January 10, 2011 / 2:19 PM / 8 years ago

UPDATE 1-Pacific Rubiales sees higher 2011 exit production

* Sets 2011 capex at $1.12 bln * Sees 2011 net exit production at 112,000 boepd

* Says confident of meeting targets

Jan 10 (Reuters) - Canadian oil firm Pacific Rubiales Energy Corp PRE.TO reported 2010 exit production below its earlier view, hurt by transportation issues, but said it expects higher exit production this year.

The company set a 2011 capital budget of $1.12 billion, and estimated gross exit production of 265,000 barrels of oil equivalent per day (boepd) or 112,000 boepd net.

Pacific Rubiales, which has been ramping up production capacity, said it was confident of meeting its targets.

For 2010, Pacific Rubiales’ gross production capacity was 220,000 boepd, with a net production of 84,000 boepd, both ahead of the previous year.

The company, with working interests in 40 blocks in Colombia, Peru and Guatemala, said “the exploration efforts continue to be in high gear.”

Toronto-based Pacific Rubiales’ shares closed at C$32.80 on Friday on the Toronto Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)

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