Pacific Rubiales announces successful oil flow from two wells drilled in the CPE-6 heavy oil block, Eastern Llanos Basin,

Pacific Rubiales announces successful oil flow from two wells drilled in the 
CPE-6 heavy oil block, Eastern Llanos Basin, Colombia 
TORONTO, Dec. 23, 2013 /CNW/ - Pacific Rubiales Energy Corp. (TSX:PRE) (BVC: 
PREC) (BOVESPA: PREB) announced today the successful results of the first 
production tests in the CPE-6-1X exploration well and the CPE-6-H2 appraisal 
well, two new wells drilled during December in the CPE-6 Block in the Eastern 
Llanos Basin, onshore Colombia. Pacific Rubiales has a 50% working interest 
and is operator of the block. Talisman (Colombia) Oil and Gas Ltd., a wholly 
owned subsidiary of Talisman Energy Inc. (TSX: TLM) (NYSE:TLM) holds the 
remaining 50% working interest. 
The CPE-6-1X vertical exploration well was drilled to a total depth of 3,318 
feet MD in the Hamaca prospect, targeting the Basal Sand Unit of the Carbonera 
Formation, a unit that has shown a significant hydrocarbon column in 12 
stratigraphic wells drilled in the block by the Company and its partner since 
2010. The petrophysical evaluation of the well indicates a total of 50 feet of 
net pay averaging 30% porosity across a gross interval of 90 feet. The well 
was cased and completed in the net pay interval and tested at an average flow 
rate of 222 bbl/d of 10.8° API oil with a 15% water cut, tested over a five 
day period. 
The CPE-6-H2 vertical appraisal well was drilled to a total depth of 3,485 
feet MD, targeting the Basal Sand Unit of the Carbonera Formation. The well is 
located four kilometers northeast of the CPE-6-1X well and is also drilled in 
the Hamaca prospect. The petrophysical evaluation of the well indicates a 
total of 34.5 feet of net pay averaging 29% porosity across a gross interval 
of 80 feet. The well was cased and completed in the net pay interval and 
tested at an average flow rate of 213 bbl/d of 10.9° API oil with a 12% water 
cut, tested over a three day period. 
Both wells were completed using an open-hole gravel pack technique. No thermal 
stimulation was required and both wells responded well to the use of 
submersible pump lift. The CPE-6-1X well fulfils the commitments for the first 
exploration phase of the CPE-6 E&P contract. 
Ronald Pantin, the Company's Chief Executive Officer, commented: 
"These are very good results, both wells exceed the production rate of an 
average vertical well in the Rubiales Field, and fully endorse our confidence 
in the oil potential of the CPE-6 Block and the repeatable scalable nature of 
the heavy oil resource play in Colombia. From our extensive experience in 
operating and developing the neighbouring Rubiales and Quifa SW heavy oil 
fields, we find that horizontal wells typically flow at up to six to ten times 
the rate of a vertical well. 
"We have now established our first two producing wells on the CPE-6 Block. The 
Company will be moving a third rig into the CPE-6 Block in early 2014 and 
plans to drill 16 development wells and nine exploration and appraisal wells 
during the year. We are in the process of moving modular production equipment 
into the block to accommodate the expected early production. In early 
November, the Company was granted the global environmental license for the 
CPE-6 Block which allows us to drill 200 wells (including exploration, 
appraisal, development and injection wells) on 40 pads and also build surface 
facilities for future field development expansion. 
"Over the past six years, Pacific Rubiales has been the leading explorer and 
developer of heavy oil reserves and production in Colombia with its giant 
Rubiales and Quifa oil field developments, and has established one of the 
largest acreage positions along Colombia heavy oil resource trend. With its 
50% and 100% respective working interests in the CPE-6 and Rio Ariari blocks, 
both located southwest of the Rubiales/Quifa SW fields along Colombia's heavy 
oil resource trend, the Company now has a clear path to replace the Rubiales 
Field production by 2016." 
At year-end 2012, the Company booked certified net 2P reserves of 44.5 MMbbl 
associated with the Basal Sand Unit in the Hamaca prospect, located in the 
north central portion of the CPE-6 Block, and additional working interest 
gross best case Prospective Resources of 137.1 MMbbl for this unit. The 2012 
certification does not include an evaluation of the overlying C-7 sand where 
additional potential oil pay has been identified on petrophysical logs in 
wells drilled in the block. 
Pacific Rubiales, a Canadian company and producer of natural gas and crude 
oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri 
and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus 
Energy Colombia Corp., which operates the La Creciente natural gas field in 
the northwestern area of Colombia. Pacific Rubiales has also acquired 100% 
of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and 
oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns 
light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light 
oil assets in the Llanos Basin. In addition, the Company has a diversified 
portfolio of assets beyond Colombia, which includes producing and exploration 
assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea. 
Advisories 
Cautionary Note Concerning Forward-Looking Statements 
This press release contains forward-looking statements. All statements, other 
than statements of historical fact, that address activities, events or 
developments that the Company believes, expects or anticipates will or may 
occur in the future (including, without limitation, statements regarding 
estimates and/or assumptions in respect of production, revenue, cash flow and 
costs, reserve and resource estimates, potential resources and reserves and 
the Company's exploration and development plans and objectives) are 
forward-looking statements. These forward-looking statements reflect the 
current expectations or beliefs of the Company based on information currently 
available to the Company. Forward-looking statements are subject to a number 
of risks and uncertainties that may cause the actual results of the Company to 
differ materially from those discussed in the forward-looking statements, and 
even if such actual results are realized or substantially realized, there can 
be no assurance that they will have the expected consequences to, or effects 
on, the Company. Factors that could cause actual results or events to differ 
materially from current expectations include, among other things: uncertainty 
of estimates of capital and operating costs, production estimates and 
estimated economic return; the possibility that actual circumstances will 
differ from the estimates and assumptions; failure to establish estimated 
resources or reserves; fluctuations in petroleum prices and currency exchange 
rates; inflation; changes in equity markets; political developments in 
Colombia, Peru, Guatemala, Brazil, Papua New Guinea or Guyana; changes to 
regulations affecting the Company's activities; uncertainties relating to the 
availability and costs of financing needed in the future; the uncertainties 
involved in interpreting drilling results and other geological data; the 
impact of environmental, aboriginal or other claims and the delays such claims 
may cause in the expected development plans of the Company and the other risks 
disclosed under the heading "Risk Factors" and elsewhere in the Company's 
annual information form dated March 13, 2013 filed on SEDAR at www.sedar.com. 
Any forward-looking statement speaks only as of the date on which it is made 
and, except as may be required by applicable securities laws, the company 
disclaims any intent or obligation to update any forward-looking statement, 
whether as a result of new information, future events or results or otherwise. 
Although the Company believes that the assumptions inherent in the 
forward-looking statements are reasonable, forward-looking statements are not 
guarantees of future performance and accordingly undue reliance should not be 
put on such statements due to the inherent uncertainty therein. 
In addition, reported production levels may not be reflective of sustainable 
production rates and future production rates may differ materially from the 
production rates reflected in this press release due to, among other factors, 
difficulties or interruptions encountered during the production of 
hydrocarbons. 
Reserves and Resources 
The reserves associated with the CPE-6 Block were certified by Petrotech in a 
report dated February, 28, 2013, effective December 31, 2012, entitled 
"Evaluation of the Proved & Probable Reserves of Pacific Rubiales Energy Corp. 
in 16 Blocks in Colombia and 1 Block Offshore, Peru for Year-Ending 2012". For 
further information, see the Company's Form 51-101 F1 - Statement of Reserves 
Data And Other Oil and Gas Information as of December 31, 2012 dated March 13, 
2013. Additional details on the CPE-6 Block reserves are provided in the 
following table below: 
 ____________________________
|CPE 6 Block 2P Reserves     |
|____________________________|
|Reserve Type     |Gross|Net |
|_________________|_____|____|
|Heavy Oil (MMbbl)|57.1 |44.5|
|_________________|_____|____| 
The Prospective Resources associated with the CPE-6 block were certified by 
Petrotech in a report dated April 2, 2013, with an effective date of September 
30, 2012, entitled "Resource Evaluation of the Interests of Pacific Rubiales 
Energy Corp. in 32 Exploration & Production Blocks in Colombia, Guatemala, 
Guyana, Papua New Guinea, Peru and Brazil". Additional details on the CPE-6 
Block Prospective Resources are provided in the following table below: 
 _____________________________________________________________________
|                           CPE-6 Block Prospective Resources         |
|_____________________________________________________________________|
|Prospect & Leads |Low Case Gross|Best Case Gross|  High Case Gross   |
|                 |              |               |                    |
|                 |   Unrisked   |   Unrisked    |Unrisked Prospective|
|                 | Prospective  |  Prospective  |                    |
|                 |              |               |     Resources      |
|                 |  Resources   |   Resources   |                    |
|_________________|______________|_______________|____________________|
|Hamaca Prospect  |        6.0   |        55.2   |           151.5    |
|(MMbbl)          |              |               |                    |
|_________________|______________|_______________|____________________|
|Two Leads (MMbbl)|        4.9   |        81.9   |           290.6    |
|_________________|______________|_______________|____________________|
|Total (MMbbl)    |       10.9   |       137.1   |           442.1    |
|_________________|______________|_______________|____________________| 
Readers should give attention to the estimates of individual classes of 
resources and appreciate the differing probabilities of recovery associated 
with each class. Estimates of remaining recoverable resources (unrisked) 
include Prospective Resources that have not been adjusted for risk based on 
the chance of discovery or the chance of development. It is not an estimate of 
volumes that may be recovered. Actual recovery is likely to be less and may be 
substantially less or zero. 
Prospective Resources are those quantities of oil and gas estimated to be 
potentially recoverable from undiscovered accumulations. There is no 
certainty that the Prospective Resources will be discovered. If discovered, 
there is no certainty that it will be commercially viable to produce any 
portion of the Prospective Resources. Application of any geological and 
economic chance factor does not equate Prospective Resources to Contingent 
Resources or reserves. In addition, the following mutually exclusive 
Classification of Resources were used: 


    --  Low Estimate - This is considered to be a conservative estimate
        of the quantity that will actually be recovered from the
        accumulation. This term reflects a P90 confidence level where
        there is a 90% chance that a successful discovery will be equal
        to more than this resources estimate.
    --  Best Estimate - This is considered to be the best estimate of
        the quantity that will actually be recovered from the
        accumulation. This term is a measure of central tendency of the
        uncertainty distribution and in this case reflects a 50%
        confidence level where there is a 50% chance that the
        successful discovery will be equal to or more than this
        resources estimate.
    --  High Estimate - This is considered to be an optimistic estimate
        of the quantity that will actually be recovered from the
        accumulation. This term reflects a P10 confidence level where
        there is a 10% chance that the successful discovery will be
        equal to or more than this resources estimate. 

In this news release total volumes of resources have been expressed for high 
case estimates, low case estimates and best case estimates for Prospective 
Resources. These total volumes are arithmetic sums of multiple estimates of 
Prospective Resources, as the case may be, which statistical principles 
indicate may be misleading as to volumes that may actually be recovered. 
Readers should give attention to the estimates of individual classes of 
resources and appreciate the differing probabilities of recovery associated 
with each class as explained in this section.

Definitions

 _____________________________________________________________________
|                   Bcf|                           Billion cubic feet.|
|______________________|______________________________________________|
|                  Bcfe| Billion cubic feet of natural gas equivalent.|
|______________________|______________________________________________|
|                   bbl|                                Barrel of oil.|
|______________________|______________________________________________|
|                 bbl/d|                        Barrel of oil per day.|
|______________________|______________________________________________|
|                   boe|        Barrel of oil equivalent. Boe's may be|
|                      |misleading, particularly if used in isolation.|
|                      |                                           The|
|                      |                                              |
|                      |  Colombian standard is a boe conversion ratio|
|                      |    of 5.7 Mcf:1 bbl and is based on an energy|
|                      |                                              |
|                      |       equivalency conversion method primarily|
|                      |     applicable at the burner tip and does not|
|                      |                                              |
|                      |represent a value equivalency at the wellhead.|
|______________________|______________________________________________|
|                 boe/d|             Barrel of oil equivalent per day.|
|______________________|______________________________________________|
|                  Mbbl|                             Thousand barrels.|
|______________________|______________________________________________|
|                  Mboe|           Thousand barrels of oil equivalent.|
|______________________|______________________________________________|
|                 MMbbl|                              Million barrels.|
|______________________|______________________________________________|
|                 MMboe|            Million barrels of oil equivalent.|
|______________________|______________________________________________|
|                   Mcf|                          Thousand cubic feet.|
|______________________|______________________________________________|
|      Million Tons LNG|    One million tons of LNG (Liquefied Natural|
|                      |  Gas) is equivalent to 48 Bcf or 1.36 billion|
|                      |                                              |
|                      |                            m3 of natural gas.|
|______________________|______________________________________________|
|        Net Production|     Company working interest production after|
|                      |                       deduction of royalties.|
|______________________|______________________________________________|
|Total Field Production|         100% of total field production before|
|                      |   accounting for working interest and royalty|
|                      |                                   deductions.|
|______________________|______________________________________________|
|      Gross Production|    Company working interest production before|
|                      |                       deduction of royalties.|
|______________________|______________________________________________|
|                   WTI|            West Texas Intermediate Crude Oil.|
|______________________|______________________________________________|

Translation

This news release was prepared in the English language and subsequently 
translated into Spanish and Portuguese. In the case of any differences between 
the English version and its translated counterparts, the English document 
should be treated as the governing version.



SOURCE  Pacific Rubiales Energy Corp. 
Christopher (Chris) LeGallais Sr. Vice President, Investor Relations +1 (647) 
295-3700 
Roberto Puente Sr. Manager, Investor Relations +57 (1) 511-2298 
Kate Stark Manager, Investor Relations +1 (416) 362-7735 
PDF available at:  
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CO: Pacific Rubiales Energy Corp.
ST: Ontario
NI: OIL FIELD  
-0- Dec/23/2013 11:00 GMT
 
 
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