PACIFIC RUBIALES NET INCOME FOR THE FIRST QUARTER

PACIFIC RUBIALES NET INCOME FOR THE FIRST QUARTER

The oil company based in Colombia presented their quarterly earnings report to the Finance Superintendence with a consolidated net income of 258 million dollars.

According to the top management of the company, these results are historical because the net income of the first quarter of the year represents the 46% of the total net income of the entire 2011, and achieve to reverse the 70 million dollar loss of the first quarter of 2011, driven by the international oil prices and an increase in the production of oil barrels per day.

This increase is part of a strategy based on the drilling of over 162 oil wells in the fields Rubiales and Quifa SO.

The billing in the first quarter of 2012 increased in 59,5% annually reaching 932 million dollars, moving away from the 584 million Dollars of 2011. The profit margin was about 58% in the period, leaving the company as one of the most profitable companies in Colombia.

The analysts are expecting that the news has a positive impact on the Pacific Rubiales share in today’s Colombian stock market, giving them a break because in the last few months was uncertainty about the operations of the company.