TORONTO, Sept. 9 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG)
announced today the results of three new wells that have been drilled and
completed as part of the appraisal and exploration plan of the Rubiales/Piriri
Field in the Llanos Basin in Colombia.
The three wells, identified as RUB-52, RUB-117 and RUB-119, were drilled
in the southwestern area of the Rubiales block between August and September
2008, and have added not only fresh production, but also important
petrophysical information that is expected to allow the company to better
evaluate the resources at the Rubiales/Piriri Field, as well as to extend the
known reservoir and recoverable reserves of the field.
The wells found significantly larger net-pay sand than was originally
expected, based on existing mapping of the reservoir. In particular, well
RUB-52 identified a net-pay of 54 feet (compared to an expected 10 feet),
RUB-117 a net-pay of 53 feet and RUB-119 a net-pay of 56 feet (compared to the
expected 28 and 40 feet, respectively).
The company has factored the results of these wells with the existing
information at the field, allowing it to prepare a new and more prospective
map of the reservoir. As a result, management expects that once this data is
processed, the STOIIP of the field will be increased, with an expected
positive impact on recoverable reserves. At the same time, the wider and
better net-pay extensions will allow the company to develop two additional
clusters comprising 10 horizontal wells and two vertical wells in the area.
Additionally, well RUB-52 was drilled in the Rubiales block's buffer
zone, very close to the company's Quifa block, thereby underlining the
potential of the latter.
Ronald Pantin, the company's Chief Executive Officer, stated "This is
further evidence of our confidence in the Rubiales field and our ability to
leverage technology and know-how to increase the value we can add to it."
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
22,500 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.
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.
For further information:
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director; Mr. Jose Francisco Arata, President and Director; Mr. Manfred
Kruger, Vice President, Investor Relations, (416) 362 7735