TORONTO, June 5 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG) today
announced that it has formally qualified for the Colombian Heavy Crude Round.
Pacific Rubiales has successfully completed the first phase of the
selection process for the heavy crude development round in the Eastern Llanos
Basin of Colombia, which was started in January of this year by the Agencia
Nacional de Hidrocarburos (ANH). Meta Petroleum Ltd., the company's
wholly-owned subsidiary, has been qualified by the ANH as a valid operator and
will move into the next phase of the round, which will culminate in the award
by the ANH of contracts for eight exploratory blocks. As set out in the list
of qualified companies published by the ANH on June 3, 2008, Meta Petroleum
joins another 11 top tier companies that have also been qualified as operators
for the purposes of the bidding round.
Pursuant to the timetable established by the ANH, qualified companies
must confirm their formal interest in participating in the process by June 13,
2008 and submit final bids to the ANH by June 20, 2008.
The Eastern Llanos Basin has been earmarked by the ANH as one of the most
prospective areas in Colombia, and it has designed a strategy to attract the
companies best qualified to face the technical and environmental challenges of
the exploration and development of the heavy oil resources of the area. Meta
Petroleum's experience in the development and operation of the Rubiales heavy
oil field, located in the same basin, provides the company with a competitive
advantage in the new exploratory block allocation process, which is expected
to be completed by August of this year.
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
21,000 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.