2009-08-18-2007-12-01-2008-01-01

Purchased additional 25% of company, gaining net production 4,500 BOE/d from Llanos Basin assets, also from Rubiales, Piriri & Quifa blocks.

Petro Rubiales Energy Corp., Vancouver, (Toronto Venture: PEG) has acquired an additional 25% of Rubiales Holdings Ltd. for US$107.5 million in cash and stock, making Rubiales Holdings a wholly owned subsidiary. Petro Rubiales paid US$10 million in cash plus 85 million shares. Net production has increased from approximately 10,500 to 15,000 barrels of oil per day. Rubiales Holdings owns 100% of Meta Petroleum Ltd. with assets in the Llanos Basin in Colombia. Meta also holds interests in three properties with Colombia national oil company Ecopetrol SA, including the Rubiales, Piriri and Quifa blocks. As a result of the acquisition, Petro Rubiales' working interest in the Rubiales and Piriri association contracts after royalties has increased to 30% and 39%. Meta currently produces more than 24,000 gross barrels of oil per day from Rubiales and Piriri. Production is expected to increase to approximately 40,000 gross barrels of oil per day in 2008. Petro Rubiales also plans to merge with Pacific Stratus Energy Ltd., Toronto, (Toronto: PSE) for approximately C$597.7 million.