TORONTO, Oct. 17, 2014 /PRNewswire/ - Pacific Rubiales
Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced
today that it has entered into a three year Memorandum of
Understanding and Cooperation (the "MOU") with Mexico's state oil company, Petróleos
Mexicanos and its subsidiary
entities ("Pemex") establishing the basis for discussions
and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water
projects, revitalization of mature fields, heavy and extra-heavy
oil onshore and offshore fields, high water production fields and
other upstream activities.
The MOU establishes a cooperative framework in order to exchange
technical knowledge, information, experiences and practices, as
well as any other mutually identified areas of interest. These may
include upstream, midstream, human capital, and environmental and
safety, knowledge and opportunities.
Ronald Pantin, Chief Executive
Officer of the Company, commented:
"We are very pleased to be one of the first foreign independent
oil and gas producers to sign an agreement with Pemex and look
forward to working together to develop a sustainable energy sector
in Mexico. This partnership
combines the strengths and advantages of both companies to identify
and pursue collaboration opportunities offered by the recent
opening up of the Mexican oil and gas sector to foreign
investment.
"We expect Mexico will be a
significant driver of future growth for Pacific Rubiales and are
committed to further advancing our plans in the country as we
continue to build the leading Independent Latin American focused
E&P Company."
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 also
previously 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, Belize and Papua New Guinea.
The Company's common shares trade on the Toronto Stock
Exchange and La Bolsa de Valores
de Colombia and as Brazilian
Depositary Receipts on Brazil's
Bolsa de ValoresMercadorias e Futuros under the ticker symbols PRE,
PREC, and PREB, respectively.
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, Belize,
Mexico 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, 2014 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.
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.
