Pacific Rubiales Announces Second Quarter 2015 Results: Total Operating Costs Reduced By 21% From The Prior Quarter

TORONTO, Aug. 13, 2015 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) announced today the release of its unaudited consolidated financial results for the quarter ended June 30, 2015, together with its Management Discussion and Analysis ("MD&A"). These documents will be posted on the Company's website at www.pacificrubiales.com, SEDAR at www.sedar.com, and the SIMEV website at www.superfinanciera.gov.co/web_valores/Simev. A corporate presentation relating to the second quarter results will be posted on the Company's website. All values in this release and the Company's financial disclosures are in U.S.$, unless otherwise stated.

Ronald Pantin, Chief Executive Officer of the Company, commented:

"During the second quarter of 2015, international oil prices have continued to pose difficult challenges for the industry. However, as you will see from our results, we at Pacific Rubiales have been very successful in executing upon the Company's strategy delivering competitive results in this tough environment.

"Through a combination of sustainable cost reduction, focused investment and maintenance of production levels, the Company is adapting to the low oil price environment. We have put in place prudent financial measures and the Company has commenced a liability management strategy that will prepare the Company for any foreseeable challenges ahead.

"Consistent with our first quarter results, I am pleased to tell you that the plans that we executed in late 2014 and early 2015 to align the Company's operations with the low oil price environment continue to deliver results. You will see in the second quarter results that the Company has maintained its drive to reduce G&A and cash operating costs. While these reductions do not fully offset the significant drop in oil prices since late 2014, they do set-up the base upon which to build the Company's profitability through the remainder of 2015 and beyond within foreseeable oil price scenarios.

"The Company is well advanced in its liability management strategy. We expect to close the sale of our remaining equity interest in Pacific Midstream during the third quarter, which will have a significant impact in our financial results and liquidity. Also, we continue our process of strategic non-core divestures - namely, the sale of our equity interest in Pacific Infrastructure (Puerto Bahía) and in the longer term the farm-out of part of our exploration portfolio. Focusing on high value assets will allow us to optimize our use of resources.

"For production, in the second quarter of 2015, we have achieved volumes from our assets in Colombia and Peru of 152,428 boe/d. Production continues to be on track with our internal plans and above our 2014 exit rate of approximately 150,000 boe/d.

"The Company continues to focus its production portfolio on light and medium oil assets. Exploration discoveries that were made in 2014 in the Colombian foothills continue to provide near-term production growth. In addition, we have confirmed the potential of the offshore Brazil Kangaroo discovery and announced a second potentially similar oil discovery nearby at the Echidna prospect. The modest exploration activity in 2015 has so far identified a number of other light oil prospects similar to the discoveries already made and, more importantly, our program is evaluating new light oil development drilling locations that should allow production growth to continue well into 2016.

"For the second quarter of 2015, we earned revenues of $703 million and generated $307 million in Adjusted EBITDA and $168 million in funds flow from operations. Our operating netback for the quarter was $32.64/boe, benefitting from reduction of total costs and the strengthening of realized prices.

"We continued to streamline our operations and achieved further cost reductions during the quarter, with underlying operating costs of $23.71/boe and total operating costs (including overlift and other costs) of $21.08/boe, compared with $21.16/boe and $26.72/boe, respectively, for the first quarter of 2015. Further cost savings are still possible through 2015, due to the restructuring of work processes and the impact of the weakening Colombian Peso.

"As you know, during the second quarter, the Company received an offer from ALFA, S.A.B. de C.V. and Harbour Energy Ltd. for the acquisition of all of the outstanding common shares of the Company. At the request of ALFA and Harbour Energy, the offer was later terminated with no further obligations by the Company to ALFA and Harbour Energy, including any termination/break fee or expense reimbursement. Throughout this process, we have maintained our long-term focus on the fundamentals of the Company and delivery of value to all of our Shareholders.

"As we continue through this challenging year, it is clear that forecasting an accurate guidance for oil prices is difficult. Instead, we shall focus on updating our 2015 operational outlook: we expect average production for the year of 150 to 156 Mboe/d, representing 1% to 5% growth over 2014 production levels; realized prices to be approximately equal to the WTI benchmark price; expected operating costs will continue to reflect the reductions made by the Company and averaging $24 to $26/boe, with G&A costs of $200 million, financing costs of $270 million and cash taxes of $100 million. Consistent with our objectives, capital expenditures and cash flow are expected to be balanced for the year as we preserve cash on our balance sheet.

"In summary, while maintaining focus in production levels and necessary exploration activity, our financial and capital strategy remains focused on maintaining a healthy balance sheet by: (1) maintaining reduced operating and G&A costs; (2) reducing capital expenditures to match cash flow under the prevailing oil price environment; (3) allocating capital to the most material and highest return projects; (4) maintaining liquidity; (5) hedging adequate volumes of our production; and (6) implementing strategic liability management initiatives. These are all aimed at ensuring funding for future growth and generating strong returns to our Shareholders.

"These are difficult times globally for the oil industry, but we are sure that the Company can weather the storm and continue to move forward with a judicious use of our resources and efficient use of our technical expertise. We are prepared for the long-term as well as for the opportunities before us and any challenges that may emerge."

Operational Highlights:

• Net production after royalties for the quarter totaled 152,428 boe/d, which represented an increase of 2% from the average net production after royalties of 149,118 boe/d reported in the same period of 2014 and remained stable in comparison with the previous quarter.
• Net production from the Rubiales Field has been relatively flat with only modest levels of low-cost activities having been undertaken.
• Net production after royalties at the Quifa SW Field increased to 29,906 bbl/d during the second quarter of 2015, which was 33% higher than the same period of 2014, in part from the tie-in of additional producing wells and from the impact of lower oil prices on the high-price royalty.
• Light and medium net oil production increased 14% compared to the same period of 2014 and remained stable compared with the first quarter of 2015, at 55,783 bbl/d.
• Light and medium oil production represents 37% of total net oil and gas production, while production from the Rubiales Field represented 36% of the total quarter net production, down from 43% for the same period in 2014.

Financial Highlights:

• Revenue decreased in the second quarter of 2015 to $703 million from $800 million in the first quarter of 2015. The decrease from the first quarter of 2015 was the result of lower volumes sold, offset by an increase in the average combined sales price.
• Average oil and gas sales (including trading) for the second quarter of 2015 were 143,225 boe/d, a decrease of 8% compared to the same period in 2014.
• Combined operating netback on oil and gas for the second quarter of 2015 was $32.64/boe, 44% higher than the $22.73/boe in the first quarter of 2015. The increase was attributable to the reduction in total operating costs as well as the impact from higher realized prices.
• The average realized price for the quarter was $53.72/boe, higher than the $49.45/boe for the first quarter of 2015.
• G&A expenses continued to decrease to $51.1 million in the second quarter of 2015 from $54.9 million in the first quarter of 2015 and from $90.1 million in the same period a year ago.
• Adjusted EBITDA for the second quarter of 2015 was $307.3 million which was higher by 14% compared to prior quarter. Funds Flow from operations increased from $156.9 million in the prior quarter to $168.5 million in the second quarter of 2015.
• Net loss for the second quarter of 2015 was $226.4 million, reflecting the significant impact from crude oil price reductions. Other non-cash items affecting earnings included depletion, depreciation and amortization ("DD&A"), risk management expenses and unrealized foreign exchange losses. Total capital expenditures decreased to $185.0 million in the second quarter of 2015, compared with $226.0 million in the first quarter of 2015 and $510.2 million in the second quarter of 2014.
• On March 3, 2015, the Company agreed with its syndicate of lenders to amend the Revolving Credit Facility. Under the amended terms of the Revolving Credit Facility, the Company's permitted consolidated leverage ratio (debt-to-EBITDA) was increased from 3.5:1.0 to 4.5:1.0 based on a rolling four-quarter average. The other two financial covenants were not amended, being: (1) maintaining an interest coverage ratio of greater than 2.5; and (2) a net worth of greater than $1 billion, calculated as total assets less total liabilities, excluding those of excluded subsidiaries, being Pacific Midstream Ltd. and Pacific Infrastructure Ventures Inc. The amendments were supported by 100% of the lending syndicate, which is comprised of 25 international and local banks. Similar amendments have been made to Company's other bilateral credit facilities with: (i) Bank of America, N.A.; (ii) Banco atinoamericano de Comercio Exterior, S.A.; (iii) HSBC Bank USA, N.A.; and (iv) Sumitomo Mitsui Banking Corporation. The Company was compliant with all the covenants during the second quarter, including: (1) interest coverage ratio of 5.45; (2) debt-to-adjusted EBITDA ratio of 3.45; and (3) net worth of $1.115 billion.

Additional Highlights:

• The Company received $150 million during the quarter as a partial prepayment under a crude oil forward sale agreement for the delivery of six million barrels of crude oil over a six-month period starting in October 2015. The final prices on the volumes delivered will be determined based on the benchmark prices at the time of delivery.
• The Company entered into an uncommitted receivables purchase agreement for a maximum amount of $110 million, which provides potential liquidity to the Company. The discount to be applied on the receivables ranges between LIBOR + 0.8% and LIBOR + 1.4%. As of August 12, 2015, the Company has not used this facility.
• Three exploration wells (including stratigraphic and appraisal wells) were drilled in the quarter and resulted in one discovery and the confirmation of two other previous discoveries for 100% success. Exploration successes primarily located in the Central and Deep Llanos in Colombia have added approximately 9,120 bbl/d of gross light oil production in the past six months. The new discovery was in Brazil as the Echidna-1 well confirmed the presence of hydrocarbon accumulations in the salt-flank structure.

Financial Results

Financial Summary
			2015						2014
			Q2			Q1			Q2
Oil & Gas Sales Revenues ($ millions)			702.7			799.8			1,344.7
Adjusted EBITDA ($ millions)^1, 4			307.3			269.6			721.6
Adjusted EBITDA Margin (Adjusted EBITDA/Revenues)			44%			34%			54%
Adjusted EBITDA per share^1, 4			0.98			0.86			2.30
Cash Flow (Funds Flow from Operations) ($ millions)^1			168.5			156.9			531.7
Cash Flow (Funds Flow from Operations) per share^1			0.54			0.50			1.70
Net (Loss) earnings from operations before impairment			(101.9)			(138.9)			337.5
Net (Loss) Earnings ($ millions) ^2			(226.4)			(722.3)			228.5
Net (Loss) Earnings per share			(0.72)			(2.31)			0.73
Net Production (boe/d)			152,428			152,650			149,118
Sales Volumes (boe/d)			143,225			180,086			155,027
(COP$ / US$) Exchange Rate^3			2,585.11			2,576.05			1,881.19
Average Shares Outstanding – basic (millions)			313.3			313.3			313.6

¹ The terms Adjusted EBITDA and cash flow (funds flow from operations) are non-IFRS measures. Please see advisories and reconciliations in the MD&A.

² Net earnings attributable to equity holders of the parent.

³ COP/USD exchange rate fluctuations can have a significant impact on the Company's accounting net earnings, in the form of unrealized foreign currency translation on the Company's financial assets and liabilities and deferred tax balances that are denominated in COP.

⁴ The Company uses the non-IFRS measure Adjusted EBITDA, whereas in the past the term EBITDA was used. Our calculation of this measure has not changed from previous quarters, but the terminology has changed, further to guidance provided by the Ontario Securities Commission.

Production

Net Production Summary
						2015						2014
						Q2			Q1			Q2
Oil and Liquids (bbl/d)
Colombia						140,921			141,238			136,215
Peru						3,534			2,856			2,541
Total Oil and Liquids (bbl/d)						144,455			144,094			138,756
Natural Gas (boe/d)^1
Colombia						7,973			8,556			10,362
Total Natural Gas (boe/d)						7,973			8,556			10,362
Total Equivalent Production (boe/d)						152,428			152,650			149,118

¹ Colombian standard natural gas conversion ratio of 5.7 Mcf/bbl.

Additional production details are available in the MD&A.

In the second quarter of 2015, the Company's net production after royalties of 152,428 boe/d increased 2% compared to the second quarter of 2014 and stable in comparison with the previous quarter. Net production from the Rubiales Field, has been relatively flat as only modest levels of low-cost activities have been undertaken. The Company continues to optimize wells and facilities to maximize production while minimizing capital expenditures in advance of the permit approval related to the end-users of Agrocascada processed water. Light and medium net oil production increased 14% compared to the second quarter of 2014 and remained stable compared to the first quarter of 2015, at 55,783 bbl/d. With the increase in production from light and medium oil fields, now representing 37% of the Company's total net second quarter production, the reliance on Rubiales Field production continues to lessen, representing only 36% of the total net second quarter production, down from 43% for the second quarter of 2014.

Production and Sales Volumes

Production to Total Sales Reconciliation
				2015						2014
				Q2			Q1			Q2
Net Production
Colombia oil (bbl/d)				140,921			141,238			136,215
Colombia gas (boe/d)				7,973			8,556			10,362
Peru oil (bbl/d)				3,534			2,856			2,541
Total Net Production (boe/d)				152,428			152,650			149,118
Sales Volumes (boe/d)
Production Volumes (boe/d)				152,428			152,650			149,118
Diluent Volumes (bbl/d)				601			325			2,234
Oil for Trading Volumes (bbl/d)				10,808			15,524			8,619
Overlift/Underlift				(10,792)			14,029			0
Inventory Movement and Other (bbl/d)				(9,820)			(2,442)			(4,944)
Total Volumes Sold (boe/d)				143,225			180,086			155,027

Additional production and sales volume details are available in the MD&A.

The Company produces and sells crude oil and natural gas. It also purchases liquids and crude oil from third parties for trading purposes and distillate for diluent mixing with heavy oil production, which are included in the reported "volumes sold". Sales volumes are also impacted by the relative movement in inventories during a reporting period. Both revenues and costs are recognized on the respective volumes sold during the period.

Production volumes for the second quarter of 2015 increased to 152,428 boe/d from 149,118 boe/d in the same period a year ago (an increase of 2%), due to rising volumes in producing fields. Diluent volumes for the quarter increased to 601 bbl/d from 325 bbl/d in the first quarter of 2015 and decreased from 2,234 bbl/d in the same period a year ago. Diluent volumes have decreased by 94% since the first quarter of 2013 as the Company successfully utilizes the production of light and medium oil from prior acquisitions and new discoveries, plus accessing new lower cost diluent supply arrangements. Oil for trading volumes for the quarter increased to 10,808 bbl/d from 8,619 bbl/d a year ago. The inventory balance has increased as a result of the 9,820 bbl/d build in the second quarter compared to a 4,944 bbl/d build in the same period a year ago.

Total volumes sold, composed of production volumes available for sale, purchased diluent volumes, oil for trading volumes, and inventory balance changes, decreased to 143,225 boe/d in the current quarter from 180,086 boe/d last quarter (a decrease of 20%).

Operating Netbacks and Sales Volumes

Oil and Gas Production Volumes and Netbacks
			2015 Q2						2015 Q1						2014 Q2
			Oil		Gas		Combined		Oil		Gas		Combined		Oil		Gas		Combined
Production Volumes Sold (boe/d)^1			124,416		8,001		132,417		155,967		8,595		164,562		136,108		10,300		146,408
Crude Oil and Natural Gas Sales Price ($/boe)			55.04		33.34		53.72		50.38		32.48		49.45		99.76		31.33		94.95
Production Costs ($/boe)			9.33		2.23		8.90		8.55		3.23		8.28		16.71		3.17		15.75
Transportation Costs ($/boe)			13.73		0.85		12.95		11.75		0.82		11.18		14.99		0.02		13.93
Diluent Costs ($/boe)			1.98		-		1.86		1.80		-		1.70		2.19		-		2.03
Sub-Total Costs ($/boe)			25.04		3.08		23.71		22.10		4.05		21.16		33.89		3.19		31.71
Other Costs ($/boe)^2			1.26		2.12		1.31		1.46		1.33		1.45		1.34		2.55		1.43
Overlift/Underlift Costs ($/boe)			(4.20)		0.10		(3.94)		4.34		(0.08)		4.11		(1.01)		(0.15)		(0.95)
Total Costs ($/boe)			22.10		5.30		21.08		27.90		5.30		26.72		34.22		5.59		32.19
Operating Netback ($/boe)			32.94		28.04		32.64		22.48		27.18		22.73		65.54		25.74		62.76

¹ Production volumes sold excludes oil for trading volumes and includes diluent volumes sold.

² Includes royalties paid in cash.

Additional cost and netback details are available in the MD&A.

Total operating costs decreased from $26.72/boe in the first quarter of 2015 to an average of $21.08/boe in the current quarter. Operating costs, including production, transportation, and dilution costs increased to $23.71/boe during the quarter from $21.16/boe in the first quarter 2015. The increased unit cost in the quarter is a result of lower sales volumes compared to the previous quarter. In addition, during this period, there was a disruption of the Bicentenario Pipeline for 44 days and in order to dispose of the displaced volumes the Company negotiated operational capacities in different pipeline systems as well as spot sales in the domestic market. This increase was mitigated by a decrease in other costs and a reversal of overlift/underlift.

The Company also reports separately the netback on crude oil for trading, which was $2.66/bbl in the current quarter, compared to $0.52/bbl in the same period a year ago. Additional oil for trading details are available in the MD&A.

Exploration Update

During the second quarter of 2015, the Company drilled or was a partner in one exploration well and two appraisal wells in Brazil, Colombia and Peru. All wells encountered economic hydrocarbons, for an overall 100% success rate for the period and 86% year to date. A new discovery in the Santos Basin, Brazil, was represented by the Echidna-1 exploration well, drilled by Karoon Petróleo e Gás Ltda, the block operator. The two appraisal wells were drilled in the Deep Llanos, Colombia and in the Ucayali Basin, Peru. The gross accumulated production of Avispa-3ST and Los Angeles 2CD are 363,782 barrels and 17,668 barrels, respectively (356,506 barrels and 5,300 barrels net).

Second Quarter 2015 Conference call Details

The Company has scheduled a telephone conference call for investors and analysts on Thursday, August13, 2015 at 8:00 a.m. (Bogotá time) and 9:00 a.m. (Toronto time) to discuss the Company's second quarter 2015 results. Participants will include Ronald Pantin, Chief Executive Officer, José Francisco Arata, President, and selected members of senior management.

The live conference call will be conducted in English with simultaneous Spanish translation. A presentation will be available on the Company's website prior to the call, which can be accessed at www.pacificrubiales.com.

Analysts and interested investors are invited to participate using the following dial-in numbers:

Participant Number (International/Local):	[phone]
Participant Number (Toll free Colombia):	01-800-518-0661
Participant Number (Toll free North America):	[phone]
Conference ID (English Participants):	87641202
Conference ID (Spanish Participants):	87664706

Webcast: http://www.pacificrubiales.com.co/investor-relations/webcast.html

A replay of the conference call will be available until 22:59 p.m. (Bogotá time) and 23:59 p.m. (Toronto time), Thursday, August 27, 2015 and can be accessed using the following dial-in numbers:

Encore Toll Free Dial-in Number:	1-855-859-2056
Local Dial-in-Number:	(416)-849-0833
Encore ID (English Participants):	87641202
Encore ID (Spanish Participants):	87664706

About Pacific Rubiales

Pacific Rubiales 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 approximately 90 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. Pacific Rubiales 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) 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, 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 18, 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.

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.

The recovery and reserves estimates of crude oil and natural gas reserves provided in this news release taken from the independent reserve reports are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil and natural gas reserves may eventually be greater than or less than the estimates provided.

The estimated values disclosed in this news release do not represent fair market value. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Boe Conversion

The term "boe" is used in this news release. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The Company's natural gas reserves are contained in the La Creciente, Guama and other bocks in Colombia as well as in the Piedera Redonda field in Block Z-1, Peru.  For all natural gas reserves in Colombia, boe's have been expressed using the Colombian conversion standard of 5.7 Mcf:  1 bbl required by the Colombian Ministry of Mines and Energy, and for all natural gas reserves in Peru, boe's have been expressed using the Peruvian conversion standard of 5.626 Mcf: 1 bbl required by Perupetro S.A. If a conversion standard of 6.0 Mcf: 1 bbl was used for all of the Company's natural gas reserves, this would result in a reduction in the Company's net P1 and 2P reserves of approximately 4.9 and 6.9 MMboe, respectively.

Definitions

Bcf	Billion cubic feet.
Bcfe	Billion cubic feet of natural gas equivalent.
bbl	Barrel of oil.
bbl/d	Barrel of oil per day.
boe	Barrel of oil equivalent. Boe's may be misleading, particularly if used in isolation. The Colombian standard is a boe conversion ratio of 5.7 Mcf:1 bbl and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
boe/d	Barrel of oil equivalent per day.
Mbbl	Thousand barrels.
Mboe	Thousand barrels of oil equivalent.
MMbbl	Million barrels.
MMboe	Million barrels of oil equivalent.
Mcf	Thousand cubic feet.
Million Tons LNG	One million tons of LNG (Liquefied Natural Gas) is equivalent to 48 Bcf or 1.36 billion m3 of natural gas.
Net Production	Company working interest production after deduction of royalties.
Total Field Production	100% of total field production before accounting for working interest and royalty deductions.
Gross Production	Company working interest production before deduction of royalties.
WTI	West Texas Intermediate Crude Oil.

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 Rubiales Energy Corp.

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Frederick Kozak, Corporate Vice President, Investor Relations, [phone], [phone]; Roberto Puente, Sr. Manager, Investor Relations, [phone]; Richard Oyelowo, Manager, Investor Relations, [phone]; MEDIA CONTACT: Peter Volk, Vice President Communications, North America, [phone]