Gómez Pinzón advises COG Energy on the purchase of Arrow Exploration

Gómez Pinzón has counselled COG Energy on the purchase of Arrow Exploration for $12m

Gómez Pinzón assisted COG Energy Ltd., an established, privately-held oil & gas exploration & production company, with its principal operations being in Colombia and controlled by its majority shareholder, The Carlyle Group., on acquiring for a gross cash consideration of up to US$12 million, 100% of the rights, interests, obligations, and the operatorship before the Colombian National Hydrocarbons Agency (“ANH”) held by Arrow Exploration Corp. through Carrao Energy S.A. Sucursal Colombia, an indirect wholly-owned subsidiary of Arrow, in the Exploration and Production of Hydrocarbons contract over Llanos 23 block, located in Casanare, located in the Llanos Basin (“LLA – 23”), a Colombian oil & gas asset with several production fields.

The deal represented a challenge due to the accelerated Arrow’s strategy. The company proceeded to explore a comprehensive range of strategic and transaction alternatives seeking new financing sources and equity capital, among other options to improve its financial position.

The closing of the transaction is subject to a number of conditions, including but not limited to approval by the ANH of the assignment of the interests, rights and obligations associated with LLA-23.

Gómez – Pinzón Abogados team was led by José Luis Palacios Verswyvel (pictured), and involved senior associates Fabio Ardila Garzón and Lina Correa Posada, associate Juanita Fonseca and junior associate Juan Pablo Perdomo Ayala.