Pacific Rubiales Energy Corp. announced on Friday it is changing its corporate name to Pacific Exploration and Production Corporation.
The name change reflects the company's wider focus in Latin America as the company's production base continues to expand away from the Rubiales Field.
"This name change represents a significant milestone for the company, reflecting that we have in fact replaced production from the Rubiales Field,” CEO Ronald Pantin said. “Total net production after royalties has grown from well under 100,000 boe/d (barrels of oil equivalent per day) to current levels of just over 150,000 boe/d, despite a 14 percent decline in production from the Rubiales Field in 2014. We have more than replaced the Rubiales production from a combination of other heavy oil production in Colombia, light and medium oil production in Colombia and Peru, and natural gas production in Colombia. A large portfolio of undeveloped reserves plus resources underpin further potential production growth beyond 2016."
The new name is effective immediately and will be implemented throughout the company in the 2015 calendar year. The company's new website can be found at www.pacific.energy.
Pacific Exploration has made an application to the Toronto Stock Exchange for its approval of the name change and has received conditional approval subject to the submission of the required final documentation.
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