Bogotá, D.C., January 2009 – Tribeca, Colombian Private Capital Fund, reported its investment in Latinamerica Drilling Colombia S.A. (LATCO), a company that provides drilling services for oil wells in Colombian territory. Under the agreement signed, Tribeca will gain control over the company through a capital injection allocated to the purchase of new equipment with the latest generation technology and will seek to provide leadership for the company’s growth and consolidation process.

The Colombian Fund decided to enter into this deal after extensive analysis that identified the industrial drilling services industry as strategic. In the words of Mr. Luc Gerard, Tribeca’s President, the investment conditions in this industry are “considerably favorable. The profitability generated is attractive, and the sector’s dynamism provides liquidity and ease of investment and divestment. In addition this industry is not affected by the risks of petroleum exploration or day-to-day fluctuations in the price of oil. Yet it manages to capitalize on certain advantages of the hydrocarbon industry such as the high degree of institutional stability and appropriate regulation by institutions such as the ANH and the Ministry of Mines and Energy.”

Mr. Gerard also pointed out that “for Tribeca this is our fifth investment, meaning we have invested close to 80% of the fund in less than a year and a half. This will allow us to quickly concentrate on managing our investments, seeking to strengthen our companies and optimize our portfolio.”

Under the agreement signed with LATCO, the resources contributed by the parties will finance the purchase of new equipment and provide LATCO with sufficient working capital to meet previously acquired commitments under contracts that have already been signed.

About LATCO
Latinamerica Drilling Colombia S.A. (LATCO) was founded by former executives of drilling companies operating in the country and a group of investors with extensive experience in the oil industry. The company specializes in drilling, workover, and completion of oil wells. Those services are provided under contract to hydrocarbon exploration and production companies, both local and multinational. LATCO has signed drilling contracts in the approximate amount of USD $20.0 million, guaranteeing income through mid 2010.


Contact:

Alfonso Castro Cid
Corporate Affairs Manager
Tribeca
Tel: (571) 4900040
alfonso.castro@tribeca.com.co