Pacific Rubiales, a Canadian-based company and producer of heavy crude oil and natural gas, 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 Ecopetol 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 34 blocks in Colombia and Peru.
| Shares issued: | 210.5 million |
| Options, warrants and debentures | 78.3 million |
| Fully diluted: | 288.8 million |
Highlights:
- Oil production growth from 65,000 boepd (net 30,000) at October 31, 2008, to *125,000 boepd (net 55,000) by 2009 at Rubiales oil field (with planned pipeline) and further growth to over *180,000 boepd (net 67,000) by 2010
- Natural gas production from 41 mmcfd to 61.3 mmcfd during 2008 at La Creciente
- Highly experienced management (mostly former PDVSA executives)
- CPE1 and CPE6 blocks awarded by the ANH, July 2008
- Kappa Resources acquisition, Sept. 2008
- Bidding for additional blocks on the ANH Ronda Colombia 2008
- Prospective exploration on 28 blocks in Colombia and Peru including 6 new exploration blocks awardedin Ronda Colombia in November 2008
- Pipeline from Rubiales Oil Field, now under construction, will be backbone for development of extensive heavy oil area in Eastern Llanos, Colombia
- Net Production of ~35,000 boepd December 2008
*Note:
PRE base case production is 126,000 bopd, for further informaton please refer to Petrotech Engineering Report, dated December 31, 2007, prepared in accordance with NI51-101. 170,000 bopd represents management's estimates based on additional production from either Rubiales or Quifa