TORONTO, Jan. 17 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced
today that Pacific Stratus's securityholders have approved the arrangement
between Pacific Stratus and Petro Rubiales Energy Corp. At a securityholders'
meeting today, 31,156,721 shares voted for the transaction, representing 93.3%
of the votes cast, and 2,223,625 shares voted against (a total of 33,380,346
shares were voted, representing 67% of Pacific Stratus's shares). The total
number of securities (being shares, warrants and options of Pacific Stratus)
voted for the transaction was 37,339,621, representing 94.4% of the votes
cast, and 2,223,625 securities voted against (a total of 39,563,246 securities
were voted, representing 69% of Pacific Stratus's securities).
Jose Francisco Arata, Chief Executive Officer of Pacific Stratus, said
"We are very pleased, as a management team, to bring value to our
securityholders. It is clear from the vote that this offer, and the potential
in combining Pacific Stratus with Petro Rubiales, was well received."
Completion of the transaction requires the approval of the Supreme Court
of British Columbia. The hearing to obtain that approval is scheduled to be
held on January 21, 2008. Closing is expected to occur within two days of
receiving the final order of the court.
Endeavour Financial International Corporation acted as exclusive
financial advisor to Petro Rubiales and GMP Securities L.P. acted as exclusive
financial advisor to Pacific Stratus.
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.
For further information:
For further information: Jose Francisco Arata, Chief Executive Officer,
(416) 362-7735, firstname.lastname@example.org