Pacific Rubiales Energy Corp. announced Monday the results of an independent resource assessment for certain of the Company's exploration blocks in Colombia, Peru, Brazil, Guyana, Guatemala and Papua New Guinea (PNG). The 2012 resource assessment was prepared by Petrotech Engineering Ltd. with an effective date of September 30, 2012.
The 2012 Resource Report shows that the best case estimate of total gross Prospective Resources attributed to the Company has grown to 4.3 billion barrels of oil equivalent (Bboe) from 2.8 Bboe in 2011, and the best case estimate of total gross Contingent Resources has grown to 168 MMboe from just 4 MMboe booked in 2011.
"We look at the 2012 Resource Report as a clear demonstration of the Company's strategy to increase its resources using strategic acquisitions of exploration opportunities in selected countries where we see a balance of above- and below-ground risk. Resources drive future reserves which in turn represent the future production of the Company," Jose Francisco Arata, president of the Company, commented.
Highlights on the best case estimates of total gross Prospective Resources and total best case Contingent Resources (see the heading below entitled "Resources" for further information) from the 2012 Resource Report include:
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