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Pacific Rubiales hits more oil at Quifa-10 well

2009-10-13 11:01 ET - News Release

Mr. Ronald Pantin reports

PACIFIC RUBIALES ENERGY ANNOUNCES ANOTHER EXPLORATION SUCCESS AND OPERATIONAL UPDATE AT QUIFA BLOCK

Pacific Rubiales Energy Corp. has made another oil discovery at its Quifa-10 well on the Quifa block located in the Llanos basin of Colombia. The company has also provided an update on the operational activity in the block.

The Quifa-10 was drilled as an appraisal well of the discovery well Quifa-7 located at Prospect H. The well found the top of the Carbonera basal sands at 2,889 feet measured depth (MD), or 2,229 feet true vertical depth sub sea level (TVDSS) and the oil-water contact (OWC) at 2,933 feet MD, or 2,273 feet TVDSS, for a total oil column of 44 feet. The petrophysical evaluation of the well indicates a net pay zone of 20 feet with 32-per-cent average porosity. The Quifa-10 well was drilled at a distance of 1.1 kilometres from the Quifa-7 well and at two kilometres of the Quifa-8 well in Prospect E. Please refer to the drill results of the Quifa-7 and Quifa-8 wells in the company's press releases in Stockwatch dated Sept. 8 and Aug. 26, 2009. This well extends the discovery of Prospect H to the north and also extends the discovery of Prospect E to the south, resulting in a total hydrocarbon column of more than 100 feet for both prospects, with an average net pay of 24 feet. The results obtained with this well reinforce the company's belief that the area comprising prospects D, E, H and I are connected to the Rubiales field and Pacific is just appraising this reservoir into the Quifa block. The company is now planning to test the well and complete it as a vertical hole producer.

An updated average production for the Quifa-5, Quifa-7, Quifa-8 and Quifa-9 wells is summarized in the table. The production test on Quifa-I-9 is still pending and waiting for a mechanical condition to be solved at the well bore.

Well         Production period   Average boe per day  Quifa-5      Six months          192 Quifa-7      28 days             170 Quifa-8      25 days             134 Quifa-9      15 days             119    

As a result of the exploration success in the Quifa block, an additional drilling campaign comprising six appraisals and three exploratory wells will be executed during 2009. The three exploratory wells will be drilled on prospects A, B and C, and the six appraisal wells will be spudded on prospects D, E and H. The appraisal wells represent the initiation of the process to declare the commerciality for the south-southwest region of the Quifa block.

Units of barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

We seek Safe Harbor.

Globe says Eldorado, others keeping things positive

2009-10-08 05:47 ET - In the News

See In the News (C-ELD) Eldorado Gold Corp

The Globe and Mail reports in its Wednesday edition that the performance of the S&P/TSX composite over the last year has now taken it into positive territory. The Globe's Scott Adams writes in the Number Cruncher column that the index is up 10 per cent over the past year. That advance was achieved, however, only in the last few days. It should be noted the market fell sharply in the first few days of October last year, before bottoming in November, rallying modestly into the new year and then finding new lows again in March. The performance from Oct. 1, 2008, until now, however, leaves the market down about 3 per cent. Mr. Adams tries to identify the best performing stocks since Oct. 1 to now. Mr. Adams notes that about 160 stocks are still in the composite that were there last year and 90 of those stocks have seen gains since Oct. 1, 2008, to now. The odds are in your favour if you held one of the index's 160 stocks over the past year that you would have seen gains. Mr. Adams identified the top performing companies and they are SXC Health Solutions, Iamgold, Osisko Mining, Ivanhoe Mines, HudBay Minerals, European Goldfields, Pacific Rubiales Energy, Red Back Mining, Aurizon Mines and Eldorado Gold.

Here are all the house positions for : PRE for 10/14/2009.

36 Records Returned

House Positions

	Exch	House	Bought	$Value	Ave		Sold	$Value	Ave		Net	$Net
		1 Anonymous	586,700	8,481,415	14.46		464,600	6,682,039	14.38		122,100	-1,799,376
		15 UBS	567,600	8,258,618	14.55		470,000	6,840,000	14.55		97,600	-1,418,618
		14 ITG	92,814	1,327,062	14.30		0				92,814	-1,327,062
		7 TD Sec	334,788	4,792,712	14.32		273,086	3,899,986	14.28		61,702	-892,726
		72 Credit Suisse	31,527	454,844	14.43		600	8,737	14.56		30,927	-446,107
		9 BMO Nesbitt	60,017	864,759	14.41		44,631	646,509	14.49		15,386	-218,250
		99 Jitney	210,800	3,032,632	14.39		199,900	2,876,926	14.39		10,900	-155,706
		88 Scotia iTRADE	21,095	304,112	14.42		12,350	178,328	14.44		8,745	-125,784
		82 Thomas Weisel	11,900	172,429	14.49		6,000	86,880	14.48		5,900	-85,549
		10 FirstEnergy	5,000	72,000	14.40		0				5,000	-72,000
		59 PI	5,000	72,750	14.55		0				5,000	-72,750
		27 Dundee	5,000	72,966	14.59		1,000	14,590	14.59		4,000	-58,376
		89 Raymond James	6,400	92,380	14.43		3,400	49,310	14.50		3,000	-43,070
		58 Qtrade	2,625	38,043	14.49		0				2,625	-38,043
		36 Latimer	2,500	36,425	14.57		0				2,500	-36,425
		62 Haywood	2,000	28,660	14.33		0				2,000	-28,660
		83 Research Cap	2,000	29,000	14.50		0				2,000	-29,000
		101 Newedge	2,200	30,898	14.04		200	2,850	14.25		2,000	-28,048
		86 Pictet	1,350	19,426	14.39		0				1,350	-19,426
		5 Penson	1,000	14,080	14.08		80	1,142	14.28		920	-12,938
		124 Questrade	1,520	22,119	14.55		800	11,568	14.46		720	-10,551
		19 Desjardins	10,279	147,516	14.35		9,770	141,519	14.49		509	-5,997
		56 Edward Jones	500	7,190	14.38		0				500	-7,190
		94 Hampton	139	1,979	14.24		0				139	-1,979
		57 Interactive	65	925	14.23		0				65	-925
		81 HSBC	0				1,000	14,540	14.54		-1,000	14,540
		28 BBS	0				5,800	83,984	14.48		-5,800	83,984
		85 Scotia	4,785	69,121	14.45		24,294	351,517	14.47		-19,509	282,396
		80 National Bank	72,100	1,036,732	14.38		93,693	1,350,714	14.42		-21,593	313,982
		39 Merrill Lynch	125,200	1,815,166	14.50		153,652	2,227,566	14.50		-28,452	412,400
		74 GMP	377,530	5,426,959	14.37		424,381	6,119,447	14.42		-46,851	692,488
		65 Goldman	218,500	3,140,811	14.37		277,600	3,980,698	14.34		-59,100	839,887
		33 Canaccord	233,350	3,369,330	14.44		297,996	4,312,864	14.47		-64,646	943,534
		2 RBC	105,290	1,515,906	14.40		172,000	2,480,651	14.42		-66,710	964,745
		79 CIBC	277,758	4,009,608	14.44		352,710	5,098,620	14.46		-74,952	1,089,012
		46 Blackmont	11,020	160,310	14.55		100,809	1,457,898	14.46		-89,789	1,297,588
		Total	3,390,352	48,918,883	14.43		3,390,352	48,918,883	14.43		0	0