NEWSROOM

    TSX.V: PEG

    VANCOUVER, July 24 /CNW/ - Petro Rubiales Energy Corp. (the "Company" or
"Petro Rubiales") and its international financing agents lead by GMP
Securities L.P. (a subsidiary of GMP Capital Trust (GMP.UN-TSX)) today
announced a combined contribution of Cdn $4.4 million to the Clinton
Foundation's recently announced Clinton Giustra Sustainable Growth Initiative
(CGSGI) after successfully raising Cdn $440 million for its crude oil
operations in Colombia's Llanos Basin.
    The "one per cent" equivalent contribution towards alleviating poverty
and building sustainable economies in developing countries such as Colombia is
the first of its kind to the CGSGI. Petro Rubiales is contributing
$2.2 million, with a matching amount coming from its securities syndicate of
GMP Securities, Canaccord Capital Corporation (TSX & AIM: CCI), Orion
Securities Inc., and Fraser Mackenzie Limited. In addition, Petro Rubiales,
formerly Consolidated AGX, has also agreed to contribute a further $1 million
over the next three years to social and economic development projects in
Colombia.
    Ronald Pantin, President and CEO of Petro Rubiales, said the company's
contribution to the CGSGI reinforces an ongoing commitment to growing the
Colombian economy.
    "There are tremendous opportunities and challenges in Colombia that we
know firsthand," said Pantin. "The CGSGI is a chance for firms such as ours
that are already on the ground to work together through the Clinton Foundation
to make a lasting contribution to the people of this incredible and resilient
country."
    GMP Securities Chairman, Eugene McBurney, said the Petro Rubiales
financing provided his firm, Canaccord, Orion and Fraser Mackenzie with a
practical opportunity to participate in the international work of the CGSGI.
    "The ongoing success of this unique international initiative is going to
be its ability to bring together a broad range of supporters," added McBurney.
"Those of us on the financing side of the resource sector have an important
and critical role to play, and like President Clinton and Frank Giustra, I
believe we've only just begun."
    CGSGI co-founder, Frank Giustra said the one per cent contribution, which
is based on a percentage of the funds raised, gives mining companies and other
resource firms an effective formula with which to calculate future
commitments.
    "Every year, billions of dollars are raised to finance mining and natural
resource projects in developing countries," noted Giustra. "This benchmark
contribution by Petro Rubiales, GMP Securities, Canaccord, Orion and Fraser
Mackenzie is not only the first of its kind, it also shows other companies how
they can help make a real difference in developing countries. As someone who
has made a living by helping to raise millions for mining projects around the
world, I'm particularly proud of this trend-setting contribution and the very
clear message it delivers to all of us in this sector."
    The Clinton Giustra Sustainable Growth Initiative will focus on
alleviating poverty in the developing world and build on the Clinton
Foundation's successful record of implementing and scaling-up development
initiatives in other countries. The Clinton Foundation will act as the
implementing partner, bringing together key stakeholders from the natural
resources sector as well as the business community in the developing world.

    Petro Rubiales is a Canadian-based company and a producer of heavy crude
oil. The company is focused on the exploration, development and production of
heavy crude oil in the 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.