Brazilian Oil Company Could Buy-Up Canada’s UNX

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News Americas, SAO PAULO, Brazil, Fri. Feb. 25, 2011: A Brazilian start-up oil company Thursday announced plans to buy over Canada’s UNX Energy Corp.

HRT Participacoes em Petroleo SA said it plans to cement its incursion into Africa with a deal to buy up to 100 percent of UNX Energy in a transaction that could be worth $782 million.

HRT is an independent oil and gas company formed in 2008, and which raised $1.75 billion in its initial public offering of shares on the Sao Paulo Stock Exchange in October 2010.

If the deal is approved, it would give HRT an extra 51,000 square kilometers of exploration acreage in the South Atlantic off the Namibian coast, where there have been large discoveries of oil and gas, the company said.

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