text:
Pacific Rubiales delivers record production, sales volumes, EBITDA and funds flow from operations, in the first quarter
May 09, 2013, 02:14 ET from Pacific Rubiales Energy Corp.
TORONTO, May 8, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today the release of its unaudited consolidated financial results for the quarter ended March 31, 2013, 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, the SIMEV website at www.superfinanciera.gov.co/web_valores/Simev, and the BOVESPA website at www.bmfbovespa.com.br/. All values in this release and the Company's financial disclosures are in U.S.$, unless otherwise stated.
The Company scheduled a teleconference for investors and analysts on Thursday, May 9, 2013 at 9:00 a.m. (Toronto time) to discuss the Company's first quarter results. Analysts and interested investors are invited to participate using the dial-in instructions provided at the back of this news release.
First Quarter 2013 Overview and Highlights
- Average net production after royalties was 127,889 boe/d, an 18% increase compared to the fourth quarter last year, and an increase of 37% over the same period in 2012. This represents a record for the Company and is at the high end of the annual production guidance.
- Revenues were $1.3 billion, a 20% increase compared to the fourth quarter last year, and a 35% increase over the same period in 2012.
- EBITDA was $695 million, a 62% increase compared to the fourth quarter last year, and a 28% increase over the same period in 2012. Also a record quarter for the Company, driven by higher volumes of production and sales, and supported by high price realizations.
- Funds flow from operations (cash flow) was $506 million, a 119% increase compared to the fourth quarter in 2012, and an increase of 29% over the same period in 2012, which was a record quarter for the Company.
- Net earnings were $121 million, a substantial increase of $145 million compared to the loss of $24 million in the fourth quarter last year. Net earnings in the quarter were down from $258 million in the same period in 2012. Contributing to this decrease was an increase in non-cash DD&A costs resulting from the higher volumes produced, the C&C and PetroMagdalena acquisitions completed in 2012, and the continued capex additions to the Rubiales field related to the 2016 contract life of the field. Also contributing to this decrease was an increase in total income taxes, primarily resulting from non-cash foreign exchange effects on deferred income taxes.
- Operating netbacks on combined crude oil and natural gas production of $60.88/boe were 31% higher than the $46.44/boe recorded in the fourth quarter, largely relating to the PAP arbitration decision at Quifa SW. Operating netbacks in the quarter were down from the same period in 2012, largely a result of lower commodity prices and slightly higher costs.
- The Company achieved a $4.17/bbl reduction on its oil operating costs in the first quarter compared to the fourth quarter last year, excluding the overlift/underlift costs which were due to the financial provision relating to the PAP arbitration decision at Quifa SW. The Company continues to implement cost reduction projects and initiatives which are expected to result in a structural reduction in its future operating costs by approximately $8/boe on a pro-forma basis through 2013.
- Issuance of $1 billion of senior unsecured notes at a rate of 5.125% maturing in 2023. The proceeds of the financing are being used to repay outstanding short-term debt, release the revolving credit facility, while extending the Company's credit profile and strengthening its overall capital structure.
- A 55% growth in total certified Prospective Resources to 4.3 Bboe from 2.8 Bboe in 2011. Total Contingent Resources also grew to 168 MMboe from 4 MMboe in 2011.
- Important exploration discoveries, including two new light oil discoveries in the Company's Cubiro and Arrendajo blocks in Colombia, a significant natural gas and condensate discovery in the Guama block also in Colombia, and a light oil discovery in the Kangaroo-1 exploration well drilled in the Santos Basin offshore Brazil.
- The Company received an important environmental permit for the "Quifa Hydrocarbon Exploitation Area", allowing for further production ramp-up in the Quifa SW field and resumption in exploration drilling in the Quifa East area.
- In April, 2013, the Company filed a Notice of Intention with the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid to purchase up to a maximum of 31,075,887 common shares, which represents 10% of the public float of the Company as of April 26, 2013. Given the strength of the Company's balance sheet, the Company is currently evaluating methods by which to return value to shareholders, which includes repurchasing shares and/or increasing the quarterly dividend. Senior management is in the process of evaluating these alternatives and will submit a proposal to the board of directors by the end of the second quarter.
"I am very pleased by the Company's strong operational and financial performance year-to-date", commented Ronald Pantin, Chief Executive Officer of the Company. "Production and sales volumes are at record levels and on track to achieve the high end of our annual production guidance. The Company's financial performance metrics measured by cash generated as EBITDA and funds flow from operations (cash flow) continue to be robust and are growing. The Company's balance sheet is strong and we continue to benefit from the market and trading advantages currently enjoyed by Colombia heavy oil production, achieving a premium to WTI pricing in the first quarter of almost $8/bbl on our total crude oil production sales volumes.
"We have an active and exciting year of exploration and development planned, with over 40 exploration and appraisal wells planned for the year, and with over a third of these wells being potential high impact wells in Colombia, Peru, Guatemala, Brazil and Papua New Guinea. Five new exploration discoveries were made during the first quarter including an oil discovery in the Kangaroo-1 exploration well in offshore Brazil. In April, we spudded our first onshore exploration well (Yahuish-1X well) in Block 138 in Peru, targeting a large structure identified on seismic.
"Environmental permitting in Colombia is slower than anticipated but I am pleased to see some improvements developing on that front and we appreciate the efforts that the Autoridad Nacional de Licencias Ambientales ("ANLA") has made to enhance and streamline the process to speed up licenses for oil producers in Colombia. During the first quarter, we received an important comprehensive permit for the further exploration and development of the Quifa Hydrocarbon Exploitation Area that will allow continued production ramp-up in the Quifa SW field and resumption of exploration in the Quifa East area north of the Rubiales field. We also received the necessary permits to increase oil production in our Copa oil field Block.
¨The Company is in the process of implementing several cost saving initiatives with respect to production, transportation and diluent costs, which we expect to materialize throughout the year.
"The Company is building a new power transmission line connecting the Rubiales and Quifa fields with Colombia's electric grid, supplying less expensive power to run in-field operations, which is expected to be operational in the third quarter of this year.
"In order to handle the increasing volumes of water produced in the Rubiales and Quifa fields, the Company has initiated a project to treat produced formation water from these fields and use it for an irrigation project designed for agroforestry activity, starting up in the fourth quarter of 2013.
"Our investments in the Bicentenario Pipeline will provide us with approximately 40,000 bbl/d of additional pipeline egress starting in the second half of this year, significantly reducing the current higher costs associated with trucking oil production.
"The Company continues to actively invest in projects and infrastructure in Colombia designed to support our growing production in the country. These projects include our investments in Puerto Bahia, where we are developing a new oil export terminal on the Colombian Caribbean coast, which will improve our export capability and reduce inventory storage.
"A new diluent mixing station is also being constructed at Cusiana which will lead to optimization and lower costs on the Company's expanding heavy oil production, starting in the second quarter of this year. With the acquisition and development of our own light crude assets, the Company expects to see further cost reductions as a result of using our own light oil crude production as diluent, instead of using imported natural gasoline.
"We expect these and other projects and initiatives to result in a significant structural change in our operating costs, targeting overall reductions of approximately $8/bbl on a pro-forma basis during the remainder of this year, consisting of a targeted $3 - $4/bbl reduction in production costs, and a $3 - $5/bbl reduction in transportation and diluent costs.
"Although it is early days, we are encouraged by the results we are seeing in our STAR pilot project at Quifa SW. We have achieved sustained ignition in the reservoir during the first quarter and we will continue to evaluate this pilot project.
"A small scale LNG project is being built in alliance with Exmar NV, which will enable the Company to more than double its gas production in northern Colombia when it comes on stream in late 2014.
"Overall I am looking forward to a year of continued production growth,
improving cost structure and an exciting exploration program, as we
build for the long-term benefit of our shareholders and employees, the
leading E&P company focused in Latin America."
Financial Results
Financial Summary | |||||
2013 | 2012 | ||||
Oil & Gas Sales Revenues ($ millions) | 1,258.8 | 1,046.7 | 931.9 | ||
EBITDA ($ millions)1 | 694.7 | 429.0 | 542.2 | ||
EBITDA per share1 | 2.16 | 1.45 | 1.85 | ||
Funds Flow from Operations ($ millions)1 | 506.2 | 231.5 | 392.5 | ||
Funds Flow from Operations per share1 | 1.58 | 0.78 | 1.34 | ||
Adjusted Net Earnings (Losses) from Operations ($ millions)1 |
146.9 | 38.2 | 290.0 | ||
Adjusted Net Earnings (Losses) from Operations per share1 |
0.46 | 0.13 | 0.99 | ||
Net Earnings (Losses) ($ millions) | 121.8 | (23.8) | 258.4 | ||
Net Earnings (Losses) per share | 0.38 | (0.08) | 0.88 | ||
Average shares outstanding - basic (millions) | 321.3 | 294.6 | 292.4 |
1 | The terms EBITDA, funds flow from operations, adjusted net earnings from operations, are non-IFRS measures. Please see advisories and reconciliations in the MD&A. |
Production Summary | ||||||
2013 | 2012 | |||||
Oil and Liquids (bbl/d) | ||||||
Colombia | 115,318 | 95,526 | 80,955 | |||
Peru | 1,461 | 1,457 | 1,703 | |||
Total Oil and Liquids (bbl/d) | 116,779 | 96,983 | 82,658 | |||
Natural Gas (boe/d)1 | ||||||
Colombia | 11,110 | 11,166 | 10,915 | |||
Peru | - | - | - | |||
Total Natural Gas (boe/d) | 11,110 | 11,166 | 10,915 | |||
Total Equivalent (boe/d) | 127,889 | 108,149 | 93,573 |
1 | Colombian standard natural gas conversion ratio of 5.7 Mcf/bbl. |
Additional production details are available in the MD&A. |
The Company's total production net after royalty of 127,889 boe/d increased 37% in the quarter compared to a year ago, driven by strong growth in oil production from the Company's Rubiales and Quifa heavy oil fields, and added volumes and growth in light oil production resulting from the PetroMagdalena and C&C acquisitions completed in July and December 2012, respectively.
Average net oil production after royalty from the Rubiales field increased to 70,495 bbl/d from 57,555 bbl/d a year ago (up 22%), and from the Quifa SW field to 25,435 bbl/d from 21,885 bbl/d (up 16%), primarily due to environmental permits received in August 2012 allowing for increased water injection. Production in the two fields increased 9% and 10% respectively in the current quarter compared to the fourth quarter 2012. Additional production net after royalties of 2,026 bbl/d in the quarter was contributed from the Cajua field, a new commercial field development just to the north of Quifa SW.
Net after royalty, mostly light oil production from the PetroMagdalena assets has grown to approximately 5.2 Mboe/d from less than 2.5 Mboe/d, more than doubling through successful exploration and development activity.
Revenues and costs associated with the Company's 49% participating
interest in production from Block Z-1 have been recognized in the
Company's financial results since December 12, 2012 as a result of the
approval by the applicable Peruvian authorities. The acquisition had
an effective date of January 1, 2012.
Production and Sales Volumes
Production to Total Sales Reconciliation | |||||||
2013 | 2012 | ||||||
Net Production (boe/d) | |||||||
Colombia | 126,428 | 106,692 | 91,870 | ||||
Peru | 1,461 | 1,457 | 1,703 | ||||
Total Net Production (boe/d) | 127,889 | 108,149 | 93,573 | ||||
Net Production Sold (boe/d) | |||||||
Production Available for Sale (boe/d)1 | 127,889 | 107,071 | 91,870 | ||||
Diluent Volumes (bbl/d) | 9,607 | 9,671 | 8,549 | ||||
Oil for Trading Volumes (bbl/d) | 3,895 | 1,718 | 10,221 | ||||
Inventory Balances and Other (boe/d) | 2,259 | 1,681 | (11,732) | ||||
Volumes Sold (boe/d) | 143,650 | 120,141 | 98,908 |
1 | Production available for sale includes all net production in Colombia and the Company's 49% of net production from Block Z-1, Peru from December 12, 2012. |
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 use as diluents to mix with its heavy oil production and for trading purposes, 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 available for sale in the quarter increased to 127,889 boe/d from 91,870 boe/d in the same period in 2012 (an increase of 39%), due to rising production volumes in producing fields. Despite a 23% rise in the Company's net heavy oil production from the Rubiales, Quifa SW and Cajua oil fields, diluent volumes increased a smaller 12% from a year ago, due to more purchases of natural gasoline rather than light oil. Oil for trading volumes in the current quarter decreased to 3,895 bbl/d from 10,221 bbl/d, while inventory balances moved to a 2,259 bbl/d draw from an 11,732 boe/d build, in the same quarter a year ago.
Total volumes sold composed of production volumes available for sale,
diluent volumes added to heavy oil production, oil for trading volumes
and inventory balance changes, increased to 143,650 boe/d in the
current quarter from 98,908 boe/d a year ago (an increase of 45%).
Operating Netbacks and Sales Volumes
Oil and Gas Production Volumes and Netbacks |
Oil |
Natural Gas |
Combined | Oil |
Natural Gas |
Combined | Oil |
Natural Gas |
Combined | |||
Volumes Sold (boe/d) | 128,641 | 11,114 | 139,755 | 107,392 | 11,031 | 118,423 | 77,829 | 10,858 | 88,687 | ||
Crude Oil and Natural Gas Sales Price ($/boe) |
102.06 | 40.26 | 97.14 | 99.83 | 43.80 | 94.61 | 110.96 | 41.45 | 102.45 | ||
Production Costs ($/boe) | 12.89 | 4.49 | 12.22 | 14.78 | 6.61 | 14.02 | 9.42 | 2.59 | 8.58 | ||
Transportation Costs ($/boe) |
15.66 | 0.05 | 14.42 | 14.57 | 0.01 | 13.22 | 13.47 | 0.06 | 11.83 | ||
Diluent Costs ($/boe) | 9.32 | - | 8.58 | 8.52 | - | 7.72 | 13.99 | - | 12.27 | ||
Sub-Total Costs ($/boe) |
37.87 | 4.54 | 35.22 | 37.87 | 6.62 | 34.96 | 36.88 | 2.65 | 32.68 | ||
Other Costs ($/boe) | 0.68 | 2.91 | 0.86 | 5.14 | 2.99 | 4.94 | (2.40) | 2.28 | (1.83) | ||
Overlift/Underlift Costs ($/boe) |
0.17 | 0.29 | 0.18 | 9.21 | (0.89) | 8.27 | (2.45) | (0.04) | (2.16) | ||
Total Costs ($/boe) | 38.72 | 7.74 | 36.26 | 52.22 | 8.72 | 48.17 | 32.03 | 4.89 | 28.69 | ||
Operating Netback ($/boe) |
63.34 | 32.52 | 60.88 | 47.61 | 35.08 | 46.44 | 78.93 | 36.56 | 73.76 |
Additional cost and netback details are available in the MD&A. |
In a news release dated April 9, 2013, the Company disclosed plans for a
structural reduction in its operating costs on a pro-forma basis
starting in the second quarter of 2013 from a number of initiatives and
projects, including a new electrical transmission line supplying less
expensive energy, increased pipeline transportation replacing more
expensive trucking of crude oil, and efficiencies and optimizations
related to its diluent costs and supply.
Oil for Trading Volumes and Netbacks | |||||
2013 | 2012 | ||||
Volumes Sold (bbl/d) | 3,895 | 1,718 | 10,221 | ||
Sales Price ($/bbl) | 105.24 | 100.66 | 112.94 | ||
Cost of Purchases ($/bbl) | 101.55 | 96.99 | 109.31 | ||
Operating Netback ($/bbl) | 3.69 | 3.67 | 3.63 |
Additional oil for trading details are available in the MD&A. |
The Company also reports separately its netback on crude oil for trading which was $3.69/bbl in the first quarter compared to $3.63/bbl in the same period in 2012.
Exploration Update
The Company drilled eight exploration and appraisal wells during the first quarter, resulting in five discoveries and three dry holes.
On the Cubiro Block, the Company drilled and completed the Copa D-1 exploration well and the Copa A Norte-1 appraisal well encountering 27 feet and 25 feet of net pay respectively in Carbonera sand intervals. The wells flowed 900 bbl/d and 770 bbl/d light 42° API oil, respectively, on test.
The Company drilled the Yaguazo-1 exploration well, encountering 14 feet of net pay in the C5 basal sand on a previously undrilled structure in the Arrendajo Block. The well is currently being cased to allow for a production test and the Company is planning on drilling a follow-up appraisal well on the same structure.
On the Guama Block, the Company finished drilling the Manamo-1X exploration well, encountering 251 feet of net pay which tested at a maximum rate of 4.9 MMcf/d of natural gas with 296 bbl/d 54° API condensate. The Company also started drilling the Capure-1X well on a separate structure, which at the current date has intersected approximately 23 feet of indicated natural gas and condensate pay in a secondary zone.
On the CPO-12 Block, the Hayuelo-1X exploration well was drilled as part of a three well commitment on the block. The well only encountered minor hydrocarbon traces and was plugged and abandoned as a dry hole. In the CPO-1 Block, the Altillo Oeste-1 exploration well was also plugged and abandoned as a dry hole after failing to encounter hydrocarbons.
On the Santa Cruz Block, the Company spudded the Phobos-1 exploration well during the quarter. This well has multiple targets and is expected to reach its total drilling depth during the second quarter 2013.
During the quarter, a 366 km2 3D seismic survey was completed in the northern portion of the CPE-6 Block, aimed at identifying new well locations in the Hamaca oil prospect. Also, aeromagnetic and aerogravity surveys were initiated in the COR-15 and COR-24 Blocks; and processing and interpretation of recently acquired 2D and 3D seismic data in the Muisca, COR-15 and Portofino Blocks is ongoing, all aimed at identifying future exploration well locations.
On the offshore Block Z-1, the Company and its partner BPZ Energy completed the acquisition of 429 km2 of 3D seismic data, which is currently being processed and interpreted together with 1,143 km2 of previously acquired 3D seismic data.
On Block 138, the Company spudded the Yahuish-1X exploration well on April 16, 2013. The well is expected to take 60 to 80 days to reach total depth.
On Block 135, the Company continued with the acquisition of 789 km of 2D seismic data, expected to be completed in the second quarter. In Block 116 a proposed exploration well, Fortuna-1X is expected to start drilling during the second half of 2013.
On Blocks N-10-96 and O-10-96, a hyperspectral geophysical survey has been completed and advance planning has been initiated for an exploration well expected to be drilled in the second half of 2013.
During the quarter, two exploration wells (Kangaroo-1 and Emu-1) were drilled as part of a farm-in agreement covering five blocks in the offshore Santos Basin. The Kangaroo-1 well encountered an 82 foot gross (58 foot net pay) oil reservoir section in a down flank position in an Eocene structure. The operator of the blocks, Karoon Gas is planning to drill an appraisal well to the Kangaroo discovery later in the year. The Emu-1 well failed to encounter pay zones and was plugged and abandoned. The Company is participating in a third option well (Bilby-1) which has resulted in an oil discovery in a late Cretaceous reservoir interval as indicated from wireline logs and pressure and fluid samples. Additional evaluation of the oil zone is ongoing, and the well is expected to continue drilling to a total depth of approximately 15,050 feet during May 2013.
First Quarter 2013 Conference call Details
The Company has scheduled a telephone conference call for investors and analysts on Thursday, May 9, 2013 at 8:00 a.m. (Bogotá time), 9:00 a.m. (Toronto time) and 10:00 a.m. (Rio de Janeiro time) to discuss the Company's first quarter results. Participants will include Ronald Pantin, Chief Executive Officer, José Francisco Arata, President, and selected members of senior management. Pacific Rubiales expects to release its first quarter results on Wednesday, May 8, 2013, after market close.
The live conference call will be conducted in English with simultaneous Spanish translation. The Company will post a presentation 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 dial-in numbers as follows:
Participant Number (International/Local): | (647) 427-7450 |
Participant Number (Toll free Colombia): | 01-800-518-0661 |
Participant Number (Toll free North America): | (888) 231-8191 |
Conference ID (English Participants): | 40205504 |
Conference ID (Spanish Participants): | 40208313 |
The conference call will be webcast, which can be accessed through the following link: http://www.pacificrubiales.com.co/investor-relations/webcast.html.
A replay of the call will be available until 23:59 pm (Toronto time), May 23, 2013, which can be accessed as follows:
Encore Toll Free Dial-in Number: | 1-855-859-2056 |
Local Dial-in-Number: | (416)-849-0833 |
Encore ID (English Participants): | 40205504 |
Encore ID (Spanish Participants): | 40208313 |
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 has also acquired 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 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 Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.
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 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; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 14, 2012 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.
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.
Boe Conversion
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 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.
Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class. Estimates of remaining recoverable resources (unrisked) include Prospective Resources that have not been adjusted for risk based on the chance of discovery or the chance of development and Contingent Resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. Actual recovery is likely to be less and may be substantially less or zero.
Prospective Resources are those quantities of oil and gas estimated to be potentially recoverable from undiscovered accumulations. There is no certainty that the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources. Application of any geological and economic chance factor does not equate Prospective Resources to Contingent Resources or reserves. In addition, the following mutually exclusive Classification of Resources were used:
- Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered from the accumulation. This term reflects a P90 confidence level where there is a 90% chance that a successful discovery will be equal to more than this resources estimate.
- Best Estimate - This is considered to be the best estimate of the quantity that will actually be recovered from the accumulation. This term is a measure of central tendency of the uncertainty distribution and in this case reflects a 50% confidence level where there is a 50% chance that the successful discovery will be equal to or more than this resources estimate.
- High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered from the accumulation. This term reflects a P10 confidence level where there is a 10% chance that the successful discovery will be equal to or more than this resources estimate.
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The estimates herein have not been risked for the chance of development. There is no certainty that the Contingent Resources will be developed and, if they are developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the Contingent Resources.
In this news release total volumes of resources have been expressed for high case estimates, low case estimates and best case estimates for both Contingent and Prospective Resources. These total volumes are arithmetic sums of multiple estimates of Contingent and Prospective Resources, as the case may be, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained in this section.
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. |
WTI | West Texas Intermediate Crude Oil. |
SOURCE Pacific Rubiales Energy Corp.


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A fast-moving storm blanketed Lancaster County with several inches of heavy, gorgeous snow Sunday morning, but it caused few problems and melted away in the afternoon.
Duke Energy reported 1,149 customers lost power briefly, and many churches canceled morning worship as a precaution. Lancaster County Fire Marshal Stephen Blackwelder said the county got off easy, calling it "a beautiful snow that we could actually enjoy."
J.B. "Bill" and Martha Outen Knight celebrated their 50th anniversary on Feb. 25, 2017.
They were married Feb. 25, 1967, in Lancaster.
The Knight's have one daughter, Cyndi Knight Hudson; one son, Russell M. Knight; a daughter-in-law, Melissa Sokel Knight; and four grandchildren.
Bill and Martha are both retired from Springs Inc.
Tim Cox of Monroe, N.C. and Teby Tapley of Lancaster announce the engagement of their daughter, Taryn Cox, to Justin Davis, both of Monroe.
The wedding is planned for 2 p.m. April 8 at the Henry Hall Wilson House in Monroe.
Miss Cox is the granddaughter of Frances Loyd of Lancaster and JoAnn Cox of Monroe. She is a 2007 graduate of Parkwood High School, and has a degree in medical office administration. She is employed by Southern Select Pool, Inc. in Monroe.
John and Amy Pacana of Lancaster announce the engagement of their daughter, Stephanie Pacana, to Evan Byrd, both of Rock Hill.
The wedding is planned for 3 p.m. April 22, 2017, in Lancaster.
They're ready for it to be over – the homework, the stress, the early mornings.
Some daydream about graduation. Or eat noodles out of to-go boxes during class. Others have their headphones on.
They're high school seniors who have severe senioritis – a colloquial term for seniors who lack motivation for their studies.
The Lancaster Lady Bruins extended their regular-season softball record to 2-0 with an 8-4 road win over county rival Andrew Jackson High School at the Lady Volunteers' softball field on Thursday night.
AJ opened a 2-0 lead after three innings, but the Lady Bruins ignited for four runs in the top of the fourth inning.
The Lancaster Bruins, under third-year coach Toby Taylor, got off to a slow start on the 2017 campaign, but Taylor is optimistic LHS can come around this season.
The Bruins went 0-3-1 to open play in the Comporium Preseason Invitational, but have made strides since launching regular-season diamond play.
The Andrew Jackson Volunteers' golf team, ranked fifth in the S.C. High School Golf Coaches Association poll, opened its season with a home win over Region IV-AA links rival North Central High School on Thursday afternoon at the Kershaw Golf Club.
The Vols shot a 159 to down the rival Knights, who posted a 220.
The Indian Land High School Lady Warriors evened their varsity soccer record to 3-3-1 on the season with an 8-0 win over Forest Hills High School of Union County, N.C., on Thursday night.
The Lady Warriors, ranked second in Class AAA girls soccer, opened a 4-0 halftime lead on the way to the shutout win over the Lady Yellow Jackets at ILHS's Reservation.
The Lady Warriors had plenty of contributions in the win as Summer Bishop scored two goals.


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The Experiences Of Widowers Through Stories And Photos
Wednesday, September 11, 2013
Aired 9/11/13 on KPBS Midday Edition.
Judith Fox, author, "One Foot Forward: Stories and Faces of Widows and Widowers"
Judith Fox will be reading and signing copies of her book "One Foot Forward," at Warwicks bookstore in La Jolla on Monday September 16 at 7pm.
In 2003, a young Camp Pendleton wife was watching CNN when she inadvertently witnessed the story about a helicopter crash that killed her husband, a Marine in Iraq.
That's how Michele Lynn became a widow at age 27. From there she began a journey through grief, toward a new life.
Her journey is just one in a new book presenting the stories and faces of a variety of men and women who have lost their spouses.
San Diego writer and photographer Judith Fox's first husband was 53 years old when he was diagnosed with aggressive cancer. He died one month later.
Fox said she found herself in a world she was unprepared for and knew nothing about. She turned to books after his death to learn other people's stories.
Fox said she ultimately wrote the book, "One Foot Forward: Stories and Faces of Widows and Widowers," because it's what she needed when her husband died.
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Please stay on topic and be as concise as possible. Leaving a comment means you agree to our Community Discussion Rules. We like civilized discourse. We don't like spam, lying, profanity, harassment or personal attacks.


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DON'T MISS: RI Black Heritage Society's Opening the Oyster
Friday, February 07, 2014
In the notice for the event, the Rhode Island Black Heritage Society quoted Jessica B. Harris from High on the Hog: A Culinary Journey from Africa to America, explaining the cultural significance of the event:
"In Providence, Rhode Island, Emmanuel 'Manna' Bernoon, a free Black, opened the city's first oyster and ale house in 1736…The state also gives us the story of Charity 'Duchess' Quamino…She established a catering business and became known as the best pastry chef in the prosperous [Newport]; her frosted plum cakes were renowned. Bernoon and Quamino are examples of the possibilities of culinary entrepreneurship evidenced by both enslaved and free."
The event will be taking place at 10am at Old Brick School House (24 Meeting Street Providence, RI) and is open to the public.
Please RSVP to [email protected] or at (401) 421-0606.


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In addition to keeping-up with the latest overall education news, I'm obviously particularly interested in the latest research and policy issues related to teaching English Language Learners.
I thought readers might find it helpful to see what I've found to be the best free sources of this kind of information, so I've developed yet another "The Best…" list.
These sites are different from the ones I in The Best Resource Sites For ESL/EFL Teachers. Those sites immediately practical ideas and materials that can be used in the classroom — .
The sites on this list are more related to on-going research and policy issues connected to English Language Learners.
Here they are, not necesarily in order of preference:
The key blog I like that provides regular updates on ELL research and news is Learning The Language at Edweek.
The Center For Applied Second Language Studies offers an excellent weekly e-bulletin called InterCom. It gives a customized summary of information related to specific areas of your interest.
TESOL Connections is a nice e-newsletter that's sent out twice-a-month. However, you have to be a TESOL member in order to receive it (the archives will soon be available, though, to non-members). A "second-best" free TESOL resource that's available to anyone is called The English Language Bulletin, which provides reports on ESL/EFL around the world.
Colorin Colorado is a great resource site for teachers of English Language Learners. You can also subscribe to a weekly update here. Their research page is here.
The Center On Instruction has a ton of resources on research-based instructional practices in all subject areas.Because of its good materials on English Language Learners, I'm now adding it to this list.
Mary Ann Zehr (the author of the must-read Learning The Language blog) wrote about The American Institutes For Research expanding their interest in English Language Learners. I had never heard of the group, but apparently it's a pretty big outfit. They have a webpage with some nice ELL resources and I'm adding them to this list.
Learning Port contains over 700 professional development resources from many organizations, including the NEA, the AFT, Edutopia, Colorin Colorado, and a ton more. It looks pretty good. It has a good section on English Language Learners.
The Migrant Policy Institute has launched the English Language Learner Information Center. They say it's designed to:
provide informative fact sheets, maps, and state-level data resources that chronicle the demography and trends of immigrant families and their children.
It has a ton of accessible info, and may become the "go to" place for ELL data.
The ELT Journal, from The Oxford Journals, is a very nice collection of articles that teachers of English Language Learners would find useful. The collection, titled Key Concepts In ELT, is described this way on the top of the webpage:
'Key Concepts in ELT' is a feature of the Journal that aims to assist readers to develop an appreciation of central ideas in ELT, and to approach the content of articles from a perspective informed by current debate on aspects of theory and practice.
The list given below is an up-to-date guide to all 'Key Concepts' that have been published in the Journal. The list contains links to the original articles, which are available to download free of charge (PDF file).
EFL/ESL Articles & Research Papers from The Internet TESL Journal
ERIC , the Education Resources Information Center
Teaching English from the British Council
The LINCS (Literacy Information And Communication System) Resource Collection — Basic Skills is a good source of research on teaching and learning. It's not specifically geared towards ELL's, but much of the research is still relevant to them.
ASCD has quite a few research resources on teaching English Language Learners.
Diversity Learning K12 is a partnership between a number of respected researchers and practitioners in the ESL/EFL field, including Stephen Krashen and James Crawford. Here are some direct links to particularly useful pages on their website:
Selected Articles by Our Partners
Recent Developments Affecting ELLs
Teaching English Language Learners: What The Research Does and Does Not Say is by Claude Goldenberg.
The Center For Applied Second Language Studies has recently redesigned its website, and it looks great. You can find tons of research on this page of their site, or go to their ten most asked questions list.
AccELLerate! is the free quarterly newsletter of National Clearinghouse For English Language Acquisition. That link leads you to the issue archive.
David Deubelbeiss has collected some great resources at his School of TEFL.
The Marzano Research Laboratory doesn't have a lot of research specifically for ELL's, but most of its work can still be applied to them. You can either watch previous webinars they've hosted, or just download PDF's of them. They also have book excerpts and reproducibles.
The Government of Alberta's (Canada) Education website has an incredible page on research about teaching English Language Learners.
The WRITE Institute has a collection of useful research teaching English Language Learners.
The Department of Education just unveiled a revamped "What Works" website highlighting the results of their varied research. It seems to have a number of accessible tools. You can read more about it at Education Week. They seem to have surprisingly little on English Language Learners, but I'm still adding it to this list. One would think it would eventually have something useful related to ELL's on the site.
Adolescent Literacy Research & Reports comes from Adlit.org. It has a wealth of research on a variety of related topics, including English Language Learners.
The Backseat Linguist is a new blog related to research on second language acquisition. It comes recommended by Stephen Krashen.
TEFL Geek recently posted about a new resource for teachers called English Agenda. It seems to have some useful resources, including research.
The National Clearinghouse for English Language Acquisition (NCELA) recently unveiled a newly-designed website. Here's how it describes the site:
NCELA is proud to present our newly designed website (still at www.ncela.gwu.edu) that combines high-quality and oft-requested information about the English learner population with new features to make navigation easier and more intuitive. The website has a distinctive new look, and a thorough restructuring of the front page, bringing up-to-the-minute information to the fore. Visitors will find it easier to access key online content areas including information on federal grants, EL data and demographics, professional development, promising practices in EL education, and the full suite of NCELA resources.
"Immigrant Children Lag Behind, Posing Risk"
Mapping Language: Limited English Proficiency in America is a very impressive interactive map (among other things) showing where English Language Learners are around the United States. It's from the National Journal.
NCLR Latino Kids Data Explorer is a really interesting interactive from The National Council of La Raza. You can read more about it at Education Week.
English-Learner Population in U.S. Rises, Report Finds is from Education Week.
Study Charts Growth of Limited English Proficient Population in U.S. is from Latino Ed Beat.
English Agenda is a site from the British Council which offers a wealth of language-teaching research and online professional development.
Who Is an 'English-Language Learner'? is from Pew.
The Education Commission of the States (who I had never heard of, but that may just be another example of my ignorance) have published a report on challenges facing English Language Learners. You probably won't find anything new there in terms of recommendations, but it does have some up-to-date statistics.
Can Teachers Do Research? is by Marisa Constantinides.
LONG-TERM ENGLISH LEARNERS: WHO ARE THEY? HOW CAN TEACHERS HELP? is from TESOL.
English Language Learners: A growing—yet underserved—student population includes useful data on ELLs.
The National Clearinghouse for English Language Acquisition (NCELA), which was created by Congress forty years ago to be a…clearinghouse for info on English Language Learners, appears to have reopened for business after a dramatic contracting saga that went on for a longtime, and which you can read about at Learning The Language.
They just sent out what they say will be a bimonthly email newsletter of ELL news. However, they didn't include a link to it in the email, so there's no way for me to direct you to it so you can check it out yourself. However, you can sign-up for it here.
I've got to say I have mixed feelings about their initial one. It featured a number of announcements and links to three reports.
One was from The Center On Instruction and titled Practical Guidelines for the Education of English Language Learner (ELL). I'm not sure anyone with even limited experience teaching ELLs would find much new in it, and I think there are other, more "teacher-friendly" sources that contain the same information. I might very well be too harsh, however, since I'm only commenting on the first half, while the second half of the report is on teaching mathematics, which is certainly not my specialty.
One thing I did find interesting was its description of the ELL population, though I was a little disappointed that they didn't include direct links to their sources. Here's what the report says:
As a group, ELLs represent one of the fastest-growing groups among the school-aged population in this nation. Estimates place the ELL population at over 9.9 million students, with roughly 5.5 million students classified as Limited English Proficient by virtue of their participation in Title III assessments of English language proficiency. In the last two decades, the population of ELLs has grown 169 percent—whereas the general school population has grown only 12 percent—and collectively speaks over 400 different languages, with Spanish being the most common (i.e., spoken by 70 percent of ELLs). By 2015, it is projected that 30 percent of the school-aged population in the U.S. will be ELLs. The largest and fastest-growing populations of ELLs in the U.S. consist of students who immigrated before kindergarten and U.S.-born children of immigrants.
They plan to publish two more books in a series, so maybe those will be better. Here are those projected titles:
Book 2: Research-based Recommendations for Serving Adolescent Newcomers
Book 3: Research-based Recommendations for the Use of Accommodations in Large-scale Assessments
I also didn't find another report NCELA shared, Eight Essential Shifts for Teaching Common Core Standards to Academic English Learners, particularly helpful.
However, I did really like a third report they shared titled English Language Learners: A growing—yet underserved—student population. It's from the Education Commission of the States, and probably provides the best, and most up-to-date, summary of ELL statistics I've seen anywhere.
Frequently Requested Statistics on Immigrants and Immigration in the United States is from The Migration Policy Institute.
English-Speaking Abilities of Immigrants: A Snapshot From the U.S. Census Bureau is from Education Week.
Who Are These Kids? Language Learners in California is from Education Week.
ELLs to Keep Increasing as K-12 Schools Cross 'Majority-Minority' Threshold is from Ed Week.
Statistic Of The Day: English Language Learners In The United States
Statistic Of The Day: "Latino Education Gains Are Encouraging: New Report"
What's the Top Home Language for ELLs? is from Ed Week.
How Long Does it Take to Learn English? is also from Ed Central.
States and Districts with the Highest Number and Share of English Language Learners is from The Migration Policy Institute.
Statistic Of The Day: How Long Does It Take To Learn English?
Statistic Of The Day: Lots Of ELL Students & Not Enough ELL Teachers
The National Clearinghouse for English Language Acquisition (NCELA) has published a very useful series of two-page reports called "Fast Facts" which explain data related to English Language Learners. They have a good list titled Sources for English Learner (EL) Data.
Statistic Of The Day: Five Million ELLs in the U.S.
This is a great report from Colorin Colorado:
What You Need to Know About ELLs: FAQs @ColorinColorado | https://t.co/qUVGProisl #ELL #ELLChat
— Colorín Colorado (@ColorinColorado) February 23, 2016
https://t.co/oFUbIl9e6V provides detailed data on equity indicators for #ELLs at the individual school level. Thanx 2 ED OCR 4 highlighting.
— Giselle Lundy-Ponce (@LundyPonce) March 5, 2016
Statistic Of The Day: Growing Numbers Of ELLs
Kindergarten to Grade 12 English as a Second Language Literature Review Update (up to 2009)
Learning More About English Learner Youth is from The U.S. Department of Education.
The National Center For Education Statistics just released their Digest of Education Statistics, 2015. It has lots of…statistics, including on the English Language Learner population.
NPR Publishes Everything You Wanted To Know About ELLs, But Were Afraid To Ask….
Feel free to provide additional suggestions in the comments section of this post.
If you've found this list helpful, you might want to consider subscribing to this blog for free.