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
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
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