Pacific Rubiales Reports Solid Financial Quarter and Resumption of Growth in the Company's Major Oil Fields
TORONTO, Nov. 7, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today the release of its unaudited consolidated financial results for the quarter ended September 30, 2012, together with its Management Discussion and Analysis ("MD&A") for the corresponding period. These documents will be available on the Company's website at www.pacificrubiales.com, on SEDAR at www.sedar.com, on the SIMEV website at www.superfinanciera.gov.co/web_valores/Simev, on the BOVESPA website at www.bmfbovespa.com.br/ and on the Company's website at www.pacificrubiales.com. All values in this release are in US$ unless otherwise stated.
The Company has scheduled a teleconference call for investors and analysts on Thursday November 8 2012 at 8:00 a.m. (Toronto and Bogotá time) 11:00 a.m. (Rio de Janeiro time), to discuss the Company's third quarter results. Analysts and interested investors are invited to participate using the dial-in instructions available at the end of this news release.
Third Quarter 2012 Highlights
- Total production net of royalties of 97,142 boe/d including 1,394 bbl/d* attributed to Block Z-1, offshore Peru. For further details with respect to how the Company's average daily production has been calculated, please see the section in this news release entitled "Production Summary".
- Net production in the third quarter increased 5% from the second quarter 2012 reflecting increases in production from the Company's major producing oil fields of Rubiales and Quifa (including the new commercial field development at Cajúa) and volumes associated with the PetroMagdalena acquisition completed in late July.
- The environmental license for 400 Mbbl/d of incremental water injection for the Rubiales oil field was received during the quarter in mid-August, which will allow oil production ramp-up to a targeted 2012 exit rate of 190 Mbbl/d total gross field production.
- On August 15, 2012 the Company received commerciality approval for a new field development in a portion of the Quifa North block to be called the Cajúa field.
- EBITDA increased 4% to $483 million ($1.59 billion for the first nine months, an increase of 14% compared to the same period in 2011), driven by production growth and higher netbacks.
- Net Earnings of $69 million ($552 million for the first nine months, an increase of 17% compared to the same period in 2011).
- Adjusted Net Earnings from Operations of $131 million ($615 million for the first nine months, an increase of 7% compared to the same period in 2011).
- Operating netbacks from oil and gas sales volumes of $61.42/boe, an increase of 14% over the third quarter 2011, driven by higher price realizations from both higher oil and natural gas benchmark prices, combined with marginally lower total costs.
- Total capital expenditures of $363 million (excluding acquisitions) compared to $277 million in the same period in 2011.
- Exploration success of 88% from drilling a total of eight gross appraisal and stratigraphic wells of which seven were successful. In the first nine months of the year the Company has drilled a total of 49 gross exploration (including stratigraphic and appraisal) wells with a success rate of 84%.
- The Company entered into an agreement with Karoon Gas Australia Ltd. to acquire a 35% net working interest in four prospective exploration blocks (plus an option on an additional block) in the prospective Santos basin offshore Brazil. The first well will commence drilling by the end of 2012.
- The Company entered into an agreement to acquire a 40% participating interest in the Portofino block along the heavy oil resource trend, onshore Colombia.
- The Company completed the acquisition of PetroMagdalena Energy Corp. on July 27, 2012 for a cash consideration of approximately C$227 million.
- In the third quarter of 2012, the Company paid a cash dividend of $0.11 per share, to shareholders of record.
Ronald Pantin , Chief Executive Officer of the Company commented:
"The Company's third quarter results were solid from both a financial and operational viewpoint, contributing to strong gains year-to-date that put us on track for a record year measured across all our financial and operational metrics.
This was the quarter where production growth resumed in our two major oil fields (Rubiales and Quifa fields) after production in the first half was constrained by delays in the environmental permit approval process for increased water injection. Growth in our average net production in the fourth quarter is accelerating and is within striking distance of our year-end exit targets.
Since receiving the environmental license approval, the Company has been able to increase its total gross field production from approximately 243 Mboe/d to 270 Mboe/d (net after royalty 97 Mboe/d to 109 Mboe/d). Current gross total field production is approximately 188 Mbbl/d at Rubiales, 49 Mbbl/d at Quifa SW and 3 Mbbl/d at the new commercial development in Quifa North (Cajúa field). These gains are driven by the receipt of the environmental permit for an incremental 400 Mbbl/d water injection at Rubiales and the commerciality approval for the Cajúa field, received August 8 and 15, 2012 respectively.
Sales volumes in the third quarter were down from the record set in the prior quarter, but up slightly from the first quarter 2012. Our sales volumes fluctuate depending on volumes of diluent, oil for trading and net inventory adjustments. In the third quarter compared to the previous quarter, our diluent volumes remained flat due to more purchases of natural gasoline rather than light oil product. We had no oil for trading volumes in the quarter, and we had a net inventory build rather than the large draw we saw in the prior quarter. These swings are a natural characteristic of our business, but what is more important was that our operating netbacks remained strong (with crude oil netbacks close to $65/bbl and natural gas over $34/boe), and the EBITDA ratio (EBITDA/Revenue) increased to 56% in the quarter from 54% in the prior quarter despite a 2% drop in realized sales price. This illustrates the strength of the business and its cash generating capacity.
The Company has experienced delays related to the regulatory permitting process affecting its Colombia operations, but we are actively working with government agencies to expedite the process and have seen improvements which are encouraging. In the case of Pacific Rubiales it is important to recognize that this year's delay in the licensing only represents a delay in development, rather than a loss of production.
In addition, despite pipeline transportation disruptions affecting the O&G Industry in Colombia, resulting in a drop in the country's total oil production during the third quarter, Pacific Rubiales was able to both grow and deliver all of its oil production without any disruptions. This illustrates the strategic importance and value of the proactive investments the Company has made in midstream infrastructure.
Due to the permit delays, we now expect to be +/- at the bottom end of the annual production guidance range that was reset at our second quarter release to include production volumes coming from the PetroMagdalena acquisition and from our 49% deemed participating share attributed from block Z-1 in Peru.
I am pleased to announce that in the past week we have received the environmental permit that will allow us to start exploration drilling on the CPO-12 E&P block to the north and contiguous to the CPE-6 Hamaca prospect. On the other hand we are still waiting on the blanket environmental license for the CPE-6 E&P block which we require in order to advance exploration drilling, extended well testing and field development of the oil discoveries and prospects we have identified on the block.
During the quarter, the Company completed its acquisition of PetroMagdalena. The acquisition contributed approximately 3.2 Mboe/d of net after royalty production in the third quarter, is already exceeding our production expectations, and providing a reliable and growing source of light oil diluent required for our rising heavy oil production in Colombia. Since acquiring PetroMagdalena, the Company has increased production from the assets by 40% to the current net 4.9 Mboe/d.
Also in Colombia during the third quarter, the Company acquired a 40% participating interest in the Portofino exploration block. The block is located within the heavy oil trend that hosts the giant producing fields Rubiales/Quifa and Castilla/Chichemene, and on trend and adjacent to the developing Capella heavy oil field. Pacific Rubiales is already the largest operator and producer of heavy oil in Colombia and has one of the largest net land positions along the heavy oil resource trend. This acquisition adds to our existing portfolio, providing future growth potential to the Company. Three exploration wells will be drilled on the block targeting prospects defined on seismic.
Late in the third quarter, we entered into an agreement with Karoon to acquire a 35% net working interest in four exploration blocks, plus an option on a fifth block, located in the prospective Santos Basin offshore Brazil. This is our first entry into Brazil, a country that has an attractive balance of above and below ground risks for O&G exploration and development. It is a good fit to our strategy of selective expansion outside of Colombia and along with other acquisitions we have undertaken this year, illustrates the Company's capacity and vision to look out beyond the short and medium term, layering in opportunities to support, enhance and develop new growth prospects into the future.
On October 31, 2012, Fitch Ratings raised its corporate credit rating on the Company and its senior secured notes to BB+ from BB, also indicating the Company's outlook is stable; citing the Company's continued production and reserves diversification, proven track record of increasing production, maintaining adequate reserve replacement ratios, and the lower business risk as a result of the completion of key infrastructure projects.
I am particularly pleased that in September Pacific Rubiales was added to the Jantzi Social Index, which consists of 60 Canadian companies that have met independently evaluated standards of environmental, social and governance standards. The Company and its employees have worked hard to meet these standards and introduce them to our operations in Colombia and should be justifiably proud of this achievement.
I would like to finish by saying that in this uncertain economic environment for many, our Company's Balance Sheet remains strong; and our growth targets in the medium term remain intact underpinned by our extensive low cost heavy oil exploration and development assets in Colombia. We will continue our strategy of repeatable and profitable growth by building for the long-term future, the leading E&P Company focused in Latin America."
A summary of the financial results for the three months and nine month ended September 30, 2012 and 2011 are as follows (a more detailed discussion and analysis can be found in the MD&A):
|Three Months Ended||Nine Months Ended|
|(in thousands of US$ except per share amounts or as noted)||2012||2011||2012||2011|
|Oil and gas sales||$ 870,369||$ 828,285||$ 2,838,073||$ 2,369,343|
|EBITDA Margin (EBITDA/Revenues)||56%||56%||56%||59%|
|Per share - basic ($) (2)||1.64||1.71||5.41||5.17|
|- diluted ($)||1.60||1.55||5.25||4.68|
|Net earnings (3)||68,817||193,720||551,506||473,502|
|Per share - basic ($) (2)||0.23||0.71||1.88||1.76|
|- diluted ($)||0.23||0.68||1.82||1.68|
|Cash Flow from Operations||417,792||305,451||1,125,797||741,527|
|Per share - basic ($) (2)||1.42||1.13||3.83||2.75|
|- diluted ($)||1.38||1.02||3.72||2.49|
|Adjusted Net earnings from operations||130,707||163,180||614,688||575,197|
|Per share - basic ($) (2)||0.44||0.60||2.09||2.13|
|- diluted ($)||0.43||0.55||2.03||1.93|
|Funds Flow from Operations (1)||348,325||349,930||1,156,012||1,016,839|
|Per share - basic ($) (2)||1.18||1.29||3.93||3.78|
|- diluted ($)||1.15||1.17||3.82||3.42|
|(1)||See "Additional Financial Measures" section 16 3Q2012 MD&A.|
The basic weighted average number of common shares outstanding for the
third quarter ended September 30, 2012
and 2011 was 295,022,739 (fully diluted - 302,872,969) and 270,967,710 (fully diluted - 298,413,561), respectively.
Net earnings for the third quarter of 2012 include a net loss of $38
million of the equity investments as required for
the IFRS accounting rules.
Sales Volumes and Operating Crude Oil and Natural Gas Netbacks
The Company produces and sells crude oil and natural gas. It also purchases crude oil from third parties as diluents and for trading purposes, which are included in the reported "daily volume sold". Both revenues and costs are recognized on the respective volumes sold during the period. The combined crude oil and natural gas operating production and sales netback during the quarter ended September 30, 2012 was $61.42/boe, 14% higher than the same period in 2011 driven by higher price realizations resulting from higher oil and natural gas benchmark prices.
The following is a reconciliation of volumes produced or purchased vs. volumes sold during third quarter of 2012; including a breakdown of crude oil production and diluent and crude oil trading purchases:
|Production and sales volumes (boe/day) (1)||Three months ended September|
|Average total field production||229,570||11,405||240,975||219,136|
|Share before royalties and PAP||105,592||10,693||116,285||102,957|
|Average net production (after royalties and field consumption)||85,067||10,681||95,748||87,159|
|Beginning inventory (ending inventory June 30)||15,541||-||15,541||20,866|
|Average net production (after royalties and field consumption)||85,067||10,681||95,748||87,159|
|Acquisition Petromagdalena (Beginning inventory July 27, 2012)||292||-||292||-|
|Purchases of diluents and oil for trading (1)||12,884||-||12,884||22,322|
|Other inventory movements (1)||(1,320)||94||(1,226)||53|
|Ending inventory September 30.||(23,419)||-||(23,419)||(28,847)|
|Average daily volume sold (boe/day)||89,045||10,775||99,820||101,553|
The following table provides a breakdown of sales volumes by crude oil produced, diluents and crude oil trading during the third quarter of 2012:
|Production and sales volumes (boe/day) (1)||Three months ended September 2012|
|Beginning inventory (ending inventory June 30)||11,956||3,585||15,541|
|Average net production (after royalties and field consumption)||85,067||-||85,067|
|Acquisition Petromagdalena (Beginning inventory July 27, 2012)||292||-||292|
|Purchases of diluents and oil for trading (1)||-||12,884||12,884|
|Other inventory movements (1)||(430)||(890)||(1,320)|
|Ending inventory September 30.||(16,938)||(6,481)||(23,419)|
|Average daily volume sold (boe/day)||79,947||9,098||89,045|
|(1)||See additional detail in "Inventory Movements" table 3Q2012 MD&A|
Operating netbacks for the quarters ending September 30, 2012 and 2011 are as follows (a more detailed discussion and analysis along with segmented first quarter netbacks can be found in the MD&A):
|Combined crude oil and gas (boe)||Three months ended September|
|Average daily volume sold (boe/day)(1)||89,045||10,775||99,820||101,553|
|Operating netback ($/boe)|
|Crude oil and natural gas sales price||101.61||41.49||95.13||88.66|
|Production cost of barrels sold (2)||13.89||3.97||12.82||5.29|
|Transportation (trucking and pipeline) (3)||14.56||0.03||13.00||11.08|
|Diluent cost (4)||9.17||-||8.18||14.44|
|Other costs (5)||(1.26)||2.85||(0.82)||2.23|
|Operating netback crude oil and gas ($/boe) (8)||64.70||34.27||61.42||53.68|
Combined operating netback data based on weighted average daily volume
sold which includes diluents
necessary for the upgrading of the Rubiales blend.
Cost of production mainly includes lifting costs and other production
costs such as personnel, energy,
fuel consumption, security, insurance and others. Higher oil operating cost driven by cost of disposing
associated water production at Rubiales and Quifa fields, which increases energy and fuel consumption
as compared to prior period of 2011.
Includes the transport costs of crude oil and gas through pipelines and
tank trucks incurred by the
Company to take the products to the delivery points to customers.
Net blending cost of Rubiales crude was reduced 39%, from $4.22 per bbl
in the third quarter of 2011
to $2.56 per bbl in this period. This reduction is mainly due to the increase of usage of natural gasoline
(92%) purchased at better prices than local crude oil used as diluents during 2011, blending rate
improved to 14.6%, as indicated in the table below:
|Adjusted Net Cost of Diluent||Three months ended September|
|Average diluent purchase price||106.92||104.80|
|Average Rubiales blend sales price||(101.67)||(93.97)|
|Net diluent cost per barrel||17.54||18.59|
|Average blending ratio||14.6%||22.7%|
|Net Blend cost per barrel||2.56||4.22|
For the purpose of securing diluents for blending Rubiales crude oil,
purchased 9,201 bbl/d during the third quarter of 2012 vs. 10,687 bbl/d in the same
period of 2011. The Company increased purchases of natural gasoline (82.1° API)
to 8,587 bbl/d and continued local purchases (614 bbl/d) of light crude oils (40°
API average). Blending cost was $2.56 per bbl of Rubiales crude (vs. $4.22/bbl in
the same period of 2011).
Other costs mainly correspond to royalties on gas production, external
maintenance at the Rubiales field, inventory fluctuation, storage cost and the net
effect of the currency hedges of operating expenses incurred in Colombian pesos
during the period.
Corresponds to the net effect of the overlift position for the period
$4.8 million, which generated a reduction in the combined costs of $0.53/boe as
explained in "Discussion of 2012 Third Quarter Financial Results- Financial Position
- Operating Costs" in 3Q MD&A.
The Company's average daily volumes include PetroMagdalena's average
volumes from July 27, 2012 to September 30, 2012 (a 65 day period) of 3,198 boe/d
(total field production of 6,273 boe/d), which has been calculated by dividing
PetroMagdalena's aggregate production of 207,870 boe (total field production of
407,745 boe) over the 65 day period from acquisition. PetroMagdalena's average
daily volume for the entire third quarter (calculated over 92 days) was 2,259 boe/d
(total field production of 4,432 boe/d).
|(8)||During the third quarter of 2012, the Company did not have crude oil for trading activity|
The Company produces crude oil and natural gas from a number of different fields, over 98% of which are located in Colombia. The Company operates most of its production. The average net after royalty production during the quarter ended September 30, 2012 was 97,142 boe/d including 1,394 bbl/d* attributed to the recent acquisition in Peru, 12% higher than the same period in 2011.
Average production for the Company's major producing fields for the three months ended September 30, 2012 and 2011 are as follows (a more detailed discussion and analysis can be found in the MD&A):
|Average Q3 Production (in boe/d)|
|Total field production||
Share before royalties and
|Net share after royalties|
|Producing Fields - Colombia||Q3 2012||Q3 2011||Q3 2012||Q3 2011||Q3 2012||Q3 2011|
|Rubiales / Piriri||171,871||167,343||71,876||68,958||57,501||55,166|
|La Creciente (3)||10,498||11,053||10,318||10,860||10,316||10,857|
|Dindal / Rio Seco||1,083||1,279||653||740||535||620|
|Other producing fields (5)||1,367||465||416||290||393||276|
|Total Production - Colombia||240,975||219,136||116,285||102,957||95,748||87,159|
|Producing Fields - Peru (See note below)|
|Block Z-1 (6)||2,845||-||1,394||-||1,394||-|
|Total Production - Peru||2,845||-||1,394||-||1,394||-|
|Total Production Colombia and Peru||243,820||219,136||117,679||102,957||97,142||87,159|
|(1)||Share before royalties is net of internal consumption at the field.|
Includes Quifa SW field and early production from Quifa North prospects.
The Company's share before royalties in the Quifa SW
field is 60% and decreases according to a high-prices clause that assigns additional production to Ecopetrol S.A.
Royalties on the gas production from La Creciente field are payable in
cash and accounted as part of the production cost. Royalties
on the condensates are paid in kind, representing a small impact in the net share after royalties. The Company has an advance of
70% in the project to increase the process capacity to 100 MMcf/d at La Creciente Station.
The Company holds a 49.999% participation in Maurel et Prom Colombia
B.V., which indirectly owns a 49.999% working interest in
the Sabanero Block.
Other producing fields corresponds to producing assets located in
Cerrito, Moriche, Las Quinchas, Arrendajo, Guasimo and
Buganviles blocks. Also includes the recently acquired blocks from PetroMagdalena such as Carbonera, Carbonera La Silla,
La Punta and Yamu blocks (La Punta and Yamu are not operated blocks). Subject to Ecopetrol´s and ANH´s approval, the Company
has divested its participation in the Moriche, Las Quinchas, Guasimo, and Chipalo blocks.
Block Z-1 includes Corvina and Albacora fields which are operated by BPZ
in which the Company acquired a 49% undivided
participating interest on April 27, 2012 subject to governmental approval. Once closing of the transaction occurs, the Company
or any of its subsidiaries will be the technical operations manager under an Operating Services Agreement. The applicable royalties
in Peru are paid in cash and are accounted as part of the production cost.
|(7)||The Company's average daily volumes include PetroMagdalena's average daily volumes from July 27, 2012 to September 30, 2012 (a 65 day period) of 3,198 boe/d (total field production of 6,273 boe/d), which has been calculated by dividing PetroMagdalena's aggregate production of 207,870 boe (total field production of 407,745 boe) over the 65 day period from acquisition. PetroMagdalena's average daily volume for the entire third quarter (calculated over 92 days) was 2,259 boe/d (total field production of 4,432 boe/d).|
The term ''boe'' is used in this MD&A. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of cubic feet
to barrels is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. In this MD&A we have expressed boe using the Colombian conversion standard of 5.7 Mcf: 1 bbl
required by the Colombian Ministry of Mines and Energy.
Third Quarter Conference Call Details
The Company has scheduled a teleconference call for investors and analysts on Thursday November 8, at 8:00 a.m. (Toronto and Bogotá time) / 11:00 a.m. (Rio de Janeiro time), to discuss the Company's third quarter results. Analysts and interested investors are invited to participate using the dial-in numbers as follows (a presentation will be posted on the Company's website at: www.pacificrubiales.com prior to the call):
Participant Number (International/Local):
Participant Number (Toll free Colombia):
Participant Number (Toll free North America):
Conference ID (English Participants):
Conference ID (Spanish Participants):
The conference call will be webcast which can be accessed through the following link: http://www.pacificrubiales.com.co/investor-relations/webcast.html.
A replay of the call will be available until 23:59 pm (Toronto time), November 22, 2012, which can be accessed as follows:
Encore Toll Free Dial-in Number:
Encore ID (English Participants):
Encore ID (Spanish Participants):
Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil operator which operates the Rubiales, Piriri and Quifa oil fields in the Llanos Basin in association with Ecopetrol, S.A., the Colombian national oil company, and 100 percent of Pacific Stratus Energy Corp. which operates the La Creciente natural gas field. 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.
The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow and costs, reserve and resource estimates, potential resources and reserves and the Company's exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions; failure to establish estimated resources or reserves; fluctuations in petroleum prices and currency exchange rates; inflation; changes in equity markets; political developments in Colombia, Guatemala or Peru; changes to regulations affecting the Company's activities; uncertainties relating to the availability and costs of financing needed in the future; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 14, 2012 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
In addition, reported production levels may not be reflective of sustainable production rates and future production rates may differ materially from the production rates reflected in this press release due to, among other factors, difficulties or interruptions encountered during the production of hydrocarbons.
Average Daily Oil Production - Block Z-1 Peru
Peru production referenced in the news release corresponds to the 49% deemed participating share of production attributable to the Company from Block Z-1 for the period January 1 through June 30, 2012, pursuant to a Stock Purchase Agreement ("SPA") signed on April 27, 2012 between the Company and BPZ Resources, Inc. ("BPZ"). Under the SPA (i) at closing operating revenues and expenses will then be allocated to each partner's respective participating interest and (ii) once approvals by the relevant Peruvian authorities are granted, the Company shall receive a 49% interest in the production of hydrocarbons from the Z-1 Block. No revenue and costs have been recognized yet in the Company´s results with respect to the production from Block Z-1 as its full entitlement is subject to approval of the applicable Peruvian authorities.
Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 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. The estimated values disclosed in this news release do not represent fair market value. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.
This news release was prepared in the English language and susequently translated into Spanish and Portuguese. In the case of any differences between the English version and its translated counterparts, the English document should be treated as the governing version.
|Bcf||Billion cubic feet.|
|Bcfe||Billion cubic feet of natural gas equivalent.|
|bbl||Barrel of oil.|
|bbl/d||Barrel of oil per day.|
|boe||Barrel of oil equivalent. Boe's may be misleading, particularly if used in isolation. The Colombian standard is a boe conversion ratio of 5.7 Mcf:1 bbl and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.|
|boe/d||Barrel of oil equivalent per day.|
|Mboe||Thousand barrels of oil equivalent.|
|MMboe||Million barrels of oil equivalent.|
|Mcf||Thousand cubic feet.|
|WTI||West Texas Intermediate Crude Oil.|
*See reference to "Average Daily Production - Block Z-1 Peru" in the Advisories section of this news release.
SOURCE Pacific Rubiales Energy Corp.
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