Pacific Rubiales Energy Corp. reports an additional discovery at its Quifa-14 well, drilled as an appraisal well in the Quifa Block, located in the Llanos Basin of Colombia. It has also announced an operational update for Abanico, La Creciente and Rubiales Blocks.

Quifa The Quifa-14 well was drilled as the third appraisal well for the discovery well Quifa-5 on Prospect "E". The well found the top of the Carbonera basal sands at 2991 feet true vertical depth (TVD), or 2,245 feet true vertical depth at sub-sea level (TVDSS) and the oil-water contact (OWC) at 3,060 feet TVD, or 2,315 feet TVDSS, resulting in an oil column of 69 feet at the well. The petrophysical evaluation of the well logs indicates a net pay zone of 33 feet, with 32% average porosity. The Quifa-14 well was drilled as a deviated well from the Quifa-5 surface location, slanted 60 degrees and 1.2 km to the southwest. The results of this well, along with the results of the Quifa-8, Quifa-12 and Quifa-17 appraisal wells confirm the acreage originally interpreted for Prospect "E" (refer to the results reported for the Quifa-5, Quifa-8, Quifa-12 and Quifa-17 wells in the company's press releases dated November 26, 2008, August 26, 2009, November 9, 2009 and December 9, 2009, respectively). The company is now planning to complete the well as a highly deviated-hole producer.

Operational update for Abanico, La Creciente and Rubiales In the Abanico Block, located in the Upper Magdalena Valley of Colombia, the Abanico-34 and Abanico-35 wells have been producing at an average of 1,392 bopd and 485 bopd, respectively. The increase in the average production of the Abanico-34 well is the result of a hydraulic fracturing in the Lower Guadalupe reservoir sands. Given the excellent results at the Abanico-34 well, the company is planning to perform the same type of simulation on the Abanico-35 and Abanico-20 wells.

In the La Creciente Block, the average daily production of the La Creciente "A" field is approximately 61.7 MMcfd or 10,800 boepd (1 boepd equals 5,700 cfg). The production is currently coming from wells LC-1, LC-3 and LC-4.

Production Update The combination of the aggressive development drilling campaign in the Rubiales-Piriri Block and the production coming from the exploratory and appraisal wells in the Quifa Block is what enabled gross production of those fields to reach 112,450 bopd; representing 111,400 bopd from Rubiales-Piriri and 1,050 bopd from Quifa.

The gross production operated by the company on the Rubiales, La Creciente, Abanico, Quifa, Acacias, Guaduas and Arce fields reached 127,903 bopd and the production coming from the non-operated fields of Rio Ceibas and Puli reached 2,049 bopd for a total gross production of 129,952 bopd and a total net production after royalties of 52,865 boepd.

Mr. Ronald Pantin, Chief Executive Officer, commented, "The results of the appraisal well at Quifa continue to show the extension of the reservoir into new areas and further supports our development plan for the block. As well, the results from the Abanico field wells underline our commitment to use the best, most-efficient technology and processes to reach our production goals."

Tags: Pacific Rubiales Energy Corp.