News: Reserves of Year-End 2008 AnnouncedPacific Rubiales Announces Reserves for Year-End 2008
TORONTO, March 3 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) is pleased to announce its reserve data, as of December 31, 2008, as evaluated by the company's independent reserves evaluator Petrotech Engineering Ltd.
Ronald Pantin, Chief Executive Officer, commented: "The growth in our proven reserves, as well as the increase in certainty of the whole resource base, is a direct result of our sustained technical focus and superior regional knowledge. It reinforces our belief in the long term value and production potential of these fields."
Summary of Reserves
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(rounded to next significant digit)
2007 Reserves valued at WTI: US$90/barrel
2008 Reserves valued at WTI: US$40/barrel
Reserves at Reserves at Reserves at Reserves at
Dec. 31, 2007 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2008
Reserve 100%(1) Gross(2) 100%(1) Gross(2)
Category(1) (Mboe) (Mboe) (Mboe) (Mboe)
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Proved (P1) 214 136 373 204
Probable (P2) 159 84 87 41
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Total Proved +
Probable (P1+P2) 374 221 459 245
(1) Refers to the totality of the reserve in the blocks
(2) "Gross" refers to the company's reserves before deduction of
royalties
The reserve data in 2007 and 2008 have been determined in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" and the Canadian Oil and Gas (COGE) Handbook by Petrotech Engineering Ltd., an independent qualified reserve evaluator. The company will file its Statement of Reserve Data in compliance with National Instrument 51-101 in conjunction with the filing of its year-end financial statements, which are expected to be filed by the company on or about March 26, 2009.
The reserve estimates in this release are based on forecast prices (based on NYMEX's WTI oil price futures) and costs and are estimates only. The increase in size and certainty of the reserves occurred even with a $50/barrel decrease in the WTI price used to evaluate them, as compared to the 2007 report. Actual reserves on the company's properties may be greater or less than those calculated. Under the National Instrument 51-101 guidelines, proved reserves are reserves that have a 90% chance of being exceeded at the reported level.