Platino Energy Corp. has reached an agreement with Pacific Rubiales Energy Corp. to settle Pacific Rubiales' claim under a reimbursement agreement (the "Reimbursement Agreement") between Platino and C&C Energia Ltd. (C&C) entered into in connection with the plan of arrangement under which Pacific Rubiales acquired C&C and Platino was spun off to the former shareholders of C&C.

As Platino has disclosed previously, the Reimbursement Agreement required Platino to reimburse C&C (now part of Pacific Rubiales) for the amount of any C&C working capital deficiency on the effective date of the plan of arrangement if an adjusted net working capital statement to be prepared by C&C indicted such a deficiency.

Tags: Platino Energy Corp.