Pacific provides update regarding the Quifa block

TORONTO, Feb. 23, 2016 /CNW/ - Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) today responded to certain information that is circulating in different media channels regarding the Colombian Constitutional Court rendering a decision regarding the indigenous community consultation process in respect of a portion of the Quifa Field Operations, located in the Puerto Gaitán Municipality, Meta Department in the Llanos Basin in Colombia. The Company wishes to note that it has not yet been formally notified by the relevant judicial authorities of any decision regarding the Quifa Field and, as such, cannot provide comment until it has been provided with, and reviewed, the Court's decision.

However, based strictly on the information that is circulating in the media of which the Company is aware, the Company believes the decision will have no material effect on its Quifa Field Operations. The Company will comment further following a comprehensive review of the Court's decision, once notified.

The Company believes it has complied with all legal and judicial requirements in respect of its Quifa Operations and will comply with any decision of the Colombian Constitutional Court.

About Pacific:

Pacific is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 85 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Mexico and Belize. Pacific Exploration & Production is committed to conducting business safely, in a socially and environmentally responsible manner.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE, and PREC, respectively.

Advisories:

Cautionary Note Concerning Forward-Looking Statements

This news 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 and its strategy) 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: the media reports regarding the Court's decision being incorrect or incomplete; the Court's decision differing materially from the media reports or otherwise having unanticipated consequences; failure to reach an agreement with lenders (including holders of each series of the Company's notes) to restructure the Company's capital structure; failure to satisfy any terms or conditions of any agreement with the lenders on a proposed restructuring; any negative impact on the Company's current operations as a result of any proposed restructuring or failure to reach an agreement with the lenders thereon; failure to satisfy the terms and conditions of any one of the Company's waiver, extension or forbearance agreements with applicable creditors or any other waiver, extension or forbearance; failure to obtain further waivers, extensions or forbearances;  the terms of any waivers, extensions or forbearances including the impact on the Company of any restrictions imposed upon it in connection therewith; 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, Guatemala, Peru, Brazil, Papua New Guinea, Guyana and Mexico; 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; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 17, 2015 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.  

Translation

This news release was prepared in the English language and subsequently translated into Spanish. 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 Exploration and Production Corporation

PDF available at: http://stream1.newswire.ca/media/2016/02/23/20160223_C7914_PDF_EN_627880.pdf

Frederick Kozak, Corporate Vice President, Investor Relations, [phone], [phone]; Roberto Puente, Sr. Manager, Investor Relations, [phone]; Richard Oyelowo, Manager, Investor Relations, [phone]; MEDIA CONTACT: Tom Becker, Sitrick & Company, [phone]