Pacific Rubiales Updates on Reserves at Rubiales/Piriri Field
Pacific Rubiales Energy Corp. has received a Statement of Reserves Data for the Rubiales-Piriri field. Petrotech Engineering Ltd. has provided an independent reserve evaluation of the Rubiales/Piriri field, with an effective date of June 30, 2009. The reserve evaluation update was prepared to take into consideration the drilling of 48 horizontal and vertical wells as well as production of 10.26 MMbbl of heavy oil (million barrels of oil) in the first six months of this year.
According to the Petrotech Statement of Reserves Data, the Rubiales/Piriri field had proved reserves (P1) of 341.3 MMbbl at June 30, 2009 compared with 286.4 MMbbl at December 31, 2008; and proved plus probable reserves (P1+P2) of 397.4 MMbbl at June 30, 2009 compared with 361.5 at December 31, 2008. An additional 199.1 MMbbl may be classified as probable and possible reserves if production should go beyond May 2016 (which is the date the company is currently obligated to revert the fields back to Ecopetrol).
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 117.1 MMbbl at June 30, 2009 compared with 99.3 MMbbl at year-end 2008, an increase of 18%. Total net after royalty proved plus probable reserves (calculated in accordance with NI 51-101) were 134.9 MMbbl at June 30, 2009 compared with 124.7 MMbbl at year-end 2008, an increase of 10%.
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