Colombia's PetroRubiales announces reserves at Piriri field
Pacific Rubiales Energy has received a Statement of Reserves Data for the Rubiales-Piriri field in Colombia.
Petrotech Engineering has provided an independent reserve evaluation of the Rubiales/Piriri field, with an effective
date of June 30, 2009. The reserve evaluation update was prepared to take into consideration the drilling of 48
horizontal and vertical wells as well as production of 10.26 mm bbl of heavy oil (mm barrels of oil) in the first six
months of this year.
According to the Petrotech Statement of Reserves Data, the Rubiales/Piriri field had proved reserves (P1) of 341.3 mm
bbl at June 30, 2009 compared with 286.4 mm bbl at December 31, 2008; and proved plus probable reserves (P1+P2) of
397.4 mm bbl at June 30, 2009 compared with 361.5 at December 31, 2008.
An additional 199.1 mm bbl may be classified as probable and possible reserves if production should go beyond May
2016 (which is the date the company is currently obligated to revert the fields back to Ecopetrol).
Total net after royalty proved reserves (calculated in accordance with National Instrument 51-101 "Standards of
Disclosure for Oil and Gas Activities" (NI 51-101)) were 117.1 mm bbl at June 30, 2009 compared with 99.3 mm bbl at
year-end 2008, an increase of 18 %.
Total net after royalty proved plus probable reserves (calculated in accordance with NI 51-101) were 134.9 mm bbl at
June 30, 2009 compared with 124.7 mm bbl at year-end 2008, an increase of 10 %.
