TORONTO, Aug. 13 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE),
announced today the release of its unaudited consolidated financial results
for the three month period ended June 30, 2009, together with its Management's
Discussion and Analysis. These documents are posted on the company's website
and SEDAR: www.sedar.com.
Ronald Pantin, Chief Executive Officer, commented: "We are very pleased
with our second quarter results which continue to show strong production
growth, more than compensating for the significant weakness in the current oil
price when compared with the same period last year. This is largely due to our
almost 68% increase in production from the same period last year. This is an
achievement that demonstrates our leadership and growth potential among the
Colombian E&Ps. We remain focused on executing on our internal growth strategy
as the ODL pipeline construction is completed, on time and on budget, which
will allow us to take the Rubiales field to its full potential."
Management will hold a live conference call to discuss the company's
financial results on Friday, August 14 beginning at 9:00 am Bogota time or
10:00 am EDT. Analysts and interested investors are invited to participate as
follows:
Conference call:
Participant Number (Toronto): 416-915-5761
Participant Number (toll free): 800-814-4860
Operating Summary
Three months ended June 30
2009 2009 2009 2008
Oil Gas Combined Combined
-----------------------------------------
Average daily production sold
(boe/day)(1) 34,428 5,283 39,711 20,504
-------------------------------------------------------------------------
Operating netback ($/boe)(2)
Crude oil and natural gas
sales price 48.05 25.44 45.05 85.93
Lifting costs 2.84 1.79 2.70 4.09
Transportation and other
costs 10.77 3.66 9.83 8.93
Upgrading cost (diluent
including transportation) 6.42 - 5.57 15.47
Other production costs 3.94 4.97 4.08 4.64
Overlift/Underlift(3) 6.19 0.49 5.44 (0.44)
-------------------------------------------------------------------------
Operating netback 17.89 14.53 17.43 53.24
-------------------------------------------------------------------------
(1) Natural gas conversion rate used was 6 mcf equals 1 barrel of oil
equivalent ("boe"). Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead.
(2) Combined operating netback data based on weighted average daily
production sold which include diluents necessary for the upgrading of
the Rubiales blend.
(3) Corresponds to the effect of overlift position of 455,000 boe as of
June 30, 2009 amounting to $19.4 million, or a net combined effect of
$5.44 per boe in production costs.
Financial Summary
Three months ended
(in thousands of US$ except per share June 30,
amounts or as noted) 2009 2008
-------------------------------------------------------------------------
Net sales 160,994 158,567
Operating costs (79,238) (60,902)
Depletion, depreciation and amort. (43,231) (22,902)
-----------------------
Net Operating Income from Operations 38,525 74,763
General & administrative expenses (14,021) (11,049)
Other non-cash(1) items and taxes (143,044) (21,586)
-----------------------
Net lncome (Loss) for the period (118,540) 42,128
-----------------------
-----------------------
Interest expense and others 8,355 168
Income tax expense 1,802 32,535
Depletion, depreciation and amort.
