Pacific Rubiales Energy Corp., a Canadian oil exploration and production company, said Friday, August 14, that it is changing its corporate name to ‘Pacific Exploration and Production Corporation’.
The company, that was recently engaged in takeover talks, explained that the name change reflects its broader focus in Latin America as its production base continues to be diversified away from the Rubiales Field, located in the Arauca Department in Colombia.
“The new name emphasizes the company’s strategy which is focused on sustainable growth in production & reserves and cash generation within a diversified portfolio of assets,” the company said in a press release.
The company owns assets across seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize.
Furthermore, the company says it sees a large opportunity, that is well aligned with its core expertise and track record in light and heavy oil exploration and development, in the opening up of the Mexican energy sector to foreign investment.
Ronald Pantin, Chief Executive Officer of the company, said:
“This name change represents a significant milestone for the Company, reflecting that we have in fact replaced production from the Rubiales Field. Total net production after royalties has grown from well under 100,000 boe/d to current levels of just over 150,000 boe/d, despite a 14% decline in production from the Rubiales Field in 2014.”
“We have more than replaced the Rubiales production from a combination of other heavy oil production in Colombia, light and medium oil production in Colombia and Peru, and natural gas production in Colombia. A large portfolio of undeveloped reserves plus resources underpin further potential production growth beyond 2016.”
According to the press release, the new name is effective immediately, and will be implemented throughout the company in the 2015 calendar year.
The company added that it has made an application to the Toronto Stock Exchange for its approval of the name change and has received conditional approval subject to the submission of the required final documentation.
Furthermore, the company’s common shares will continue to trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE, and PREC, respectively.