Pacific Stratus Seeks New Heavy Oil and Offshore Blocks in Colombia



    TORONTO, Aug. 29 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced
today that the Agencia Nacional de Hidrocarburos of Colombia (ANH) has invited
the Company to participate in its heavy oil development strategy for the
Llanos Orientales Basin and has also pre-qualified the Company for the
upcoming Ronda Caribe in the offshore Caribbean Colombian coast.
    The Llanos Orientales Basin is one of the most prospective hydrocarbon
sectors of the Andean region with source rocks and reservoirs similar to those
of the analogue Orinoco Heavy Oil Belt of eastern Venezuela. Oil companies
invited to participate in the heavy oil development strategy will work
together with the ANH to explore and develop the potential heavy oil resources
in the region. The companies invited to participate will be required to
demonstrate their technical capabilities for heavy oil development and
operation.
    The Ronda Caribe comprises 13 blocks located on the offshore coast of the
Caribbean Sea within the geological basins of Uraba, Sinz and Guajira. These
areas offer the potential for gas and light oil discoveries.
    Commenting on this news, President and Chief Executive Officer José
Francisco Arata said, "We are looking forward to participating in these
bidding processes because the blocks are located in areas that are highly
prospective. Our technical team has extensive experience in Basin Analysis in
the sub-Andean region and we are well positioned to support the ANH with its
new development strategy both in the Llanos Orientales Basin and in the
offshore Caribbean coast."

    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 1,900 barrels of oil 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.

    %SEDAR: 00008913E




For further information:

For further information: Manfred Kruger, Vice President Investor
Relations, (416) 362-7735, mkruger@pacificstratus.com

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Pacific Stratus Energy Corp.

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