Petro Rubiales Energy Corp. Announces Filing of Amended Third Quarter Financial Statements and Management Discussion and Analysis
Dec 13, 2007

    VANCOUVER, Dec. 13 /CNW/ - Petro Rubiales Energy Corp. (the "Company")
(TSX.V: PEG) has filed amended Financial Statements and Management Discussion
and Analysis for the three and nine months ended September 30, 2007. This
amendment has no impact on previously reported periods and gives effect to a
revision made to the preliminary purchase price allocation for the acquisition
of 75% of Rubiales Holdings Limited. The restatement is a $115 million
increase in the value allocated to oil and gas properties and equipment and a
corresponding increase in the amount assigned to future income tax
liabilities. In connection with this change, the Company also recorded
additional depreciation and amortization of $2.1 million and a reduction of
income tax expense of $0.7 million in the three and nine months ended
September 30, 2007, with a net effect in net income of $1.4 million.
    Amended financial statements and management discussion and analysis
reflecting these changes have been filed on SEDAR ( and the
Company's website (

    On behalf of Petro Rubiales Energy Corp.

    "Ronald Pantin"

    President and Chief Executive Officer

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of Petro Rubiales Energy Corp. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate securities commissions.

For further information:
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director, Tel: (604) 688-9180; Dr. Sally Eyre, Senior Vice President,
Corporate Development, (604) 688-9180