Pacific Rubiales Rejoices with Successes at Mirla Negra 1, Delta 1

Pacific Rubiales Energy Corp. has discovered oil in the Mirla Negra region with one well in the Arrendajo Block, located within the Llanos Basin and another in the Buganviles Block, located within the Upper Magdalena Basin. The company has also provided an exploration update on the Guasimo and Quifa Blocks.

Ronald Pantin, the company's Chief Executive Officer, commented: "We are pleased with the exploration discoveries made on three blocks belonging to our subsidiary Kappa Resources. The discoveries confirm the potential to grow the light oil production segment of our business and as a result of these discoveries, we have three new oil fields to develop."

Mirla Negra 1 - Arrendajo Block

The Mirla Negra 1 well was drilled to a total depth of 6,237 feet measured depth (MD) in the Arrendajo Block, located in the Llanos Basin of Colombia. The well reached the top of the reservoir, the Carbonera C-5 Formation at 5,493 feet MD or 4,937 feet true vertical depth sub-sea level. The reservoir consists of 66 feet MD of net sandstones and the petrophysical analysis shows 6 feet of net pay with an average porosity of 21%. Well tests were carried on Carbonera C-5 along the perforated interval 5,506 - 5,510 feet MD. Early production tests have shown a daily rate of 130 barrels of oil at 34.5 API gravity with a 69% water cut. The Arrendajo Block is an exploratory contract where Pacific Rubiales holds a 32.5 % working interest.

Delta 1 - Buganviles

The exploratory well Delta-1 was drilled in the Buganviles Block, located in the Upper Magdalena Valley in central Colombia. The well reached the top of the Caballos formation at 5,976 feet and the basement at a depth 6,297 feet. This reservoir interval consists of 321 feet of limestone and the petrophysical analysis shows 20 feet MD of net pay within the 312 feet MD of the upper limestone section. Average porosities range from 3 to 6%; however, due to the presence of fractures the porosity could potentially double that amount. The preliminary P50 area estimated for this structure, based on the post-drill seismic interpretation, is 1,420 acres. The well was completed perforating a 46 feet interval and preliminary tests have shown a daily production of 48 barrels per day at 34.5 API gravity oil. The Buganviles Block is an exploratory contract with Ecopetrol in which Pacific Rubiales holds a 49.375% working interest.

Exploration Update

The exploratory well Lisa-1 located within the Guasimo Block was completed in January 2009 within the Guadalupe Formation in porous porcellanites. The petrophysical evaluation of the well indicated a net reservoir thickness of 150 feet and 24 feet pay, with an average combined matrix and fracture porosity of 16%. The well initially produced batches of 24.5 API gravity oil and after a fracture work-over the well is producing today 42 barrels of oil per day. The company has a 100% working interest in the Guasimo Block.

As part of the exploration program for 2009, the company is planning to spud the Quifa-6 exploration well on Prospect "I" located in the Quifa Block at the end of May 2009. Subsequent to drilling Quifa-6, the company will drill an appraisal well on the Quifa block to evaluate the extension of the discovery made on Prospect D in 2008 (Well Rub-147).


Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., 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 34,000 barrels of oil equivalent per day, with working interests in 34 blocks in Colombia and Peru.
 

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