Colombia's President Alvaro Urbie has recently stepped up efforts to destroy FARC and other terrorist groups. So far he has been successful in weakening leftist groups and finalizing the disarmament of rightist/drug gangs like the United Self-Defense Forces of Colombia aka AUC. The raid which killed Reyes is just the latest step in a methodical war.
The leftists have two reasons to rattle their sabers. First it has been a bad year for Chavez. He lost an important referendum to extend his power, the barely free media mocks him, and FARC is being difficult in hostage negotiations. Only the rising price of oil is keeping Chavez a float. The second reason for the aggression is that Colombia knows the truth: both Ecuador and Venezuela are actively supporting FARC. Colombia is much more likely now to do cross border operations and/or black ops against the two leftist powers.
Colombia's army is better trained and equipped than Venezuela's though Chavez has recently upgraded his air force. Hopefully this is just Chavez making noise trying to distract his people... hopefully.