Pacific Mistral Wins 3-Year Contract for Petrobras

- Pacific Mistral Wins 3-Year Contract for Petrobras

Wednesday, August 17, 2011
Pacific Drilling S.A.

Pacific Drilling announced that its ultra-deepwater drillship the Pacific Mistral has been awarded a three-year contract by Petróleo Brasileiro S.A. (Petrobras) for operations in Brazil. The contract is expected to commence in the fourth quarter of 2011, and estimated maximum contract revenues, including mobilization and client requested modifications, are expected to be approximately $536 million.

Pacific Drilling Chief Executive Officer Chris Beckett stated, "We are pleased to announce the beginning of a core, strategic relationship with Petrobras. This contract for the Pacific Mistral underscores our commitment to work with the best operators in the industry and also expands our operating presence in the Atlantic Basin, a region of focus for our activities."

The Pacific Mistral was delivered by Samsung Heavy Industries in June 2011. The rig is equipped for and capable of operating in water depths of up to 12,000 feet and drilling wells 37,500 feet deep.

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. In addition to three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship during the fourth quarter of 2011 and has two drillships on order at Samsung for delivery during 2013.

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Australia Pacific LNG Finalizes Subscription Agreement with Sinopec

- Australia Pacific LNG Finalizes Subscription Agreement with Sinopec

Tuesday, August 09, 2011
Origin Energy Ltd.

Origin Energy advised that the Subscription Agreement facilitating the acquisition by Sinopec of a 15% ownership interest in Australia Pacific LNG has been completed.

In addition, all conditions precedent have now been met for the sale of 4.31 million tonnes of LNG per annum by Australia Pacific LNG to Sinopec, commencing in 2015.

Australia Pacific LNG received US $1.765 billion for the 15% ownership interest. As a consequence, ConocoPhillips' and Origin Energy's ownership interest in Australia Pacific LNG has been diluted to 42.5% each.

This investment by Sinopec provides a net reduction in funding requirements of US $750 million to each of Origin and ConocoPhillips (being 42.5% of US $1.765 billion).

Origin Managing Director and Chairman of Australia Pacific LNG, Mr. Grant King said, "We officially welcome Sinopec to Australia Pacific LNG as a shareholder and foundation customer. We look forward to working alongside ConocoPhillips and Sinopec to deliver the Australia Pacific LNG project, drawing on the extensive experience and capabilities within the joint venture in CSG production, development and operation of LNG facilities."

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Pacific Rubiales Appoints Senior VP, Investor Relations

- Pacific Rubiales Appoints Senior VP, Investor Relations

Tuesday, August 02, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales announced the appointment of Christopher (Chris) J. LeGallais as the Company's Senior Vice President, Investor Relations, effective September 2, 2011. In this position he will report to both the Chief Executive Officer and the President of the Company.

Chris LeGallais is a highly experienced and respected oil and gas executive with a diverse technical and business background. During the past 13 years, he has held various increasingly senior positions at Talisman Energy Inc. as it grew into Canada's preeminent global O&G Independent. Since 2004, Chris has headed up the Investor Relations Group, building the capacity of the team and function, which is recognized as one of the best in the industry. Prior to Talisman, Chris worked in various senior executive, business development, and geotechnical positions at a number of successful Canadian and international junior and senior energy exploration companies. Chris holds a Master's Degree in Geology from McGill University.

Ronald Pantin, Chief Executive Officer, stated "We are pleased to secure someone of Chris' stature and experience as our investor relations executive. This is a new executive position and represents an important step in the Company's initiative to develop a fully integrated in-house investor relations function. His mandate will be to align external messaging with the operational and technical strengths of the Company, maintaining full disclosure transparency and ensuring a complete understanding of the Company's assets, operations and business attributes within the financial markets."

Chris LeGallais commented, "I am delighted to join Pacific Rubiales, a company I have come to know and respect. It has a record of growth achievement, with an international focus, and has assembled a unique and valuable portfolio of business opportunities. I look forward to working with my new colleagues, senior executives and the Board, and in making a positive contribution to their continuing success in the coming years."

For the past two years, The Capital Lab has provided investor relations services to the Company and will continue to provide advisory and transition services to Mr. LeGallais. Jose Francisco Arata, President of Pacific Rubiales, commented "The Capital Lab has provided outstanding service to our Company, its investors and the analyst community for which we would like to thank them and in particular, its President, Belinda Labatte. They have been, and will continue to be, an excellent resource for the Company."

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CB&I Lands LNG Gig in Asia Pacific Region

- CB&I Lands LNG Gig in Asia Pacific Region

Thursday, July 21, 2011
CB&I

CB&I has been awarded a contract, valued in excess of US $500 million, for the engineering, fabrication and construction of two 160,000 cubic meter LNG storage tanks, as well as additional work for a confidential LNG liquefaction project in the Asia Pacific region. CB&I's contract is expected to be completed in 2015.

"We are pleased to be selected for this significant project," said Philip K. Asherman, President and CEO. "This award builds on our decades of proven worldwide experience in the LNG industry and capitalizes on CB&I's extensive history in the Asia Pacific region."

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Pacific Rubiales Receives Environmental Permit for Quifa Wells

- Pacific Rubiales Receives Environmental Permit for Quifa Wells

Tuesday, July 12, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales announced that Colombia's Ministry of the Environment recently granted the Company the requisite environmental permits for Quifa Southwest and Quifa North. The environmental permit for Quifa Southwest was granted on June 2, 2011, and the permit for Quifa North was granted on June 24, 2011 (collectively, the "Permits"). The Permits affirm that Pacific Rubiales can continue its development drilling campaign in Quifa Southwest and proceed with its exploration drilling campaign in Quifa North.

The exploration program is aimed at incorporating drilling results into an updated National Instrument 51-101 compliant reserves report. The Company's exploration program for the second half of 2011 in the Quifa North area includes 3 exploratory and 13 appraisal wells in prospects Q, F, P and Z, while in Quifa Southwest the drilling campaign includes a total of 52 wells (32 vertical and 20 horizontal).
With this drilling campaign, the Company expects to reach a gross production target of 60,000 bbl/d at Quifa Southwest and Quifa North, by the end of 2011. Details of the campaign will be provided to the market on a timely basis.

The Ministry of the Environment is currently conducting an administrative investigation in the Block. Such administrative investigations occur on a routine basis in the ordinary course of business with respect to the execution of the Company's various projects. In response to recent media reports in Colombia, the Company wishes to make clear that the current administrative investigations will not produce material consequences to the Company's current operations in the Block.

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Pacific Drilling Secures LOA for Drillship

- Pacific Drilling Secures LOA for Drillship

Monday, July 11, 2011
Pacific Drilling S.A.

Pacific Drilling announced that a letter of Award has been converted to a definitive contract for the Pacific Scirocco following the necessary approvals from authorities. The minimum duration of the contract is for an initial one-year term, with contract commencement expected during the third quarter of 2011. The contract provides for options, to be exercised at the client's discretion, which could result in up to four additional years of contract term with an escalating dayrate dependent upon the option timing and term elected. Estimated maximum contract revenues related to the initial one-year term are expected to be approximately $200 million, excluding client requested modifications and miscellaneous adjustments.

The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.

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Drilling Commenced at Pacific Rubiales' Colombia Well

- Drilling Commenced at Pacific Rubiales' Colombia Well

Monday, July 11, 2011
Petroamerica Oil Corp.

Petroamerica announced the July 3, 2011 spud of the Torodoi 1-X exploration well, targeting Tertiary and Cretaceous reservoir formations in the Arauca Block situated in the Llanos Basin of Colombia. The operator on the block, Pacific Rubiales, who holds a 95% participating interest in the block, will drill the well using the Petrex 22 drilling rig and is expecting to reach a total depth of 7,198 feet (measured depth) by early August, 2011. Shortly after completion of this well, it is expected that a second well on the Arauca Block will be spudded using the same rig.

Petroamerica, pursuant to a Farm-in Agreement with Pacific Rubiales, holds a 5% participating interest in the Arauca Block, but will be fully carried by Pacific Rubiales for the costs of both this and the second well.

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Pacific Drilling Extends Option for 7th Drillship

- Pacific Drilling Extends Option for 7th Drillship

Thursday, June 23, 2011
Pacific Drilling S.A.

Pacific Drilling has reached an agreement with Samsung Heavy Industries to extend until October 31, 2011 an option to construct a seventh ultra-deepwater drillship.

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. In addition to three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship in August 2011 and has two drillships on order at Samsung for delivery during 2013.

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Pacific Rubiales Declares Cash Dividend

- Pacific Rubiales Declares Cash Dividend

Monday, June 13, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales announced a cash dividend in the aggregate amount of US $25,000,000 which translates to US $0.093 per common share. The dividend is payable on June 30, 2011 to shareholders of record as of June 17, 2011. The ex-dividend date is June 15, 2011. For shareholder trading on the Colombian stock exchange, the peso equivalency shall be calculated based on the exchange rate as certified by the "Superintendencia Financiera de Colombia" (the "SFC") on the date of monetization and will be published on the SIMEV website at the proper time.

Subject to approval from the Board of Directors, the Company expects to pay a dividend on a quarterly basis, with such decision being determined based on funds from operations, earnings, financial requirements, commodity price levels, legal requirements and other conditions existing in the future. This policy will continue to be reviewed by the Board of Directors, as needed, from time to time. Future dividends on Pacific Rubiales common shares are not guaranteed.

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Pacific Drilling Receives Latest Drillship

- Pacific Drilling Receives Latest Drillship

Thursday, June 02, 2011
Pacific Drilling S.A.

Pacific Drilling has received delivery of its newest drillship, the Pacific Mistral. The Pacific Mistral can operate in water depths of up to 12,000 feet and drill wells of up to 35,000 feet total depth. The rig features technologically advanced equipment that allows customers to improve drilling efficiency, including offline handling capabilities.

Pacific Drilling CEO Chris Beckett stated, "We are proud to announce the delivery of the Pacific Mistral. This constitutes the third on-time, on-budget delivery in Pacific Drilling's fleet of six premium ultra-deepwater drillships. The final payment to the shipyard was substantially funded by our Project Facilities Agreement lenders, consisting of two Export Credit Agencies and nine commercial banks based in the United States and Europe. We are in the advanced stages of negotiations with several major E&P companies and expect to announce a drilling contract for the Pacific Mistral in the near future."

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Pacific Drilling Gains Total Nigeria Commitment

Pacific Drilling Gains Total Nigeria Commitment

Tuesday, May 03, 2011
Pacific Drilling S.A.

Pacific Drilling S.A. announced Monday that their latest generation drillship, the Pacific Scirocco, has received a Letter of Award from Total E&P Nigeria Limited, subject to completion of formalities with relevant government agencies in the near future, to perform exploration and development work in Nigeria. The minimum duration of the award is for a one-year initial term at a dayrate of $470,000 plus mobilization and client requested upgrades. The agreement further contemplates two one-year options at Totals discretion.

We are very pleased to announce a new core relationship with Total, a leading deepwater operator, consistent with our vision to work with the best in the industry, commented Pacific Drilling CEO Chris Beckett. This represents Pacific Drillings third commitment from a major oil company, including the two previously announced contracts for the Pacific Santa Ana and the Pacific Bora both contracted to Chevron in the Gulf of Mexico and Nigeria respectively.

Pacific Drillings fourth ultra-deepwater drillship, the Pacific Mistral, is under construction at Samsung Heavy Industries. The Mistral is on target for on time delivery in May 2011 and is the subject of advanced discussions with various clients. In March 2011 Pacific Drilling ordered two additional drillships from Samsung Heavy Industries, the Pacific Khamsin and the Pacific Sharav, scheduled for delivery in April and September 2013 respectively.

Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. Pacific Drillings fleet of four of the newest ultra-deepwater drillships is expected to be in operation by the end of 2011, with two additional drillships on order at Samsung for delivery during 2013.

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Pacific Rubiales Increases Revolving Credit Facility

Pacific Rubiales Increases Revolving Credit Facility

Thursday, April 14, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales has closed the amendment (the "Amendment") to its existing US $250 million unsecured revolving credit facility (the "Revolving Credit Facility"). As a result of the great interest generated amongst the lending syndicate, the amount of the Revolving Credit Facility was increased from the US $250 million initially committed by the lenders in April 2010 to US $350 million. Bank of America Merrill Lynch acted as Global Coordinator and Sole Bookrunner.

The Amendment was limited to the same lenders under the Revolving Credit Facility and, in addition to increasing its amount of the facility from US $250 million to US $350 million, under the terms of the Amendment the Company extended the term of the Revolving Credit Facility to April 2013 and reduced the applicable commitment fees and the applicable margin.

To date, the Company has not drawn down any funds from the Revolving Credit Facility and the Company does not expect to require any proceeds from the Revolving Credit Facility to fund its 2011 capital expenditure budget. The Revolving Credit Facility will be utilized as needed to take advantage of opportunities in the Colombia E&P sector that may become available and to fulfill the Company's business strategy.

The applicable margin and commitment fees of the Revolving Credit Facility will continue to be determined in accordance with the rating assigned to the Company's senior debt securities by Standard & Poor's Ratings Group and Fitch Inc. Based on the Company's current rating and expected usage, the commitment fee will be reduced from 100 bps to 75 bps and the applicable margin from 325 bps to 250 bps over LIBOR.

Subject to customary acceleration events set forth in the credit agreement relating to the Revolving Credit Facility, or unless terminated earlier by the Company without penalty, repayment of outstanding principal on the Revolving Credit Facility will be made in full on April 26, 2013.

Pacific Rubiales Acquires Maurel & Prom Stake in Colombia

Pacific Rubiales Acquires Maurel & Prom Stake in Colombia

Thursday, March 31, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales announced the acquisition of 50% of the interests held by Maurel et Prom in the Sabanero, Muisca, SSJN-9, CPO-17 and COR- 15 blocks, which are all located on-shore in Colombia.

Mr. Ronald Pantin, Chief Executive Officer of the Company, commented, "We are very pleased to join forces with Maurel et Prom. This acquisition adds significant resources and exploratory potential to our already robust resource base. Moreover, this acquisition fits synergistically with our other assets located in the same basins, paving the way to significant efficiencies in production and transport. With this acquisition we continue raising the bar as the premier explorer and operator in Colombia."
Upon completion of the transaction, Pacific Rubiales will partner with Maurel et Prom in respect of the following interests:

• 100% participation in the Sabanero Block ("E&P Contract No. 17 of 2007 Sabanero") located in the central region of Colombia in the Department of Meta.
• 100% participation in the Muisca Block ("E&P Contract No. 20 of 2008 Muisca") located in the central region of Colombia in the Departments of Boyacá and Cundinamarca.
• 50% participation in the SSJN-9 Block ("E&P Contract No. 47 of 2008 SSJN- 9") located in the northern region of Colombia in the Departments of Bolivar, Cesar and Magdalena. The remaining 50% interest is currently held by HOCOL.
• 50% participation in CPO-17 Block ("E&P Contract No. 40 of 2008 Llanos Orientales - Area Occidental CPO-17") located in the central region of Colombia in the Department of Meta. The remaining 50% interest is currently held by HOCOL.
• 100% participation in the COR-15 Block ("Special Technical Evaluation Agreement Type 3 Contract") located in the central region of Colombia in the Department of Boyacá.

This agreement is subject to legal and regulatory approvals of the ANH and certain contractual approvals with the partners in Colombia.
The general terms of the agreement with Maurel et Prom are as follows:

• Pacific Rubiales will pay to Maurel et Prom cash consideration to a maximum of US $66 million as a reimbursement for past exploration costs in the blocks, as at March 31, 2011.
• Pacific Rubiales will assume a full carried obligation on the exploration and delineation activities in the Sabanero Block with a reimbursement out of the free cash flow. The Company will also secure the financing required by Maurel et Prom to execute its portion of the development activities in such block.
• Reimbursement will also be made by means of free cash flow derived from future hydrocarbon production. Pacific Rubiales offers to assume a full carried obligation of up to US $120 million in three years for exploration activities in the SSJN-9, CPO-17 and Muisca Blocks. This obligation will be subject to revisions pending the activity results and negotiations with the other applicable partners.
• Pacific Rubiales will assume a full carry obligation on exploration activities for Block COR-15, with reimbursement by means of free cash flow derived from future hydrocarbon production. The Company will also secure the financing required by Maurel et Prom to execute its portion of the development activities in such block. Reimbursement will also be made by means of free cash flow derived from future hydrocarbon production.