Pacific Rubiales Energy Corp. (PRE.TO) announced an increase of 50% to its quarterly cash dividend. The company noted that its board approved an increase in the dividend to US.$0.165 per common share from the previous US $0.110 per common share, payable on June 28, 2013 to shareholders of record as of June 20, 2013 and to holders of Brazilian Depositary Receipts or "BDRs" of record as of June 17, 2013. The ex-dividend date for shareholders trading on the Toronto Stock Exchange and the La Bolsa de Valores de Colombia as well as for those trading BDRs on the Bolsa de Valores Mercadorias e Futuros is June 18, 2013.
The company said it expects to continue paying a dividend on a quarterly basis at this level. A formal dividend policy is not currently in place, however, the Board of Directors of the Company is in the process of developing such a policy.
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