Pacific Rubiales Reaps Higher Reserves in Colombian Blocks
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."
In the Rubiales-Piriri Blocks, the company's gross total proved reserve is 114.3 million barrels (MMbbl) of heavy oil for December 2008. This represents an increase of 82.3% of the proved reserve of 62.7 MMbbl of heavy oil for December 2007. The proved reserve is based on a production level of 100,000 barrels of heavy oil per day in the Rubiales Field, which is the level approved by Ecopetrol S.A. for 2009.
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.
With the discovery of the Quifa 5 Well, the company's gross total proved reserve at Quifa is 1.5 MMbbl and probable reserve is 1.3 MMbbl of heavy oil. Additional exploration and appraisal wells are scheduled for the 2009 work program. The company's working interest is 60%.
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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