Pacific Rubiales has received a Statement of Reserve Data for the Rubiales-Piriri and Quifa Blocks.
Ronald Pantin, Chief Executive Officer, commented, "The growth in our proven reserves is a direct result of our successful 2008 appraisal and exploration drilling campaign, and it reinforces our belief in the long term value and production potential of these fields."
With the completion of the 2008 development drilling, the company's gross probable reserve of 58.2 MMbbl of heavy oil in 2007 has been moved to the proved reserve category. The gross reserve is the company's share of the reserve before deduction of royalty payments. The company's working interest is 40% in the Rubiales Block and 50% in the Piriri Block. In 2008, the Rubiales Field produced 13,474,838 barrels of heavy oil before fuel consumption. The Company's gross share was 6,079,344 barrels before royalty and 4,863,475 barrels after royalty.
Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Limited, a Colombian oil operator which operates the Rubiales and Piriri oil fields in the Llanos Basin in association with Ecopetrol S.A., the Colombian national oil company. The company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia as well as in other areas in Colombia and northern Peru. Pacific Rubiales has a current net production of approximately 32,000 barrels of oil equivalent per day, with working interests in 34 blocks in Colombia and Peru.
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