Pacific Rubiales Reviews Rubiales-Piriri Field Reserves

Pacific Rubiales Energy has received a new Statement of Reserves Data for the Rubiales-Piriri field. This reserves update complements the update announced on September 3, 2009.

RPS, located in Houston, Texas has provided an independent reserve evaluation of the Rubiales/Piriri field, with an effective date of June 30, 2009. For this midyear update, RPS has relied upon the updated geologic static model, prepared by Meta Petroleum, which incorporates the results of the new wells drilled this year.

According to the RPS Statement of Reserves Data, the Rubiales/Piriri field had proved reserves (P1) of 354.8 MMbbl at June 30, 2009 compared with 270.6 MMbbl at December 31, 2008; and proved plus probable reserves (P1+P2) of 429.7 MMbbl at June 30, 2009 compared with 372.8 at December 31, 2008. An additional 55.1 MMbbl may be classified as possible reserves (P3) at June 30, 2009 compared with 30.5 at December 31, 2008.

The reserves are forecasted to the end of the concessions' terms, i.e. through June 2016. No reserves in any category have been attributed to potential production beyond the term of the concession.

Total net after royalty proved reserves (calculated in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" (NI 51-101)) were 119.5 MMbbl at June 30, 2009 compared with 92.6 MMbbl at year-end 2008, an increase of 29.05 %. Total net after royalty proved plus probable reserves (calculated in accordance with NI 51-101) were 144.7 MMbbl at June 30, 2009 compared with 126.8 MMbbl at year-end 2008, an increase of 14.12 %.
 

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