TORONTO, Jan. 17 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced today that Pacific Stratus's securityholders have approved the arrangement between Pacific Stratus and Petro Rubiales Energy Corp. At a securityholders' meeting today, 31,156,721 shares voted for the transaction, representing 93.3% of the votes cast, and 2,223,625 shares voted against (a total of 33,380,346 shares were voted, representing 67% of Pacific Stratus's shares). The total number of securities (being shares, warrants and options of Pacific Stratus) voted for the transaction was 37,339,621, representing 94.4% of the votes cast, and 2,223,625 securities voted against (a total of 39,563,246 securities were voted, representing 69% of Pacific Stratus's securities).
Jose Francisco Arata, Chief Executive Officer of Pacific Stratus, said "We are very pleased, as a management team, to bring value to our securityholders. It is clear from the vote that this offer, and the potential in combining Pacific Stratus with Petro Rubiales, was well received."
Completion of the transaction requires the approval of the Supreme Court of British Columbia. The hearing to obtain that approval is scheduled to be held on January 21, 2008. Closing is expected to occur within two days of receiving the final order of the court.
Endeavour Financial International Corporation acted as exclusive financial advisor to Petro Rubiales and GMP Securities L.P. acted as exclusive financial advisor to Pacific Stratus.
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 7,750 barrels of oil equivalent 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:
Jose Francisco Arata, Chief Executive Officer (416) 362-7735 jfarata@pacificstratus.com
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TORONTO, Jan. 17 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced today that Pacific Stratus's securityholders have approved the arrangement between Pacific Stratus and Petro Rubiales Energy Corp. At a securityholders' meeting today, 31,156,721 shares voted for the transaction, representing 93.3% of the votes cast, and 2,223,625 shares voted against (a total of 33,380,346 shares were voted, representing 67% of Pacific Stratus's shares). The total number of securities (being shares, warrants and options of Pacific Stratus) voted for the transaction was 37,339,621, representing 94.4% of the votes cast, and 2,223,625 securities voted against (a total of 39,563,246 securities were voted, representing 69% of Pacific Stratus's securities).
