareholders will receive $14.50 for each share they own, a 15 percent premium to the company's Thursday closing price of $12.64.

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Apco Oil and Gas International Inc., based in Tulsa Oklahoma, has interests in nine oil and gas concessions and two exploration permits in Argentina and three exploration and production contracts in Colombia.

Apco is a subsidiary of WPX Energy Inc., which said Friday that it anticipates about $294 million for its international interests when the transaction is complete.

Privately held Pluspetrol Resources Corp. is based in the Netherlands, according to CapitalIQ.

Apco's board unanimously approved the deal. It still needs two-thirds approval by the company's stockholders.