Rubiales Declines as Insiders Sell C$10.5 Million in Shares

Pacific Rubiales Energy Corp., the operator of Colombia’s largest oil field, fell the most in two weeks as Co-Chairman Serafino Iacono led company insiders in exercising options to sell C$10.5 million worth of shares.

The company’s Canadian-traded stock dropped for the first time in seven days, declining 1 percent to C$23.35 at 2:46 p.m. in Toronto. It was the biggest drop since Jan. 16 on a closing basis.

Executives of Bogota-based Rubiales sold 449,000 shares, worth about C$10.5 million ($10.5 million) at today’s price, after exercising options, according to a regulatory filing in Colombia. A Rubiales spokesman declined to comment beyond the filing.

Iacono sold 277,667 shares from the end of November through Jan. 21, followed by Co-Chairman Miguel De la Campa as the second-biggest seller with 82,000 shares from Jan. 16 to Jan. 18, Rubiales said in the filing. Rubiales President Jose Francisco Arata sold 17,000 shares Jan. 17 and 18, according to the regulatory filing in Colombia.

Arata exercised additional options and sold another 27,000 shares through Jan. 23, according to filings with Canada’s System for Electronic Disclosure by Insiders.

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