TORONTO, May 29, 2014 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) today held its annual and special meeting of shareholders (the "Meeting"), where each of the twelve nominees proposed as directors and listed on the Company's management proxy circular dated April 25, 2014 were elected as directors. A total of 225,982,373 common shares were voted in respect of the election of directors at the Meeting, representing 72.05% of the votes attaching to all outstanding common shares. The directors achieved an average approval vote of 93.80% from shareholders.
Miguel Rodriguez, Lead Independent Director of the Company, commented:
"We are very pleased with the overwhelming support received from our shareholders. Since inception, Pacific Rubiales has been committed to delivering superior returns to our shareholder while also being mindful of their concerns. Our management team has dedicated time to meeting with our shareholders and as a result we have made significant improvements to our corporate governance over the course of the last three years.
"Although our Stock Option Plan was approved by 59% of shareholders, we are pleased to advise shareholders that the Company will be moving away from this form of compensation and towards a deferred share unit plan as a way to better align our compensation with the interests of our shareholders."
The detailed results of the vote are set out below:
|Nominee||Outcome of vote||Voted||Voted (%)|
|José Francisco Arata||Approved|| 182,006,386 Voted
|Miguel de la Campa||Approved|| 172,682,324 Voted
|German Efromovich||Approved|| 175,581,644 Voted
|Serafino Iacono||Approved|| 174,158,602 Voted
|Augusto Lopez||Approved|| 181,997,988 Voted
|Hernan Martinez||Approved|| 173,306,742 Voted
|Dennis Mills||Approved|| 184,113,265 Voted
|Ronald Pantin||Approved|| 178,743,981 Voted
|Victor Rivera||Approved|| 185,673,623 Voted
|Miguel Rodriguez||Approved|| 174,835,364 Voted
|Francisco Solé||Approved|| 182,033,145 Voted
|Neil Woodyer||Approved|| 180,456,467 Voted
Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.
The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.
SOURCE: Pacific Rubiales Energy Corp.
For further information:
Christopher (Chris) LeGallais
Sr. Vice President, Investor Relations
+1 (647) 295-3700
Sr. Manager, Investor Relations
+57 (1) 511-2298
Manager, Investor Relations
+1 (416) 362-7735