VANCOUVER and TORONTO, Jan. 14 /CNW/ - Petro Rubiales Energy Corp.
(TSXV: PEG) and Pacific Stratus Energy Ltd. (TSX: PSE) have agreed to amend
the terms of the proposed business combination of the two companies which was
originally announced on November 12, 2007. Under the revised terms,
shareholders of Pacific Stratus will receive 9.5 shares of Petro Rubiales for
each share of Pacific Stratus held, with warrants and options of Pacific
Stratus treated on a proportionate basis. The terms originally announced
contemplated an exchange ratio of 8.85 shares of Petro Rubiales for each share
of Pacific Stratus. The transaction will remain the same in all other
Approval of the arrangement requires the concurrence of 66-2/3% of
Pacific Stratus shares voted at the meeting of securityholders scheduled for
10:00 a.m. on January 17, 2008 in Toronto. Approval also requires the further
concurrence of 66-2/3% of Pacific Stratus shares, warrants and options in the
aggregate that are voted at the meeting. The arrangement also requires a Final
Order of the Supreme Court of British Columbia, which will be applied for
immediately following the meeting provided that the requisite securityholder
and stock exchange approvals have been obtained. Subject to receipt of the
necessary approvals, it is anticipated that the arrangement will be completed
on or about the originally scheduled closing date of January 23, 2008. Upon
completion of the arrangement, Pacific Stratus will become a wholly-owned
subsidiary of Petro Rubiales and the combined entity will be renamed "Pacific
Rubiales Energy Corp."
Petro Rubiales, a Canadian-based company and producer of heavy crude oil,
owns 100 percent of Meta Petroleum Limited, a Colombian oil and gas operator
which operates the Rubiales and Piriri oil fields in the Llanos Basin in
association with Ecopetrol S.A. the Colombian, state-owned oil company. The
Company is focused on identifying opportunities primarily within the eastern
Llanos Basin of Colombia.
Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 7,750 barrels of oil equivalent per day, with
working interests in the Caguan, Dindal, Rio Seco, Puli B, La Creciente,
Moriche, Guama and Arauca blocks in Colombia and blocks 135, 137 and 138 in
Peru. The company has offices in Toronto, Caracas and Bogota. Further
information is available on our website at www.pacificstratus.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.