Petro Rubiales and Pacific Stratus Amend Share Exchange Ratio

Petro Rubiales Energy Corp. and Pacific Stratus Energy Ltd. have agreed to amend the terms of the proposed business combination of the two companies which was originally announced on November 12, 2007. Under the revised terms, shareholders of Pacific Stratus will receive 9.5 shares of Petro Rubiales for each share of Pacific Stratus held, with warrants and options of Pacific Stratus treated on a proportionate basis. The terms originally announced contemplated an exchange ratio of 8.85 shares of Petro Rubiales for each share of Pacific Stratus. The transaction will remain the same in all other respects.

Approval of the arrangement requires the concurrence of 66-2/3% of Pacific Stratus shares voted at the meeting of securityholders scheduled for 10:00 a.m. on January 17, 2008 in Toronto. Approval also requires the further concurrence of 66-2/3% of Pacific Stratus shares, warrants and options in the aggregate that are voted at the meeting. The arrangement also requires a Final Order of the Supreme Court of British Columbia, which will be applied for immediately following the meeting provided that the requisite securityholder and stock exchange approvals have been obtained. Subject to receipt of the necessary approvals, it is anticipated that the arrangement will be completed on or about the originally scheduled closing date of January 23, 2008. Upon completion of the arrangement, Pacific Stratus will become a wholly-owned subsidiary of Petro Rubiales and the combined entity will be renamed "Pacific Rubiales Energy Corp."


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