Quote from National Post Article on PRE"The company faces the prospect of losing about 35 per cent of its current production when the licence for its Rubiales field in Colombia expires in June 2016. Furthermore, First Energy Capital analyst Darren Engels estimates Pacific Rubiales has net debt of approximately $6.5 billion, which exceeds the value of its proven and probable reserves. With a highly leveraged balance sheet and under strip pricing, we continue to expect that Pacific Rubiales will breach its debt covenants, Engels said in a note to clients. He thinks the stock could trade closer to his core net asset value estimate of $2.57 per share based on the performance of its peers.