Pacific Responds to False Media Report on its STAR Technology

Source: www.gulfoilandgas.com 1/24/2014, Location: South America

Pacific Rubiales Energy Corp announced that while it is a general policy not to comment on market or media rumours, the Company would like to formally refute the false media report recently published on its proprietary Synchronized Thermal Additional Recovery ("STAR") technology.

Recent results from three independent engineers have shown the Company's STAR technology has demonstrated at least a doubling of the primary recovery factor at the Quifa SW pilot project. In addition, using the STAR technology, the Company has been able to reduce the cumulative water cut in the pilot project by approximately 40 percent. The Company stands by these results and reiterates that STAR has performed in line with its expectations.

The Company has received approval from Ecopetrol, S.A. (its partner in the Quifa SW Field) to convert two to six adjacent existing commercial scale pads, currently producing under primary recovery, to STAR wells in the first half of 2014 and will continue to roll out the project to full commercial scale throughout 2014.

STAR is expected to increase reserves and extend reservoir life, which will have the effect of reducing future DD&A costs in the Company's heavy oil fields. The technology is specifically designed for the unique characteristics associated with Colombia's heavy oil fields and is expected to be applicable to the Company's large inventory of heavy oil fields on production, under development and in exploration stages.

The Company has been granted two exclusive 20 year patents in Colombia for the application of its STAR technology and believes that it is a potential game-changer for Pacific Rubiales and for the future of oil production in Colombia.

The Company is actively negotiating a new contract for the Rubiales Field that would extend beyond the primary contract, which expires in mid-2016. The proposed contract would be based on the implementation of STAR at sole risk, in return for a new contract for incremental secondary oil volumes, extending beyond the 2016 expiry. STAR volumes are not currently factored into the Company's five year production forecast.


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