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Pacific Announces Update on Quifa Contract

Source: www.gulfoilandgas.com 4/23/2013, Location: South America

Pacific Rubiales Energy Corp. provided an update to the March 13, 2013 news release with respect to its arbitration with Ecopetrol, S.A. (Ecopetrol) regarding the interpretation of the high-prices clause (PAP) in the Quifa Association Contract.

The Company has filed a request for annulment of the arbitration panelís decision with the Consejo de Estado (Colombiaís supreme court for administrative matters). On April 15, 2013, the Company agreed to distribute the additional PAP production from the Quifa SW field to Ecopetrol in accordance with then terms of the arbitration panelís decision. The Company is in contact with Ecopetrol to co-ordinate and program crude deliveries in accordance therewith. This interim position of the Company is subject to the final determination of the Consejo de Estado on the annulment of the decision.

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