TORONTO,
March 13, 2015 /PRNewswire/
- Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC)
(BOVESPA: PREB) and Ecopetrol, S.A. (NYSE: EC) (BVC: ECOPETROL)
(TSX: ECP) ("Ecopetrol") announced today that they have
agreed not to extend the Rubiales and Pirirí Field Association
Contracts, expiring in June 2016.
Ecopetrol will evaluate different alternatives for the operation of
the Rubiales Field. Meanwhile, Pacific Rubiales will consider
submitting a new proposal to operate the field after the contract
expiry. The companies have expressed interest in developing further
business opportunities for the benefit of both parties and the
country.
Pacific Rubiales, a Canadian company and
producer of natural gas and crude oil, owns 100% of Meta Petroleum
Corp., which operates the Rubiales, Piriri and Quifa heavy oil
fields in the Llanos Basin, and 100% of Pacific Stratus Energy
Colombia Corp., which operates the La Creciente natural gas field
in the northwestern area of Colombia. Pacific Rubiales also previously
acquired 100% of Petrominerales Ltd, which owns light and heavy oil
assets in Colombia and oil and gas
assets in Peru, and 100% of
C&C Energia Ltd., which own light oil assets in the Llanos
Basin. In addition, the Company has a diversified portfolio
of assets beyond Colombia, which
includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New
Guinea.
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.
Advisories
Cautionary Note Concerning Forward-Looking
Statements
This news 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, Peru, Brazil,
Papua New Guinea, Guyana and Mexico; 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 13, 2014 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.
Translation
This news release was prepared in the English
language and subsequently 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.
SOURCE Pacific Rubiales Energy Corp.
