Petrominerales Enters a $53 Million Bought Deal Financing

Petrominerales has entered into an agreement with syndicate of investment dealers, led by Haywood Securities Inc. and including Fraser Mackenzie Ltd., TD Securities Inc., FirstEnergy Capital Corp., RBC Capital Markets., Scotia Capital Inc., and GMP Securities L.P. (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, an aggregate of 4,400,000 common shares ("Common Shares") of Petrominerales at a price of $12.05 per Common Share resulting in gross proceeds of $53,020,000 (the "Offering"). Petrominerales has granted the Underwriters an option, exercisable in whole or in part at any time until seven days following the closing date, to purchase, at the Offering price, that number of additional Common Shares equal to the lesser of: (i) the Underwriters' "over-allocation position" determined as at the closing date; and (ii) 15% of the number of Common Shares sold pursuant to the Offering.

The Offering is subject to certain conditions including standard regulatory approvals. The Common Shares will be offered in the provinces of Alberta, Ontario, and British Columbia by way of a short form prospectus. Closing is anticipated to occur on or about September 13, 2007. Petrominerales intends to use the proceeds of the Offering primarily for the acceleration of exploration and delineation drilling on the Corcel Block located in Colombia's Llanos Basin, temporary reduction of bank indebtedness and general corporate purposes.