Petro Rubiales to participate in bid for new heavy oil blocks
Aug 28, 2007
VANCOUVER, Aug. 28 /CNW/ - Petro Rubiales Energy Corp. (the "Company" or "Petro Rubiales") is pleased to announce that the Agencia Nacional de Hidrocarburos de Colombia ("ANH") has invited the Company to participate in the heavy oil development strategy of the Llanos Orientales Basin, Colombia. The Llanos Orientales Basin is one of the most prospective hydrocarbon sectors of the Andean area with Paleozoic graben systems and Cretaceous source rocks similar to those of the analogue Orinoco Heavy Oil Belt of eastern Venezuela. The ANH has commenced its technical evaluation of the region to identify hydrocarbon resources and to verify reserves. Oil companies invited to participate in the heavy oil development strategy, will work together with the ANH to implement optimal development programs. The development of the potential heavy oil resources in the region has important technical, financial and commercial considerations, and therefore, the companies invited to participate, will be required to demonstrate their technical capabilities regarding heavy oil development and operation. Commenting on the invitation, President and Chief Executive Officer, Ronald Pantin said "we are delighted to confirm our participation in the development strategy and look forward to a dynamic partnership with the ANH. Our technical team has extensive heavy oil experience, especially within the Orinoco Heavy Oil Belt of eastern Venezuela; we understand the geology of the Llanos Orientales Basin. Further, through Meta Petroleum Limited, we have an established heavy oil operation at the Rubiales Field, which includes significant production facilities, infrastructure and skilled labour. In addition, the Company has a well defined exploration program at Quifa and Arauca. Therefore, we are extremely well positioned to support the ANH with its new heavy oil development strategy in the Llanos Orientales Basin". Petro Rubiales, a Canadian-based company and producer of heavy crude oil, acquired a 75 percent interest in Rubiales Holdings Limited, owner of 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Mr. Ronald Pantin, Chief Executive Officer and Director, Tel: (604) 377-2757 Or Dr. Sally L. Eyre, Senior Vice President, Corporate Development, Tel: (604) 377-2757, Or visit: www.sedar.com or www.petrorubiales.com