Pacific Rubiales Energy Corp is making a change of corporate name to Pacific Exploration and Production Corporation. The name change reflects the broader focus of the Company in Latin America as the production base of the company continues to diversify into areas other than the Rubiales field.
The new name highlights the company strategy, which is focused on sustainable growth in production reserves and cash generation in a diversified portfolio of assets. The asset base of the company is spread over seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The opening of Mexico's energy sector to foreign investment, a great opportunity, which fits with the central expertise and history of exploration and development of light and heavy crude Company, confirming us as the leading independent company E & P with a focus on Latin America.
Ronald Pantin, Chief Executive Officer of the Company, commented:
"This name change represents a significant milestone for the company, which shows that we have effectively replaced the production of the Rubiales field. The total net production after royalties has grown from less than 100,000 boe / da current levels above 150,000 boe / d, despite a reduction of 14% in the Rubiales field production levels during 2014. We replaced the Rubiales production with a combination of other heavy crude production in Colombia, light crude and media in Colombia and Peru and production of natural gas in Colombia. Importantly, we have a large portfolio of undeveloped reserves plus resources that are the basis for the potential production growth beyond 2016. "
The new name will become effective immediately, and will be implemented throughout the Company during 2015. The new website of the Company is in the www.pacific.energy link.
The Company has filed an application with the Toronto Stock Exchange for the approval of the name change, and has received conditional approval subject to the filing of the final documentation required.
The common shares of the Companiacontinuaran listed on the Toronto Stock Exchange and the Colombia Stock Exchange lower the ticker symbols PRE and PREC, respectively.