Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) announced today that it is changing its corporate name to Pacific Exploration and Production Corporation. The name change comes after an acquisition by Alfa S.A.B. and Harbour Energy, Ltd. failed, and the company continues to face a depressed stock price as the entire petroleum sector continues to struggle. Nevertheless, the company said in a statement that the name change reflects the Company’s broader focus in Latin America as the Company’s production base continues to be diversified away from the Rubiales Field.
The Company asset base is currently allocated across seven countries, including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The opening up of the Mexican energy sector to foreign investment provides a very large opportunity that the company states is aligned with its core expertise in light and heavy oil exploration and development, as the leading independent Latin American focused E&P company.
“This name change represents a significant milestone for the Company, reflecting that we have in fact replaced production from the Rubiales Field. Total net production after royalties has grown from well under 100,000 boe/d to current levels of just over 150,000 boe/d, despite a 14% 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,” said CEO Ronald Pantin.
The new name is effective immediately, and will be implemented throughout the rest of 2015. The company’s new website is www.pacific.energy
The company 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. Common shares will continue to trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE, and PREC, respectively.