Petro Rubiales Sees Increased Oil Production at Rubiales Oil Field

Llanos Basin, Colombia
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Petro Rubiales Energy reported the completion of well RB64 located within the Rubiales Oil Field, Llanos Basin, Columbia, yielding record production of 3,600 barrels per day (b/d). The vertical depth of well RB64 is 2,628 feet with 1,200 feet of horizontal drilling section. In addition, production from the Rubiales Oil Field has been increased from 17,000 to 21,000 (b/d).

Commenting on the increased oil production, Mr. Ronald Pantin, President and Chief Executive Officer, stated "this is part of our new long-term strategic plan to become the leading heavy crude oil producer in the Llanos Basin, we are encouraged by our rapid progress".

The drilling plan for the second half of the year has been increased from 8 to 18 wells which include 8 horizontal and 10 appraisal wells. A new 3D seismic program in the Rubiales and Piriri Concessions has been designed and is being implemented. At the Quifa Concession, a 2D seismic exploration campaign has commenced.

Petro Rubiales, a Canadian-based company and producer of heavy crude oil, acquired a 75 percent interest in Rubiales Holdings Limited, owner of 100 percent of Meta Petroleum Limited, a Colombian oil and gas operator which operates the Rubiales and Piriri oil fields in the Llanos Basin in association with Ecopetrol S.A. the Colombian, state-owned oil company. The Company is focused on identifying attractive opportunities primarily within the eastern Llanos Basin of Colombia.


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