Pacific Rubiales sees higher first-quarter production; shares up

Tue Apr 9, 2013 2:07pm EDT
 
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April 9 (Reuters) - Colombia-focused oil and natural gas producer Pacific Rubiales Energy Corp said it expects first-quarter production to jump 30 percent, sending its shares up as much as 10 percent.

Pacific Rubiales expects net production to be 126,000 and 128,000 barrels of oil equivalent per day (boe/d) after royalty during the quarter.

The Canadian company also said it had discovered oil in its first well in Santos basin offshore Brazil.

The company also said it expects to cut overall operating costs by about $8 per barrel during the rest of the year. It had expenses of $34.67 per barrel for 2012.

The company's shares were up 8 percent at C$20.86 on Tuesday morning on the Toronto Stock Exchange. (Reporting by Sandhya Vijayan in Bangalore; Editing by Sreejiraj Eluvangal)