News: Withdrawal of Option Re-pricing ProposalPacific Rubiales Announces Withdrawal of Option Re-pricing Proposal
TORONTO, May 6, 2009 (Canada NewsWire via COMTEX News Network) --
Pacific Rubiales Energy Corp. (TSX: PRE) announced today that it has withdrawn its proposal to shareholders to re-price certain of its existing stock options, due to the recent positive price performance of the underlying shares. This was to be voted on by shareholders at its upcoming May 21, 2009 annual shareholders' meeting.
Pacific Rubiales is a Canadian-listed producer of oil and natural gas. The company is the largest independent oil and gas exploration and production company in Colombia. Pacific Rubiales owns 100 percent of Meta Petroleum Limited, which operates the Rubiales and Piriri oil fields in Colombia's Llanos Basin in association with Ecopetrol S.A., the Colombian national oil company, as well as Pacific Stratus Energy and Kappa Energy Holdings.
The company is focused on identifying growth opportunities particularly within the Eastern Llanos Basin as well as in other areas in Colombia and northern Peru. The company has a robust and growing reserve base, and is maximizing future production prospects through its exploration activities. Pacific Rubiales has a current net production of approximately 34,000 barrels of oil equivalent per day, with working interests in 34 blocks in Colombia and Peru.