Rio Bravo Oil, Inc. (OTCBB: RIOBD.OB) has acquired Pan American Oil Company, LLC in exchange for issuance of 5,500,000 shares of the Company's Series A Convertible Redeemable Preferred Stock and assumption of approximately $3,000,000 of Pan American liabilities.

As a result of the transaction, Pan American became a wholly-owned subsidiary of the Company.  The transaction was the first step in the execution of the Company's strategy to acquire interests in the oil and gas industry. As a part of the Pan American transaction, the Company acquired a minimum of 63.5% ...