Pacific Rubiales Increases Reserves at Rubiales-Piriri Field
Pacific Rubiales Energy has received a Statement of Reserves Data and Other Oil and Gas Information for the Rubiales-Piriri Field, which estimates gross working interest proved plus probable (P2) reserves to be 270.7 million barrels (MMbbl) of heavy oil, representing an increase of approximately 47.5 percent over the quantities estimated by Petrotech Engineering Ltd. in May 2007. The gross working interest proved (P1) reserves have been estimated at 137.7 MMbbl from the 24.5 MMbbl reported in May, 2007, representing an increase of 462 percent.
Commenting on these results Ronald Pantin, Chief Executive Officer, said "This is the result of a very successful appraisal and exploration drilling campaign that the company has undertaken and reinforces our belief in the value of these fields."
The Petrotech Report was prepared for the company using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101. The following table summarizes selected reserves information:
May 2007 December 2007 MMbbls MMbbls PROVED (P1) 24.5 137.7 PROBABLE (P2) 159.0 133.0 ----- ----- TOTAL P1 + P2 183.5 270.7
The reserves shown are for comparative purposes only, and are estimates only. Actual reserves on the company's properties may be greater or less than those calculated.
The report has been prepared in compliance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" and is based upon the 2007 year-end reserve evaluation report prepared by Petrotech, independent oil and natural gas reservoir engineers based in Burnaby, British Columbia, that evaluates the reserves of the Rubiales-Piriri Field as at December 31, 2007.
The reserve estimates in this release are based on forecast prices and costs. Under the National Instrument 51-101 guidelines, proved reserves are reserves that have a 90% chance of being exceeded at the reported level. Proved reserves, by definition, are conservative. Nine times out of ten actual reserves will be greater than the proved estimate. Proved plus probable reserves are defined as those reserves that have a 50% probability of being exceeded at the reported level. They are the best estimate, or the most realistic case. It is equally likely that the actual reserves will be higher or lower than the estimate.
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 17,500 barrels of oil equivalent per day, with working interests in the Rubiales, Piriri and Quifa concessions and the Caguan, Dindal, Rio Seco, Puli B, La Creciente, Moriche, Guama, Arauca, Tacacho and Jagueyes blocks in Colombia and blocks 135, 137 and 138 in Peru.
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