Cepsa Colombia SA, a subsidiary of Spanish diversified-energy company Compania Espanola de Petroleos SA, plans to acquire a 50% interest in the Garibay Block in the Llanos Basin in Colombia from Solana Resources Ltd., Calgary, (Toronto: SOR; London AIM: SORL) for an undisclosed price.

Solana and Cepsa will each hold a 50% participating interest in Garibay. As part of the farm-out, Cepsa will be responsible for 100% of costs of a third-phase exploration well that must be drilled by October 2008. Cepsa is the operator of a neighboring block and will be operator of Garibay.

This farm-out allows Solana to concentrate on the five contiguous blocks it operates in the eastern portion of the Llanos Basin (Guachiria, Guachiria Norte, Guachiria Sur, Colona and San Pablo) and the Catguas Block in the Catatumbo Basin.

New Sage Energy Corp., Toronto, (Toronto Venture: NSG) plans to enter a joint venture with privately held Americas Petrogas Inc., Calgary. Under the terms of the agreement, New Sage has the right and option to farm into up to 10% of API's interest in each of its Totoral, Yerba Buena and Bajada Colorado joint-venture properties, all in the Neuquen Basin, Argentina.

Financial-investment firm New Times Group Holdings Ltd., Hong Kong, (Hong Kong: 0166) plans to acquire a 30.6% stake in two oil fields in Argentina from two private sellers for HK$10 billion (US$1.28 billion) and an additional 29% stake from an undisclosed seller for US$40.1 million for a total stake of 60%, according to Reuters.

The assets are in the Tartagal and Morillo fields in Salta Province from 30.6% to 60%. Estimated reserves are 810 million tons of oil (240 million tons recoverable), 277.2 billion cubic feet of dissolved gas and 317.5 billion cubic feet of gas.

New Times Group will acquire the 30.6% stake for HK$9.36 billion (US$1.2 billion) in convertible notes, HK$230 million (US$29.6 million) in a three-year promissory note and HK$408 million (US$52 million) in stock. The 29.4% stake will be acquired in cash and convertible notes.

Oxipetrol (Petroleros de Occidente SA) holds 30% of the fields and JHP International Petroleum Engineering Ltd. has the remaining 10%.

Pantera Petroleum Inc., Austin, Texas, (OTCBB: PTPE) plans to acquire up to 85% of Asuncion, Paraguay-based companies Aurora Petroleos SA and Boreal Petroleos SA for US$7 million.

Pantera will pay in four installments through July 2009 with the option of canceling before a subsequent installment is due.

The companies hold 100% ownership in five concessions on approximately 16,000 square kilometers in the Chaco Basin in northern Paraguay. Total potential reserves are 6.7 trillion cubic feet of gas equivalent (1.1 billion barrels of oil).

Pantera has rights to four concessions in the eastern extensions of the prolific Chaco Basin in the Curupayty Sub-basin, covering approximately 27% of the prospective area in the sub-basin. The concessions are Pantera (3,000 square kilometers), Toro and Bahia Negra (7,200 combined square kilometers) and Cerro Cabrera (5,170 square kilometers). Total potential reserves are 6.5 trillion cubic feet equivalent.

Pantera also has rights to the Tagua concession in the Carandayty Sub-basin along the Paraguay-Bolivia border. Potential reserves are 200 billion cubic feet equivalent.

Panteray president and chief executive Christopher Metcalf says, "The Chaco Basin is one of the most prolific production areas in South America, and Paraguay is one of the most under-explored regions of the world. Should we make a discovery, Paraguay is a central point from which to supply oil and gas to Brazil, Argentina and Chile."

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.

Pluris Energy Group Inc., Vancouver, (OTCBB: PEYG) plans to acquire the Cerro Negro concession in southeastern Argentina from Clear SRL, Comodoro Rivadavia, Argentina, for an undisclosed price.

Pluris has the right to purchase and develop up to 100% of Clear's 186-square-kilometer concession in the Chubut Province, Golfo San Jorge basin. Cerro Negro produces approximately 250 barrels of oil per day with multiple pay opportunities ranging from 3,000- to 5,000 feet with most production coming from the lower member of the Bajo Barreal formation.

The Block was first discovered in 1956 with discovery wells drilled and completed in the mid 1980s. Estimated producing reserves are approximately 6.2 million barrels of oil equivalent (97% oil) and proved, probable and possible reserves are approximately 25.8 million barrels of oil equivalent.

The concession features 60 identified proven undeveloped drilling locations that Plurius plans to immediately begin developing, and more than 140 additional probable and possible drilling locations. Deeper targets are at approximately 7,200 feet.

Pluris chairman chief executive Sacha H. Spindler says, "This highly attractive concession positions Pluris with the unique opportunity to step into a ready-to-drill, development play that possesses significant drilling and production potential for years to come. The development platform at Cerro Negro has already been established through several discovery and development wells, current production, highly detailed technical data and existing infrastructure."