Pacific Rubiales Hits Additional Paydirt Onshore Colombia

Pacific Rubiales announced another successful well at the Quifa Block, located in the Llanos Basin of Colombia. The Quifa-12 well, drilled as an appraisal well of the Quifa-8 and Quifa-5 discoveries on Prospect "E", found the top of the Carbonera basal sands at 3,693 feet measured depth (MD), or 2,255 feet true vertical depth at sub-sea level (TVDSS) and the oil-water contact (OWC) at 3,774 feet MD, or 2,310 feet TVDSS, resulting in an oil column of 55 feet at the well. Preliminary petrophysical evaluation of the well indicates a net pay zone of 40 feet with 32% average porosity. The Quifa-12 well was drilled at a distance of 2.3 kilometers from the Quifa-5 well and 1.5 kilometers from the Quifa-8 well in Prospect "E" (refer to the drill results of the Quifa-5 and Quifa-8 wells, in the company's press releases dated November 26, 2008 and August 26, 2009, respectively).

The Quifa-12 well results are expected to incorporate new reserves to the block, and confirms the continuation of Prospect "E" between those two discovery wells, resulting in an average net pay of 35 feet for the three wells. The average OWC from Quifa-5, Quifa-8 and Quifa-12 wells is calculated at 2,312 feet TVDSS. This is 22 feet deeper than the deepest closing contour of prospect E and confirms that the oil entrapments are larger than the individual prospects and that they are connected to a much larger reservoir. Consequently, the new drainage area for prospect E is estimated at a minimum of 4,800 acres, 1,600 acres larger than the original 3,200 acres reported on November 26, 2008. The company is now planning to test the well and complete it as a vertical hole producer.

The Quifa 9 well is currently suspended pending a build-up test. Previously the well has produced an average of 220 bopd.

The appraisal drilling campaign is now on schedule and the following will be drilled in the next two months: Quifa-11 well on prospect H, Quifa-13 well on Prospect D, and Quifa-14, Quifa-17 and Quifa-18 wells on prospect E.