TORONTO, Oct. 30 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today that its net oil and natural gas production in Colombia has
reached 30,000 barrels of oil equivalent per day (boe/d).
The company has been able to increase the gross production of the
Rubiales field to 48,000 barrels of oil per day (bopd) as of October 30, 2008,
which is equivalent to 17,952 bopd net to the company. Including production
from its light/medium oil assets located elsewhere in Colombia, the company
now has total gross oil production of 54,744 bopd as of October 29, 2008,
which is equivalent to 20,062 bopd net to the company.
At the La Creciente natural gas field, located in northwestern Colombia,
production has reached 61.3 million standard cubic feet per day (mmscfd).
Promigas, the company that transports natural gas from the field, has
completed the line loop that has allowed the transport capacity from the field
to increase to the present level. At the Abanico field, the company is also
producing 2.6 mmscfd.
Ronald Pantin, the company's Chief Executive Officer, stated "We continue
to accomplish our production targets on our main fields, focusing our strategy
on developing those assets that will bring steady cash flow to the company."
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
30,000 barrels of oil equivalent per day, with working interests in 26 blocks
in Colombia and blocks 135, 137 and 138 in Peru.
Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.