Reserves Certification Report For The Rubiales Field, Colombia

Reserves Certification Report
for the
Rubiales Field, Colombia
Prepared For:
Metapetroleum LTD
February 2010
411 North Sam Houston Parkway E., Suite 400, Houston, Texas 77060-3545
T +1 281 448 6188 F +1 281 448 6189
E rpsenergy@rpsgroup.com
W www.rpsgroup.com
1
Suite 1400, 800 Fifth Avenue S.W., Calgary, Alberta T2P 3T6 Canada
T +1 403 265 7226 F +1 403 269 3175 E rpsapa@rpsgroup.com W www rpsgroup.com W www.apa-inc.com
February 9, 2010
Meta Petroleum Ltd.
Calle 113 #7-80
Torre AR, Piso 13
Bogota, Columbia
Attention: Ysidro Araujo, Reservoir Manager
Re: Meta Petroleum Rubiales Field Reserve Evaluation

Dear Mr. Araujo,
As requested, RPS has completed the evaluation of Meta Petroleums Rubiales oil field assets
as of December 31, 2009 and submit the attached report. The assets evaluated consist of the
Rubiales field only in Columbia.
The evaluation was conducted using the guidelines of the Canadian Oil and Gas Evaluation
Handbook, and is consistent with the reporting requirements listed in t he Canadian National
Instrument 51-101. The Rubiales field has been evaluated at the Proved Developed Producing ,
Proved Developed Non Producing, Proved Undeveloped, Probable and Possible oil and gas
reserves levels. Additionally, production volumes beyond the concession expiry in 2016
and resource volumes which lie outside the mapped reserves areas have been included.
We appreciate the opportunity to conduct this reserves evaluation for you and trust that the
attached report meets your requirements.
Yours sincerely,
RPS Energy
Brian Weatherill, P.Eng.

Reservoir Evaluations Specialist
United Kingdom
USA |
Canada
Australia
Malaysia
Ireland
Netherlands
RPS
Table of Contents
1.0
EXECUTIVE SUMMARY .................................................................................................. 1
2.0
CONCLUSIONS ............................................................................................................... 3
3.0
FIELD OVERVIEW ........................................................................................................... 4
3.1
3.2
OWNERSHIP ................................................................................................................... 4
DEVELOPMENT HISTORY ................................................................................................. 4
4.0
GEOSCIENCE .................................................................................................................. 6
5.0
PETROPHYSICS .............................................................................................................. 8
6.0
STATIC GEOCELLULAR MODEL ................................................................................... 9
7.0
RESERVES DETERMINATION ...................................................................................... 12
7.1
7.2
7.3
7.4
DISCUSSION ................................................................................................................. 12
DEVELOPED RESERVES ................................................................................................. 12
UNDEVELOPED RESERVES AND RESOURCES .................................................................. 14
SUMMARY ..................................................................................................................... 18
8.0
PRODUCTION FORECASTING ..................................................................................... 19
9.0
DETERMINATION OF VALUE ....................................................................................... 21
9.1
9.2
9.3
9.4
9.5
9.6
10.0
OWNERSHIP ................................................................................................................. 21
DETERMINATION OF VOLUMES ....................................................................................... 21
MARKETING .................................................................................................................. 23
COSTS ......................................................................................................................... 24
EVALUATION PARAMETERS ............................................................................................ 29
ANALYSIS RESULTS ....................................................................................................... 30
QUALIFICATIONS AND LIMITATIONS ......................................................................... 32
10.1
10.2
10.3
10.4
10.5
10.6
INDEPENDENCE AND CONFLICT OF INTEREST .................................................................. 32

PURPOSE, SCOPE AND USE OF THIS REPORT ................................................................. 32
AVAILABLE DATA ........................................................................................................... 32
PROFESSIONAL QUALIFICATIONS .................................................................................... 32
SITE VISIT AND INSPECTION ........................................................................................... 33
LIABILITY W AIVER ......................................................................................................... 33
List of Figures
Figure 3.1
Figure 3.2
Figure 3.3
Figure 3.4
Figure 3.5
Figure 4.1
Figure 4.2
Figure 4.3
Figure 4.4
Figure 4.5
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Rubiales Field Location Map

Concession Map
Rubiales Field Production Plot
Rubiales Concession Production Plot
Piriri Concession Production Plot
Structure Top Arenas Basales
Structure Oil Water Contact Arenas Basales
Structural Cross Section - West to East
Gross Arenas Basales Isopach with Structure Top Arenas Basales
Net to Gross Sand Ratio Arenas Basales Reservoir Interval
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Figure 4.6
Figure 5.1
Figure 6.1
Figure 6.2
Figure 6.3
Figure 6.4
Figure 6.5
Figure 7.1
Figure 8.1
Figure 8.2
Figure 9.1
Figure 9.2
Net Pay Isopach Arenas Basales

Wells Drilled in 2009 with Petrophysical Analysis
Net to Gross Distribution 3D Model
Porosity Distribution 3D Model
Water Saturation Distribution 3D Model
Facies Distribution 3D Model
STOIIP Map
Type Well Production Curves for New Completions
Production Plot - History and Forecast
Production Plot by Reserve Category
Fuel Consumption Forecast
Pipeline Route from Rubiales Field to Covenas Sea Port
List of Tables
Table 1.1
Table 1.2
Table 1.3
Table 1.4
Table 1.5
Table 1.6
Table 1.7
Table 1.8
Table 7.1
Table 7.2
Table 7.3
Table 7.4
Table 7.5
Table 9.1
Table 9.2
Table 9.3
Table 9.4
Summary of Oil and Gas Reserves

Net Present Value of Future Net Revenue
Total Future Net Revenue (Undiscounted)
Future Net Revenue by Production Group
Future Net Revenue (Unit Value Basis) by Production Group
Summary of Pricing and Inflation Rate Assumptions
Summary of Estimated Development Costs Attributable to Reserves
Summary of Production Estimates Proved + Probable + Possible Reserves
Cumulative Field Production, Reserves and Estimated Ultimate Recovery
Calculation of Recovery Factor and Fieldwide Potential
Estimated Ultimate Recovery versus Net Pay by Well Type
Estimated Ultimate Recovery versus STOIIP by cell
Summary of Reserves and Production to June 30, 2016
Crude Oil Production, Fuel Consumption, Naptha Purchases and Sales
WTI Crude Oil and Rubiales Crude Oil/Naptha Blend Price Forecast
Field Investment Summary
Field Expense Summary
List of Appendices
Appendix 1
Appendix 2
Appendix 3
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Reserves Guidelines issued by the Society of Petroleum Engineers

Before Tax Cases Economic Summary Projections
After Tax Cases Economic Summary Projections
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1.0
EXECUTIVE SUMMARY
RPS was engaged by Meta Petroleum Corporation (Meta) to perform a reserves certification
report effective December 31, 2009. The field has produced for a number of years and has a
significant reserves base remaining.
An aggressive drilling program has been pursued to
develop the majority of the remaining reserves prior to the expiration of the Rubiales and Piriri
concessions. Given the reservoir performance to date and the associated development plan, the
drilling program should continue to be successful and oil production will increase considerably as
the work proceeds.
All reserves volumes in the field are categorized as proved, probable or possible based on the
definitions in the Petroleum Resource Management System of the Society of Petroleum
Engineers. Many of the wells to be drilled are in the probable and possible categories some
distance from the currently developed area; those volumes are unrisked in this report as is the
value placed on those volumes. The present value of the reserves was calculated at a ten
percent discount rate using a price forecast developed by the Strategic Planning Department of
RPS in London. All costs associated with the development of the reserves, including drilling,
infrastructure and water disposal wells are included.
The table below provides a summary of the reserves and value by each reserves category.
Reserves Category
Field Gross
Reserves
MMbbl
Proved
Meta Working
Interest Reserves
MMbbl
Gross
Net
NPV @ 10%
$MM US
BFIT
AFIT
Developed Producing
94.1
41.6
33.3
1,420.2
980.3
Developed Non-Producing
27.1
11.4
9.1
314.8
225.1
Undeveloped
296.0
125.5
100.4
3,546.5
2,555.1
Total Proved
417.2
178.6
142.9
5,281.5
3,760.5
Probable
46.0
19.0
15.2
508.5
368.7
Total Proved + Probable
463.2
197.6
158.1
5,790.0
4,129.2
Possible
38.0
16.1
12.9
415.5
288.3
Total Pvd + Prob + Poss
501.2
213.7
171.0
6,205.5
4,417.5
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RPS has updated the mapping of oil initially in place (OIIP) for the field to a new total of 4,248
MMstb, up from 3,886 MMstb calculated as of year-end 2008. This represents an increase of
362 MMstb (9.3 percent) and is due to updated geological mapping using data from 2009 drilling
and revised petrophysical analysis. Accounting for the 2009 production of 25.1 MMstb from the
field, the year-end 2009 reserves represent an increase in estimated total concession date
recovery of 146 MMstb at the proved level, and 90 MMstb at the proved and probable level.
The series of tables listed below show the results of the reserves, production, cash flow and
present worth calculations:
Table 1.1
Summary of Oil and Gas Reserves gross and net volumes
Table 1.2
Net Present Value of Future Net Revenue BFIT & AFIT at various discount rates
Table 1.3
Total Future Net Revenue (Undiscounted) revenue and cost cash flows
Table 1.4
Future Net Revenue by Production Group BFIT NPV @ 10%
Table 1.5
Future Net Revenue (Unit Value Basis) by Production Group BFIT NPV @ 10%
Table 1.6
Table 1.7
Summary of Estimated Development Costs Attributable to Reserves
Table 1.8
Summary of Production Estimates Proved, Probable and Possible Categories
The field wide proved, probable and possible reserves volume is 501 million barrels
(representing 11.8 percent of the oil initially in place) of which 83.2 percent is proved. Additional
resources that were not included in the evaluation were identified in areas adjacent to the
possible drilling locations and in outlying areas of lower thickness pay sand. The recovery
potential of these resources and economically recoverable volumes beyond the concession
expiry date is an additional 279 MMstb (6.6 percent OIIP).
Coupled with the cumulative
production to year-end 2009 of 57.6 MMstb (1.3 percent OIIP) the potential ultimate recovery is
838 MMstb for a total potential recovery of 19.7 percent OIIP.
All references to costs and values in the report are in United States dollars. The net present
value reported is unrisked and does not represent the fair market value of Metas ownership in
the Rubiales Field. A site inspection of the field, including existing wells, facilities, tanks and
pipelines as well as many major construction projects, was made on December 15, 2009. The
data provided by Meta was the sole source of information for this report.
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2.0
CONCLUSIONS
This reserves certification report was prepared using field data and an investment program as
provided by Meta. The conclusions noted below relate to depletion of the existing wells and
implementation of the field development plan as it has been proposed.
The drilling campaigns in each of the past years have been very successful in finding and
developing oil and in validating the geological model and engineering projections from
earlier studies.
Due to Metas higher working interest, the Piriri concession reserves have more value to
Meta than the reserves to be produced from the Rubiales concession.
Certain step-out locations that were some distance from proved reserves have been
drilled successfully, and as a result significant areas of the reservoir have had crude
volumes re-categorized to proved reserves much sooner than if the drilling program been
restricted to the proved undeveloped locations.
Production and cash flow have been maximized since the pipeline capacity has been
developed on schedule and the water disposal wells and facilities are being drilled and
built as needed to avoid or minimize the curtailment of production due to transportation or
processing limitations.
The production can be developed for a relatively low cost per barrel. Adherence to the
accelerated rig program will increase the recovery factor as high as it can be before the
concession expires.
An analysis of the historical drilling program results, in contrast to the remaining areas to
be drilled, indicates that future drilling will result in lower recovery per well due to the
thinning nature of the sand on the flanks of the structure.
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3.0
FIELD OVERVIEW
3.1
Ownership
The Rubiales Field is located in the Llanos Basin on the eastern side of Columbia as shown in
Figure 3.1, the Location Map. Metas working interest in the Rubiales Field is comprised of a
50% ownership in the Piriri concession (62,432 acres in size) and a 40% ownership in the
Rubiales concession (88,463 acres in size). The boundaries of the properties are shown in
Figure 3.2, the Concession Map. The Rubiales field is productive from 135,361 acres, which
comprises the majority of the entire extent of the concession area of 150,895 acres.
Meta pays a 20% royalty on working interest production.
There are no other burdens or
overriding royalties associated with the concessions. The agreements expire on July 1, 2016.
This relatively close expiry date is the incentive to Meta to develop the field quickly and produce
field reserves as soon as possible.
3.2
Development History
The Rubiales field was discovered in 1981 by Exxon in association with the Tethys operating
group. Three wells were drilled from 1981 to 1982 and on July 1, 1988 a 28 year concession
was granted. Exxon then drilled 14 wells from 1988 to 1993. The field was then acquired by
Coplex Resources in 1994 who drilled 5 additional wells by 1997. Due to financial problems
within the company, the field was shut in until Tethys et al re-acquired it from Coplex in 2000.
Production was re-started in 2001 and two additional wells were drilled for a total of 24 wells at
that time.
In mid-2002 Rubiales Holdings acquired Tethys et al and quickly drilled 14 wells while improving
field operations. In 2004 Meta Petroleum became the operator of the Rubiales field following a
merger of the et al companies with the result being a 50% ownership in the Piriri concession
and a 40% ownership in the Rubiales concession.
In 2005, studies conducted by Meta
confirmed the significant potential of the field and an investment program was approved.
From 2006 to the present Meta has conducted an aggressive drilling program that has resulted
in a current total of 139 producing wells that are pumping approximately 102,000 barrels of oil
per day at year end. During 2009, the field produced 25.1 MMstb of oil and at year-end had a
cumulative production of 57.6 MMstb. The results of this program are indicated on the field
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production plot, Figure 3.3, and on the production plots for the Rubiales and Piriri concessions
on Figures 3.4 and 3.5, respectively. As of year-end 2009, in the fully developed areas of the
field, the wells have been drilled on an average spacing of 81 acres. At year-end 2009, the field
had the following well count:
Production
Disposal
Shut-In
Abandoned
Total wells
Vertical
38
Horizontal
101
Vertical
Horizontal
12
Vertical
59
Horizontal
15
Vertical
Horizontal
Vertical
108
Horizontal
128
Grand total wells
236
Meta has scheduled an additional 536 wells to completely develop the field during the next six
years. RPS has classified the wells as proved, probable and possible drilling opportunities.
Meta has also scheduled 151 locations to which RPS has assigned resource volumes.
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4.0
GEOSCIENCE
Geological Model for Entrapment

The geological model for the Rubiales field (proposed by RPS Scotia in 2007) was a
hydrodynamic trap, with oil trapped by basin ward (northwestward) flowing formation waters
trapping oil under a broad subtle structural nose at the top of the fluvial/alluvial Arenas Basales
Formation. This trapping model is supported by a tilted oil water contact, pressure data in the
reservoir section, log facies characteristics of available wells, and regional geologic information.
The mapping method used to define prospective areas, using this geologic model, was the
Trend Residual mapping method where subtle structural highs are identified as positive
anomalies with a positive residual value when compared to the regional structural trend.
The geological tops for 29 new well logs that were provided to RPS during 2009 continue to
support a tilted oil water contact. The oil-water contact and whether or not an area would be oil
bearing for a well drilled within the current producing field area can be predicted using the
hydrodynamic/tilted oil water contact model. Water productive wells are still located on structural
anomalies. However, the RPS hydrodynamic model is not predictive of oil production extending
outside the current producing area, given the current data available. The limits of the field do not
appear to have been defined and appear to lie outside the concession area. Without more
regionally extensive dry hole data delineating non-productive areas, a Trend Residual mapping
method is not useful to predict a Rubiales field productive extension. A brief mapping exercise
suggests that it is probable that more complex stratigraphic and hydrodynamic trapping elements
are involved in defining the geological limits of Rubiales oil production.
Geological Work Performed
New well locations and new well logs (LAS files) for the 29 vertical wells drilled during 2009 were
loaded into an existing Petra project file. Geological tops from Metapetroleum were also loaded
to the Petra Project file. Thirty seven additional horizontal wells have been drilled in 2009, but
LAS files and directional survey data on these wells were not made available to RPS.
The new producing wells and wet wells were inserted into the existing cross sections, and
additional cross sections were constructed, incorporating the new vertical wells. (Tops were not
used on RB 159 and RB 42H wells as directional survey data were not available.) RPS has over
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a 90% agreement with the observed Meta geological tops.
Any top discrepancies were
generally less than 10 feet of difference. Additional geological tops were picked for new wells.
These tops were incorporated into the cross sections and the geological maps.
Based on the new well data and new tops, several of the existing maps, such as the Structure
Top Arenas Basales, Structure Oil Water Contact Arenas Basales, Gross Arenas Basales
Interval, Net to Gross Sand Ratio Arenas Basales Reservoir Interval, Gross Isopach Pay
Interval, and Net Pay Isopach were updated and re-contoured in the Petra Project.
The Structure Top Arenas Basales map (Figure 4.1) shows monotonous northwest dip into the
basin. Almost all of the new wells drilled in 2009 in the Rubiales field fit the tilted water table and
hydrodynamic entrapment model as shown on Figure 4.2, the Structure Oil-Water Contact. The
cross section in Figure 4.3 documents this fit and demonstrates the tilted oil water contact.
Water productive wells are located on structural anomalies as noted by the contours near the
blue highlighted water wells in Figures 4.1 and 4.2.
The Arenas Basales Gross Reservoir Isopach map shows a northwest trending thick interval
(Figure 4.4) while the Net/Gross sand ratio map of this same interval shows the northwest
trending reservoir thickening is actually higher in shale content (Figure 4.5).
The Net Pay
Isopach map shows an east-west trending pay interval which cuts across the northwest trending
gross reservoir thickening (Figure 4.6). More work would be necessary to define the potentially
more complex stratigraphic trap elements apparent from this observation.
The limits of the Rubiales field have yet to be defined. The current in-field drilling program still
fits the tilted water table and the hydrodynamic trap models. However, the RPS hydrodynamic
model is not predictive of the presence of oil that is known to extend outside the concession
boundaries in areas that remain sparsely drilled or not drilled at all. Without more regionally
extensive dry hole data delineating non-productive areas, the Trend Residual mapping method
done in previous audits (in 2007 and 2008) is not useful.
It is likely that more complex
stratigraphic and hydrodynamic trapping elements are involved in defining the geological limits of
Rubiales oil production.
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5.0
PETROPHYSICS
The petrophysical work used in this analysis includes the review of the existing static model of
the Rubiales Field, the validation of the petrophysical parameters and models, and an update to
the existing static model with information from 29 new wells (Figure 5.1). The objective was to
provide necessary petrophysical information in terms of Clay Volume (VSH), Effective Porosity
(PHIE), Water Saturation (Sw) and Oil-Water Contact (OWC) depths to be integrated into the
geocellular model for the volumetric estimation of the oil initially in place (OIIP) and to support
the development plan of the field. The project was developed in the RPS office in Houston with
interaction with Meta specialists incorporating the new well logs and core data.
An audit of all petrophysical input parameters and models used in the petrophysical evaluation of
the wells was performed using the specialized software Interactive Petrophysics version 3.5.5.0,
concluding that input parameters, models used, and results obtained from the petrophysical
evaluation are reasonable. The available data for the petrophysical review was considered
sufficient in terms of quantity, quality and consistency. A comparison of log-derived porosity and
water saturation against core-derived porosity and water saturation was also done with an
excellent fit. The determination of net pay thickness from the petrophysical modeling is also
considered accurate.
The OWC can be established from visual analysis of the log curves signature, corresponding to
a decrease of the Deep Resistivity curve into a range of 20 to 30 Ohm-m in front of a porous
sand body. The petrophysical model matches this response with 100 percent water saturation
below the OWC, and low water saturation values above the OWC. The variation in depth
indicates a tilted OWC associated with the hydrodynamic mechanism acting in the Llanos Basin.
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6.0
STATIC GEOCELLULAR MODEL
The geocellular model of the Rubiales field that was generated by Meta during 2009 was
analyzed and validated. The model was then updated using seismic data, well log correlations,
stratigraphic data, facies studies and a petrophysical evaluation.
Volume calculations of oil
initially in place were carried out to support the reserves certification objective and also to
validate the field development drilling program.
The geocellular model of the Rubiales field was constructed in three steps:
Structural Framework - The geometry or structural framework of the model was created
through the three-dimensional integration and matching of well locations and paths,
geological tops, and fault surfaces.
Grid Cells - The volume of rock contained within the structural framework was divided in
zones and layers and subdivided into small boxes or grids (cells).
This procedure
generated more than 5,400,000 cells. In this step, the cells penetrated by wells (Cellwells) were populated with facies information and petrophysical parameters, using
averaging methods as arithmetic mean, root mean square, harmonic mean, midpoint
pick, etc. The facies population of the cell-wells was carried out based on facies logs and
stratigraphic-sedimentary models that were determined previously.
Extrapolation of Properties - The values within the cell-wells were distributed by
interpolation through all the model cells.
The distribution was carried out applying
deterministic and stochastic algorithms, looking for the best distribution of discrete and
continuous data through each cell of the geocellular model. The final version of the
geocellular model of the Rubiales field is a scaled representation of the real oilfield where
the geological characteristics and fluid conditions can be studied, analyzed, quantified,
simulated and predicted.
The geocellular model was generated using Petrel software.
The main components of the
geocellular model were the structural model, facies model and petrophysical model.
The structural model includes geological tops and fault surfaces that have a relationship with
fluid control. The structural model was created using six geological tops from the top of the
Arenas Basales to the top of the Paleozoic, originating five lithological zones. Each lithological
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zone was divided into layers. A total of 65 layers were created and divided into 50m x 50m cells
to get the cellular model frame with more than 5,400,000 cells.
The facies model was created by Meta using log analysis, core descriptions and sequence
stratigraphic concepts. The reservoir quality facies corresponds to isolated filled channels (CH),
stacked channel deposits (S-CH) and crevasse channel deposits (C-CH). The non-reservoir
facies are defined as single crevasse splay (SC) and over bank deposits (O).
The petrophysical evaluation was used in the update of the Rubiales geocellular model.
Detailed analysis of the well data evaluation was performed, and then several calculations of
new parameters were generated. Clay volume (VSH), effective porosity (PHIE), water saturation
(Sw) and net to gross sand ratio (NTG) were up scaled and loaded in the cell-wells. These data
were analyzed to determine the spatial characteristics of the data through histograms, trends
and variograms. This is an important and time-consuming process, which allowed determining
the best input parameters to deterministic and stochastic algorithms.
The cells penetrated by well paths (cell-wells) were populated with information derived from
facies and petrophysical data using averaging methods as arithmetic mean, root mean square,
harmonic mean etc. Very few cells are penetrated by wells. Previous to the stochastic spatial
distribution of cell-well values thru all the cells, data analyses were applied for quality control and
to characterize the cell values.
In this process vertical proportionality, thickness variations,
histograms, trends and vertical and horizontal variograms of the cell values were generated,
analyzed and quantified. These spatial data characteristics became the input parameters used
for the stochastic algorithms in the stochastic spatial distribution of data through all the cells.
Hundreds of variograms were generated and analyzed in order to get the best possible strike
direction and trend for each facie, petrophysical parameter, and correlation facie-petrophysical
property.
Several deterministic and stochastic algorithms were tested in order to determine the best spatial
distribution of discrete (facies) and continuous (porosity, water saturation, etc.) data.
Facies data and petrophysical properties were spatially distributed to each cell, using the
Sequential Indicator Simulation algorithm. The petrophysical properties were conditioned to the
facies results.
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Finally, the geocellular model of the Rubiales field was created for a set of volumes divided into
millions of cells, embedded with lithology, porosity, water saturation and facies data. Figures 6.1
through 6.4 show the final distribution of these properties in the 3D model. This is the basic data
used in the oil initially in place (OIIP) volume calculation in the geocellular model. A contour map
that showed contours of stock tank oil initially in place (STOIIP) was also created (Figure 6.5).
The contours represented the STOIIP for a 50 meter by 50 meter cell surface area with a vertical
capture of the entire net pay sand thickness for the five sand members in the cell.
The volume calculation areas were defined by polygons representing the concession
boundaries. The productive and concession areas contained in the Petrel model are shown
below:
Rubiales
Piriri
Total
Productive Field Area (acres)
83,590.6
51,770.2
135,360.8
Total Concession Area (acres)
88,463.0
62,431.6
150,894.6
The results are grouped in the following table by the five zones determined by the
sedimentological facies in the entire concession area.
STOIIP - MMbbls
Rubiales
Piriri
Total
Zone 1
1078.7
530.1
1608.8
Zone 2
802.6
446.1
1248.7
Zone 3
1033.5
276.6
1310.1
Zone 4
69.8
9.8
79.6
Zone 5
0.5
0.00
0.5
Total
2985.1
1262.6
4247.7
These values and the derived STOIIP maps were used as a basis for much of the reservoir
engineering calculations in the study to aid in the reserve certification and support the proposed
field development drilling program.
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7.0
RESERVES DETERMINATION
7.1
Discussion
The Rubiales field contains low gravity, highly viscous oil. The recovery mechanism in the field
is primary recovery, with strong pressure support from a bottom water aquifer. In such a field,
the recovery factors under traditional oil field developments using vertical wells can be expected
to be relatively low, in the range of 10 percent to 20 percent of OIIP. RPS analysis indicates that
the maximum recovery factor of 20.3 percent can be expected for this field. To maximize the
recovery efficiency, Meta has pursued a development drilling plan that will increase the well
density and incorporate a significant number of horizontal wells.
The Rubiales field crude oil has low solution gas content, as represented by the gas-oil-ratio that
is estimated to be 5 scf/stb. As a result, there is insufficient produced gas to warrant gas sales.
Some produced gas is used as field fuel and the balance is flared. RPS has not attributed any
gas reserves to the field.
Two separate concessions hold the reserves in the Rubiales field. Each concession has a
unique operating and net revenue interest, thus the reserves and economics are calculated
separately for each concession and then summed to get the fieldwide figures.
7.2
Developed Reserves
Reserves estimates were made using production performance analysis, volumetric estimates
and production analogues. Analysis of the change in production rates, water-oil ratio and oil cut
as a function of cumulative production and time was performed to predict the ultimate
recoverable volumes for the producing wells. Parameters used to specify the shut in conditions
were two percent oil cut at a producing rate of 30 and 150 barrels of oil per day for vertical and
horizontal wells, respectively.
These minimum operational production rates are dictated by
water handling capacity limitations and not due to an economic limit or flow assurance problems.
An exponential decline curve shape was used for the rate forecasts, with application of
hyperbolic performance where well performance supports the projection after the initial flush
production.
Plots of the oil rate versus cumulative production, oil cut versus cumulative
production and water oil ratio versus cumulative production for the producing wells were
reviewed.
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Reserves for wells that were completed within the past few months that have not had sufficient
production decline performance were determined by using the type well analogies that were
applied to the drilling locations for the undeveloped reserves. All of the type wells are located in
the field, have perforated the subject sand interval, and have sufficient performance history to be
a good basis for rate projections.
As of December 2009 there were 74 wells in the shut in classification. Most of the wells have
prior production history, a lesser number have been tested only and have no cumulative
production. Meta has advised that 60 of these wells are scheduled to be placed on production in
2010 and 2011. These wells were forecasted and scheduled, and the reserves were included in
the proved developed non-producing category. The 14 remaining shut in wells are assumed to
have no potential since they were not part of the re-vitalization program.
The Rubiales field has been developed with 221 vertical and horizontal wells which have
indicated typical drainage areas of 50 and 87 acres, respectively. The typical drilling program
involves a centralized vertical well with five horizontal wells drilled outward from the same pad
location. A well cluster of this design typically drains an area of 485 acres. The horizontal wells
typically drill a distance between 500 and 1,200 feet through the reservoir. The recovery from
the horizontal wells exceeds that of the vertical wells. The wells have different performance
characteristics also.
The vertical wells initially exhibit a lower average annual exponential
decline rate, and the horizontal wells initially produce at a much higher rate with a hyperbolic
decline. Table 7.1 lists all the wells that have been drilled in the field with the cumulative
production, proved reserves and estimated ultimate oil recovery of each.
The cumulative field production to year end 2009 was 57.6 MM barrels of oil, and the proved
reserves for the producing wells on December 31, 2009 are 94.1 MM barrels of oil. The ultimate
recovery (to the end of the concession term on June 30, 2016) from all wells drilled to date is
estimated to be 151.7 MM barrels of oil.
The reserves that were determined by performance analysis were checked against volumetric
calculations. Table 7.2 is a volumetric calculation that was performed to determine the oil initially
in place per acre-foot and a maximum case recovery efficiency for the field.
The table
indicates oil initially in place of 1,450 barrels per acre-foot using the average reservoir
parameters of 26.4% porosity and 27.5% water saturation. Using a sweep efficiency of 85%, the
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February 2010
RPS
recovery efficiency is 20.3% giving a recovery of 294 barrels per acre-foot. The 20.3% recovery
is considered a theoretical maximum, recognizing that not all the zones in each well will be
depleted due to mechanical and operational failures, unswept reservoir areas and bypassed oil
in zones that were not perforated.
A number of the wells have been drilled but have a short production history, thus performance
plots could not be used to forecast the production or to estimate the reserves for these wells.
These wells were classified as proved developed producing and assigned reserves using the
type curve method used for drilling locations (as described in the next section) based on
volumetric calculations and analogy.
These wells with the associated proved reserves are
shown in Table 7.1 and given well analogy as the reserve basis.
The oil initially in place within the concession area, as calculated using the updated geocellular
model, is 4,248 MM stb. The concession area includes undrilled acreage on the flanks of the
structure that lies outside of the developed portion of the field. This untested area is evaluated
to be oil bearing based on a depositional analysis and available geological technical data which
indicates the pore volume is above the original oil water contact. The potential fieldwide oil
recovery using the 20.3% recovery factor would be 861 MM stb. This volume would include the
3P reserves contained in the cash flow analysis plus oil volumes from locations that are currently
captured in the resource category, which are volumes that lie outside the possible reserves
areas, volumes from wells that have been produced but in which all zones have not been
perforated, and economically recoverable volumes produced beyond the current concession
license expiry date.
7.3
Undeveloped Reserves and Resources
To estimate the reserves potential of the drilling program, a statistical analysis of past production
was used in combination with the Petrel static model. The net pay sand of the wells that have
sufficient performance to perform decline curve analysis was plotted against the estimated
ultimate recovery for both the vertical and horizontal wells.
Table 7.3 shows that the 39
horizontal wells were drilled in thicker pay sections (50 average) than the 31 vertical wells (26
average), and that the horizontal wells have an average recovery that is higher than the vertical
wells, 1,325,000 stb versus 620,000 stb, respectively.
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A total of 687 locations that were included in Metas development plan have been evaluated.
The wells were reviewed separately for each concession (Rubiales with 566 and Piriri with 121)
since the ownership is different for each property. The reserves determination was done in two
phases:
1. Assignment of reserves category based on proximity to production, and
2. Assignment of reserves volumes based on Petrel STOIIP cell values.
Phase 1
A base map containing the existing producing wells and Metas proposed drilling locations was
used to assign the reserve classification based on proximity to production. Proved reserves
were assigned to new locations in areas that are undrilled and adjacent to existing wells within
the proved area of the reservoir that could reasonably be judged as continuous and being
commercially productive on the basis of available geoscience and engineering data. Probable
reserves were assigned to areas of the reservoirs that were adjacent to proved areas but where
data control or interpretations of available data was less certain.
Possible reserves were
assigned to areas of the reservoirs adjacent to probable areas where data control and
interpretations of available data were progressively less certain.
Areas of the reservoir where the Petrel model indicated the reservoir should be present outside
of the proved, probable and possible areas were designated as areas in which Metas proposed
wells would be drilled for oil volume in the resource category. The wells needed to develop
these resources were given drilling location names and volumes, but production and cash flow
projections were not made.
Six hundred eighty seven locations were classified as follows:
Proved
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341 locations
Probable
91 locations
Possible
104 locations
Resources
151 locations
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February 2010
RPS
Phase 2
Each of the proposed locations was identified on a fieldwide Petrel map that showed contours of
stock tank oil initially in place (STOIIP), Figure 6.5. The contours represent the STOIIP for a 50
meter by 50 meter cell surface area with a vertical capture of the entire net pay sand thickness
for the one to five sand members in the cell. Values for the contours ranged between 0 to
70,000 barrels per cell, although few wells remain to be drilled in contours over 40,000 since the
thicker pay sand areas have been effectively exploited by Meta.
Wells that have produced that are either depleted or that have reserves based on performance
are listed in Table 7.3. The estimated ultimate recovery and the net pay are tabulated for each
well, indicating the average estimated ultimate recovery and average net pay for vertical and
horizontal wells is 620,000 barrels and 26 feet of net pay, and 1,325,000 barrels and 50 feet of
net pay, respectively. The scatter to the data suggests that a definitive relationship between the
parameters may not be present and that the recovery from proposed locations is difficult to
predict from the net pay isopach map.
A second data set is shown on Table 7.4 for the relationship between the estimated ultimate
recovery and the STOIIP contour map from the Petrel model. This data is also scattered such
that the plot based on STOIIP values is not a good indicator of recovery from the proposed
locations.
The average estimated recovery for each STOIIP cell value for a vertical and
horizontal well is 14.0 and 44.5 barrels, respectively.

Despite the scatter in the data relative to Tables 7.3 and 7.4, the average relationships are
reflective of the historical production data and are valid for the prediction of estimated reserves
for large numbers of locations such as those within the Meta drilling program. The earlier
geological discussion describes the hydrodynamic trap model with the tilted oil water contact
across the field, indicating the existence of many individual reservoir lobes with lateral barriers
that produce independently. Absent knowing the structure and extent of each of the lobes,
determination of the drainage area for each well (thus the reserves) will be best established
using the statistical methods based on past well performance as indicated.
The determination of reserves and production forecasts for each location was made from the
following calculations:
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February 2010
RPS
1. The estimated ultimate recovery per STOIIP contour for vertical and horizontal wells
having production history was determined as shown on Table 7.4 to be 14.0 and 44.5
barrels per STOIIP contour per cell unit.
2. The estimated reserves for future locations were calculated using the above recoveries
multiplied by the discrete STOIIP contour from 4,000 to 60,000 where the wells are
spotted to be drilled.
3. The type curves shown on Figure 7.1 were generated based on past performance (initial
flowrates and decline rates) and matched to the associated reserves volumes.
4. The production type curve and reserves volume from these analogies were used for each
location that was scheduled to be drilled prior to the end of the concession period.
To ensure that all wells that were scheduled meet a profitability test, calculations to determine
the minimum reserves needed to drill a profitable well were performed. The average well cost
and the economic parameters that impact the profit calculation were used. The reserves needed
to drill and produce a vertical or horizontal well are 54,500 and 70,400 barrels, respectively.
Considering the different areas that a vertical versus a horizontal well would drain assuming a
thin pay sand interval, the associated Petrel STOIIP contours are approximately 5,400 and 4,400
stb OIIP per grid cell for vertical and horizontal wells (for net pay intervals of 6 and 5,
respectively.
The highest recovery from a vertical well and a horizontal well having performance from the plots
on Table 7.3 was 1.5 million and 3.2 million barrels, respectively. It is anticipated that none of
the wells drilled in the future would produce volumes approaching these figures.
In summary, there are 536 locations having 380 MMbbls of proved, probable and possible oil
reserves and 151 locations having 114 MMbbls of oil resources, with these volumes being the
total volume recoverable prior to depletion based on the locations that were provided by Meta.
One condition for undeveloped reserves potential to be included in this report as reserves is to
have a stated intention by the operator to drill the wells. Meta has indicated their intention to drill
the wells and has provided the drilling schedule for 2010, which was used as guidance to
continuing the drilling program through 2015. The majority of the locations in the earlier years
are proved wells, with the majority of the probable and possible locations being drilled in the later
years. Meta has indicated that in the later years of the concession, locations in the resource
category that have an expectation of at least 10 of net pay sand would be drilled.
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7.4
Summary
Reserves to End of Concession

Table 7.5 shows the reserves and annual production forecast by concession with a field total
until contract expiration on June 30, 2016. Approximately 77% of the fields 3P potential ultimate
recovery, or 559 MM barrels, should be produced by that date. A summary of the reserves is
shown below:
Rubiales Field Reserves at December 31, 2009 (to Expiration of Concessions)

Proved
1P Reserves
Probable
MMBO
Developed
Undeveloped
121.2
296.0
417.2
Undeveloped
46.0
2P Reserves
Possible
463.2
Undeveloped
38.0
3P Reserves
501.2
Rubiales Field Potential Ultimate Recovery (to Depletion)
Cumulative Production @ Dec 31, 2009

Total 3P Reserves @ Jun 2016
Resource Volumes
Production from July 2016 to depletion
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MMstb
CUM
MMstb
RE(%)
CUM
RE(%)
57.6
501.2
114.1
165.3
57.6
558.8
672.9
838.2
1.4
11.8
2.7
3.8
1.4
13.2
15.8
19.7
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February 2010
RPS
8.0
PRODUCTION FORECASTING
The Rubiales field was discovered in 1981; however it only produced periodically until 2002
when production was reported continuously. After Meta obtained control of the operation of the
field in 2004 the production increased until it reached 100 MBOPD in 2009 (Figure 8.1). The
production for the Rubiales field was forecasted from January 1, 2010 to the expiration of the
concession on June 30, 2016 as shown in Table 7.5. The field has 139 producing wells in the
concessions with the associated reserves volumes during the concession license period as
shown in the table below. These wells comprise the proved producing case.
Rubiales Field
Producing Wells
Reserves, MMbbls
Rubiales Concession
71
54.1
Piriri Concession
68
40.0
Total Field
139
94.1
Sixty shut in wells were scheduled to be back on production between 2010 and 2011. The
production from these wells during the concession period was scheduled. The volumes are
classified as proved non-producing reserves as shown in the following table:
Rubiales Field
Shut in Wells
Reserves, MMbbls
Rubiales Concession
46
21.2
Piriri Concession
14
5.9
Total Field
60
27.1
The Rubiales field has 536 locations in the drilling program that is forecasted to continue into
2015. The locations are expected to generate 380 MM barrels of oil before the end of the
concession period.
The table below shows the reserves volume split between the proved,
probable and possible categories as well as the number of locations in each.
Proved Undeveloped
Locations
Rubiales Field
Count
Probable Undeveloped
Locations
Possible Undeveloped
Locations
Production
MMbbls
Count
Production
MMbbls
Count
Production
MMbbls
Rubiales Concession
264
224.7
75
39.9
80
28.5
Piriri Concession
77
71.3
16
6.1
24
9.5
Total Field
341
296.0
91
46.0
104
38.0
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February 2010
RPS
The production forecasts for each of the drilling programs are shown in the cash flow forecast
evaluations to be discussed in Section 9.0 Determination of Value. Forecasts of the production
performance by reserves category were created following the list of new locations and the 2010
drilling schedule provided by Meta as shown on Figure 8.2. This schedule of development has
assumptions that include the number of rigs that would be contracted by year as well as the time
it would take to drill and complete a typical well.
The production forecasts of the field
development plan were scheduled on an unrisked basis.

A total of 64 water disposal wells are planned to be drilled from 2010 through 2015 by Meta.
The wells will be grouped into 11 clusters and the drilling is scheduled as shown below:
Water Disposal Well Count
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2010
2011
2012
2013
2014
2015
Total
Horizontal
10
49
Vertical
15
Total
12
14
12
11
10
64
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February 2010
RPS
9.0
DETERMINATION OF VALUE
9.1
Ownership
Time Period
The assessment of value for the Rubiales field was calculated for the production forecast from
January 1, 2010 through the end of the Piriri and Rubiales concession contracts on June 30,
2016. Both of the concessions expire on the same date; reserves that remain after this date are
not recoverable by Meta Petroleum. The effective date for discounting of field value in the
evaluation is January 1, 2010.
Interests
Meta has different working and revenue interests in the two concessions as follows:
Rubiales
Piriri
Working interest
40%
50%
Net Revenue interest
32%
40%
The royalty due from crude oil production that is sold from each concession is 20 percent.
Natural gas production is negligible and is not metered or sold. The economic analysis includes
the crude oil / naptha blend as the sales product. Royalty is paid on the crude oil but not on the
naptha. Thus, the royalty in the economic model is based on a ratio of crude oil at 20 percent
royalty and the naptha that has no royalty obligation. The net revenue share that was input into
the model to properly reflect the ownership of pipeline volume to sales is 81.7 percent.
9.2
Determination of Volumes
Production
The Piriri and Rubiales concessions each have value in the proved producing, proved nonproducing, and proved, probable and possible undeveloped categories.
report are presented unrisked.
All volumes in this
Appendix 1 is an exhibit that is taken from the Petroleum
Resources Management System (PRMS) report that was issued in 2007 by the Oil and Gas
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February 2010
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Reserves Committee of the Society of Petroleum Engineers and was reviewed and jointly
sponsored by the World Petroleum Council (WPC), the American Association of Petroleum
Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE). The PRMS
report contains guidelines regarding the relative risk and uncertainty of recovery for the various
reserves categories that are contained within this reserves certification report. The reserves and
economics evaluations that were performed in this report followed the guidelines that were
provided in this exhibit. A summary of the well count that is associated with each reserves
category is as follows:
Proved Producing As of year-end 2009 there were 139 wells producing oil. 68 percent
of the wells are expected to produce through June 2016 when the concessions expire.
Proved Non-Producing There are 60 wells with past production or tests that are
scheduled to be re-completed in 2010 and 2011.
Proved Undeveloped 341 locations are in close proximity to prior production.
Probable Undeveloped 91 locations offset the proved undeveloped locations.
Possible Undeveloped 104 locations offset the probable undeveloped locations.
Table 7.5 shows the annual production forecast that is developed from the above re-completion
and drilling program for the Rubiales field by concession and reserves category.
Lease Fuel
Some of the oil production is consumed as fuel in the field to heat the crude and enable the
separation of the oil from the water to be more efficient. While the produced volumes have
increased as the field is developed, the fuel volume has increased also. During 2009, fuel
consumption increased from approximately 250 to 450 barrels per day. The current projection of
fuel consumption in 2010 is 1,250 barrels per day, rising to 2,700 barrels per day in 2014 as
shown in Figure 9.1.
After 2014 when field production declines, the fuel consumption is
forecasted to decline also to 2,400 barrels per day in 2016. Table 9.1 shows the forecasted
annual crude volume to be consumed. Fuel volume was scheduled by allocation to the proved,
probable and possible reserves categories for each concession.
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February 2010
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Sales
The annual production volumes from 2010 through 2016 in each reserves category, by
concession, were reduced by subtracting the oil consumed for lease fuel to determine the crude
volume that is to be sold. The oil volumes that are trucked or pipelined to sales at Covenas for
export are diluted by blending with naptha to increase the API gravity to meet pipeline and/or
sales specifications. This naptha volume plus the crude sales volumes (field production less
lease fuel consumption) comprise the total sales volumes. Table 9.1 shows the annual naptha
purchases and the annual net sales volumes. These sales volumes are the volumes that are
entered into the economic analysis. The costs of naptha purchase and transportation to the field
are treated as a field operating cost. Also, from the present through December 2011 Meta
forecasts the sale of 4,000 barrels per day of 12.5 degree API gravity crude to the local
Columbian market via trucking without the addition of naptha.
9.3
Marketing
Oil Price
The forecasted annual price of WTI benchmark oil was provided by the RPS Strategic Planning
Department in London in January 2010. The produced oil from Rubiales is 12.5 degrees API
gravity, a low gravity that has downward price adjustments due to quality of 17.29 percent and
9.22 percent, for the trucked and pipelined oil, respectively. The oil value is also reduced for
system losses of 3.29 percent and 5.16 percent, for the trucked and pipelined oil, respectively.
These values are based on Metas 2009 sales data. These price adjustments were applied to
the RPS WTI price forecast and proportioned by the relative volumes that were forecasted to be
trucked locally, trucked to Guaduas, or pipelined to Covenas. A weighted average price forecast
was then calculated which is shown in Table 9.2. Trucking of the oil is scheduled to end in
December 2011; afterwards all the oil will be transported through the pipeline.
Transportation
From field discovery through mid 2009, all of the production from the Rubiales field was trucked
to sales. Trucking is very expensive and the excessive traffic damages the dirt roads within the
field. During 2009, Meta constructed and commissioned a 235 km 24 inch pipeline to increase
export capacity, increase safety and lower transportation costs for crude oil from the field.
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February 2010
RPS
The pipeline originates in the Rubiales Field and initially transported 65,000 barrels per day in its
first phase. The pipeline goes from the field to Monterrey where it ties into existing pipeline
facilities which transport oil to the Pacific coast at Covenas for the oil to be loaded onto oil
tankers for export.
The pipeline routes are shown on Figure 9.2.
Because Metas and
Ecopetrols field production will be sold in the pipeline together, the gross field production plus
blended naptha is used to determine transported pipeline volumes. The scheduled growth of
pipeline capacity, to be accomplished by adding more pumping horsepower as the field volume
requires, is as follows:
Added Pumping
9.4
Capacity Completion
Barrels per day
February 2010
120,000
March 2010
160,000
June 2010
170,000
March 2011
300,000
Costs
The investment program to develop the Rubiales field reserves with the associated infrastructure
was created in 2007 when the field potential was established.
Subsequent drilling and
construction to this date has generally followed the original plan and resulted in a substantial
investment and increase in production during the past two years. The forecasted expenditures
appear to be sufficient to optimize field recovery prior to the expiration of the concessions on
June 30, 2016.
The field development has included drilling producing and water disposal wells, re-completing
shut in wells, building facilities to process produced fluids and to dispose of produced water, an
extensive system of flowlines and water disposal lines, and the construction of tankage and lines
for the purchase, handling and blending of naptha which is necessary to increase the oil gravity
to pipeline specifications.
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February 2010
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Investments - Drilling
A typical producing well program consists of one vertical well in a centralized pad location with
up to five horizontal wells drilled outward from the same pad area.
Costs for the location
preparation, generators and pipelines are included in the well costs. The drilling well costs were
provided by Meta as follows:
Well Type
Cost per well
Production well horizontal
$1,754,000
Production well vertical
$1,657,000
Disposal well horizontal
$1,573,000
Disposal well vertical
$1,296,000
These costs have been reviewed by RPS, including comparison with Metas historical drilling
cost in the field, and deemed to be reasonable.
The timing of the producing well drilling program was scheduled by Meta for 2010 and by RPS
for 2011 and beyond based on the reserves analysis. The costs were assigned by the location
of each well to its concession and reserves category. The schedule for drilling the disposal wells
(timing and well type) was provided by Meta. Disposal well costs were distributed to each
concession and split by the proportional reserves volume in each reserves category.
No
disposal well cost was distributed to the proved producing reserves cases because these
volumes already have water disposal capacity.
The drilling program is scheduled to continue uninterrupted into 2015.
An analysis of the
horizontal and vertical producing wells indicates that for a horizontal and vertical well to be
profitable, 70,400 and 54,500 barrels of oil, respectively, must be recovered. At the expected
producing rates, the wells would payout in six months or less, making it attractive to continue the
drilling program through 2015.
The cost for a well re-completion was provided by Meta to be $250,000. A review of the shut in
wells across the field by Meta personnel resulted in a list of 60 re-work opportunities that were
reviewed by RPS. An analysis of the past performance of these wells indicates the potential to
re-establish production. The re-completions are scheduled to be completed in 2010 and 2011.
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February 2010
RPS
Meta had signed contracts for five drilling rigs in 2008 that kept the rates constant for a three
year period through 2011. Thus, no cost inflation was applied to the well costs until 2012 when a
two percent annual inflation was applied. Meta uses just two types of rigs in the field. By limiting
the rig types to two, operating and maintenance costs are kept as low as possible. The recompletion well work will be done using smaller rigs that have a two percent cost inflation
beginning in 2010.
The forecasted annual drilling and re-completion investments are shown on Table 9.3.
Investments - Facility
The work to expand the capacity of the field infrastructure continues concurrently with the drilling
program. The metering and processing facilities, water injection pumps and lines, and naptha
blending tanks and equipment to accommodate the increasing production are under
construction. New areas, as developed, will also benefit from infrastructure projects to process
higher volumes of produced fluids. These facility investments were scheduled by Meta and are
shown on Table 9.3. The costs were allocated to each concession and reserves category based
on the percentage of reserves to be recovered. The escalation rate applied to these costs was
two percent.
The costs to manage the rising water production are substantial and projected to increase into
the future. An additional 500,000 bwpd of capacity is scheduled for installation in 2010. At the
various water injection sites, clusters of horizontal injection wells are drilled around a single
vertical injection well, and pump capacity is designed based on the expected water production in
the area. If additional capacity is required due to higher than planned water production, more
pumping capacity is installed rather than the drilling of additional wells. Wells are planned to
dispose of 45,000 bwpd, but are capable of disposing of up to 70,000 bwpd. Produced water is
fresh with essentially no contaminants, and the continued disposal of 300,000 bwpd into the
nearby river is expected.
Expenses - Operating Costs
The operating cost history for the past several years for the Rubiales field has been provided by
Meta. The cost schedules have been reviewed by RPS, compared with historical costs and
deemed to be reasonable.
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February 2010
RPS
The monthly costs in 2009 from January through October steadily increased as produced
volume increased from 1.5 to 2.5 million barrels per month. In October, the operating cost was
$9.3 million, or $3.64 per barrel. The trend line shows the costs were on track to reach $3.75
per barrel by year end 2009. An average operating cost of $4.00 per barrel was estimated for
2010. The forecast generated by RPS for this analysis indicated an average 2010 production
volume of 151,500 barrels of oil per day. As a result, the total operating cost that is forecast for
2010 is $221,192,000 which is substantially above the costs in the prior years.
The cost noted above was split at a 35% / 65% ratio between fixed and variable cost
components, respectively. The fixed cost of $77,417,000 that is shown on Table 9.4 represents
the annual operating cost that is independent of the well count or the production volume. To
reflect the growth in field facilities, the fixed cost was increased by five percent in 2011 and
2012, followed by no increase in 2013. The variable cost of $143,775,000 represents operating
costs that will vary with well count and production volume. The variable cost was split at a 35% /
65% ratio between well count and production volume. Variable costs of $286,000 per well
(based on the average 2010 forecasted well count) and $1.69 per barrel (based on the estimated
cost allocated to the forecasted 2010 production) were determined. All operating costs were
escalated at an annual rate of two percent.
In previous year analyses, a road maintenance cost of $0.79 per barrel was added to the
production expense due to the excessive road usage by the oil trucks prior to the construction of
the export pipeline. The road use by the trucks hauling oil has declined considerably now since
the pipeline is in operation, resulting in a less costly road repair program. Meta advised that the
cost of road maintenance is now handled by the army that is stationed in the field.
An additional variable cost that is charged is Metas overhead and administration. Meta advised
that this cost is $0.50 per barrel; it was added to the variable cost of $1.69 to determine the total
variable cost of $2.19 per barrel of produced oil.
Expenses Naptha Purchase
The produced crude oil has 12.5 degree API gravity, and due to its high viscosity it does not
meet pipeline specifications. Naptha at 82 degree API gravity is trucked to the field and blended
with the crude oil to lower the viscosity. The blended oil has 18.5 degree API gravity, meets
pipeline specifications and sells for a higher price than the unblended produced crude oil. The
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February 2010
RPS
oil that is transported by trucks and sold locally is heated in the trucks to reduce its viscosity and
is not blended with naptha.
The required naptha volume is a function of the relative crude oil quality and produced volume
from the Rubiales, Caracara, Ocelote and Quifa fields. The crude oil from these fields is blended
in the pipeline, and the final mixture must be of pipeline quality. The forecasted production,
naptha requirements and pro-rated volume of naptha that is blended with Rubiales crude have
been determined by Meta and furnished to RPS for this analysis. The naptha is purchased for
the posted price of WTI oil less $5.00.
The forecast of naptha prices, annual volume
requirement and annual expenditures to purchase the naptha are shown on Table 9.4.
Expenses Tariffs and Blending
Until the pipeline in the field reaches its maximum capacity of 300,000 barrels per day in 2011
with additional pump installations, some crude oil will be trucked from the field to the Guaduas
Station. At Guaduas, the crude is blended with naptha to reach a API gravity of 18.5 degrees
prior to entering another pipeline to Covenas. The tariff to deliver the 82 degree API gravity
naptha from the Cartagena sea port to Guaduas is $11.55 per barrel, and an additional $0.33
per barrel is charged for the blending process. The crude oil that enters the field pipeline to
Covenas for export is blended with naptha in the Rubiales field to reach the API gravity of 18.5
degrees. The delivery charge for the naptha from the Cartagena sea port to the field is $9.80
per barrel, and there is no blending charge there. The naptha tariff and blending costs are
summarized in Table 9.4.
The crude oil and blended oil/naptha mix incur tariff charges also. Meta is charged $10.73 per
barrel for crude that is trucked to Guaduas. After blending there, the oil/naptha mix is pumped
into a pipeline that charges a tariff of $2.03 per barrel to deliver the mix to Covenas for export.
The blended oil/naptha mix that leaves the Rubiales field in the new pipeline directly to Covenas
for export is charged a tariff that is coupled with throughput volume as follows:
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Daily Volume from Rubiales Field
Tariff Charge
100,000 to 125,000 bbl per day
$6.39 per barrel
125,000 to 150,000 bbl per day
$5.57 per barrel
150,000 to 175,000 bbl per day
$6.55 per barrel
Over 175,000 bbl per day
$6.30 per barrel

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February 2010
RPS
The crude oil and oil/naptha mix tariffs and blending costs are summarized in Table 9.4. The
average unescalated cost for tariffs and blending of produced crude oil and purchased naptha is
$8.07 per barrel over the life of the project.
Although the cost per barrel to truck the crude from the field is expected to decrease as the
pipeline capacity increases from 2010 to 2011 when the trucking is ended, the decline in cost
was not modeled in the economics as it is not significant relative to the overall analysis results.
Expenses - Abandonment and Reclamation
Production forecasts indicate that the majority of the wells would produce to at least June 30,
2016. The concession contracts do not require that Meta abandon inactive wells unless the
wells have been junked for mechanical reasons.
Based on past experience, Meta has
forecasted that 2.5 percent of the wells in the field would need to be abandoned on an annual
basis at a cost of $300,000 each. The annual cost for this work has been included in the RPS
forecasts of field operating cost and is shown in Table 9.4.
9.5
Evaluation Parameters
The revenue and costs were input by concession so that the appropriate working and net
revenue interest cash flows could be calculated separately. The analysis was made for both
before tax and after tax cases. A two percent escalation was applied to the investment and
operating costs based on actual Columbian data and the global RPS oilfield forecast.
A 33 percent income tax was used in the after tax analysis. A tax credit for investments was
also used in which 40 percent of the total net investment for 2009 was deducted in 2010, and 30
percent of the total net investment in 2010 and 2011 was deducted in 2011 and 2012,
respectively. The tax credit was allocated by concession and reserves volume by category. No
tax credit was assigned to the proved producing reserves in 2011 and 2012 because those
volumes that were developed in prior years did not require future investments to produce to
depletion.
R01002
29
February 2010
RPS
The annual cash flow profit was then discounted to present worth using a 10 percent discount
rate, and summed to calculate the cumulative discounted cash flow by concession and reserves
category. All dollars mentioned in the report are in U. S. currency.
9.6
Analysis Results
The PHDWIN economic model was used to perform the economic calculations. Tables 1.1
through 1.8 contain the summary level results.
Output from these runs is included by
concession for each reserves category in Appendix 2 (before tax cash flows) and Appendix 3
(after tax cash flows).
Note: Due to the inclusion of naptha diluent in the sales volumes, and "hardwired" program
output formats of the PHDWIN software, the summary outputs and column labels do not match
other reporting tables in this report. The following glossary should be used in interpreting the
PHDWIN cash flow output tables:
"PHDWIN Column Label" = Meaning for this report
"Gross Oil" = Total field oil production (ie gross field reserves) plus Naptha diluent less oil
shrinkage
"Net Oil" = Meta Working Interest share of Net Reserves = Meta share of [total oil reserves plus
Naptha diluent less oil shrinkage less Royalty]
"Oil Revenue" = Meta Working Interest Net (after royalty) revenue
" Well Count" = Number of PHDWIN cases included in analysis
"Net Investment" (on the before tax report) = Meta Working Interest share of Development Costs
"Net Investment" (on the after tax report) = Meta Working Interest share of Development Costs
minus Capital investment tax credits
"Net Lease Costs" (on the before tax report) and "Net Op Costs" (on the after tax report) = Meta
Working Interest share of Operating Costs (including annual abandonment costs)
"Federal Income Tax" = Meta Working Interest Federal Income tax before application of Capital
Investment tax credits
R01002
30
February 2010
RPS
Appendix 2 contains the detailed annual revenue, cost, net and discounted cash flow figures for
the before tax evaluation cases described as follows:
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Grand Total
Proved Producing Total
Piriri Concession Proved Producing
Rubiales Concession Proved Producing
Proved Non-Producing Total
Piriri Concession Proved Non-Producing
Rubiales Concession Proved Non-Producing
Proved Undeveloped Total
Piriri Concession Proved Undeveloped
Rubiales Concession Proved Undeveloped
Probable Undeveloped Total
Piriri Concession Probable Undeveloped
Rubiales Concession Probable Undeveloped
Possible Undeveloped Total
Piriri Concession Possible Undeveloped
Rubiales Concession Possible Undeveloped
Appendix 3 contains the detailed annual revenue, cost, net and discounted cash flow figures for
the after tax evaluation cases described as follows:
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
R01002
Grand Total
Proved Producing Total
Piriri Concession Proved Producing
Rubiales Concession Proved Producing
Proved Non-Producing Total
Piriri Concession Proved Non-Producing
Rubiales Concession Proved Non-Producing
Proved Undeveloped Total
Piriri Concession Proved Undeveloped
Rubiales Concession Proved Undeveloped
Probable Undeveloped Total
Piriri Concession Probable Undeveloped
Rubiales Concession Probable Undeveloped
Possible Undeveloped Total
Piriri Concession Possible Undeveloped
Rubiales Concession Possible Undeveloped
31
February 2010
RPS
10.0
QUALIFICATIONS AND LIMITATIONS
10.1
Independence and Conflict of Interest
This report has been prepared by RPS.
RPS is an international independent oil and gas
advisory firm with Energy Division offices in the USA, UK, Canada, Singapore, Australia and the
Netherlands.
This report was prepared in the RPS office located in Houston, Texas.
All
evaluations performed by RPS are strictly fee-based and RPS has not and will not receive any
benefit, which may be regarded as affecting its ability to render an unbiased opinion.
10.2
Purpose, Scope and Use of This Report
This report was commissioned by Mr. Ysidro Araujo of Meta to evaluate the Rubiales Field. The
scope of the project was restricted to this brief. This report was prepared exclusively for the use
of the stated parties and should not be duplicated or distributed to any third parties without the
express written consent of RPS, except as required by law.
10.3
Available Data
This study was based on data supplied by Meta and on nonproprietary data from in-house files.
The supplied data was reviewed for reasonableness from a technical perspective.
As is
common in oil field situations, basic physical measurements taken over time cannot be verified
independently in retrospect. As such, beyond the application of normal professional judgment,
such data must be accepted as representative. While we are not aware of any falsification of
records or data pertinent to the results of this study, RPS does not warrant the accuracy of the
data and accepts no liability for any losses from actions based upon reliance on data, which is
subsequently shown to be falsified or erroneous.
10.4
Professional Qualifications
RPS personnel who prepared this report are degreed professionals with the appropriate
qualifications and experience to complete the project brief.
RPS and its staff do not claim
expertise in accounting, legal and environmental matters, and opinions on such matters do not
form part of this report.
R01002
32
February 2010
RPS
10.5
Site Visit and Inspection
A site visit to the Rubiales field and Metas technical office in Bogota was conducted by three
RPS personnel directly involved in the preparation of the report on December 14 and 15, 2009.
The ongoing development activity was observed, including drilling operations, production
facilities, water disposal facilities, and numerous construction projects that are in progress.
Pipelines, in-field gathering lines and the road system and living areas for staff and construction
crews were also observed. Every day, a personnel contingent of 5,800 people works in the field.
This requires a major coordination effort for personnel and materials that are brought in for the
field operations and construction projects. The work is conducted in a manner that respects the
native population as well as the environmental concerns of the government. RPS is not in a
position to comment on whether the operations are in compliance with any regulations that may
apply to them.
10.6
Liability Waiver
This report has been prepared on a best efforts basis to address the requirement of the brief
specified by the clients. The results and conclusions represent informed professional judgments
based on the data available and time frame allowed to perform this work. No warranty is implied
or expressed that actual results will conform to these estimates. RPS accepts no liability for
actions or losses derived from reliance on this report or the data on which it was based.
R01002
33
February 2010
Figures
Figure 3.1
Rubiales Field Location Map
QUIFA BLOCK
RUBIALES BLOCK PIRIRI BLOCK
Rubiales Field
Figure 3.2
Concession Map
Figure 3.3
Rubiales Field Production Plot
10
10 5
10
Rubiales Field
Production History
LEASE: PIRIRI, RUBIALES(248)
Oil Prod Rate (Calend Days) ( bbl/d )
Liquid Prod Rate (Calend Days) ( bbl/d )
Wells Producing Oil ( wells )
10 3
10 2
10
10
1981 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09
Date
Figure 3.4
Rubiales Concession Production Plot
10
10 5
10
10
Rubiales Concession
Production History
LEASE: RUBIALES
10 2
10
10 0
1981 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09
Date
Figure 3.5
Piriri Concession Production Plot
10
10 5
10
Piriri Concession
Production History
LEASE: PIRIRI
10 3
10 2
10
10 0
1989
90
91
92
93
94
95
96
97
98
99 2000 01
Date
02
03
04
05
06
07
08
09
Figure 4.1
Wells in Red produce from Arenas Basales Formation. Wells in Blue are water productive. Note limits of the hydrocarbon
trap are not well defined in any direction.
Figure 4.2
Structure Oil Water Contact Arenas Basales
Figure 4.3
Structural Cross Section - West to East
Structural Cross Section, West to East showing tilted Oil-Water Contact.
Figure 4.4
Gross Arenas Basales Isopach with
Note apparent northwestward thick trend. Wells in Red produce from Arenas Basales Formation. Wells in Blue are water
productive
Figure 4.5
Net to Gross Sand Ratio Arenas Basales Reservoir Interval
Note gray areas are more shale prone, and appear to trend northwestward along depositional thick
Figure 4.6
Net Pay Isopach Arenas Basales
Note Net Pay Isopach appears to trend east-west across the northwest trending gross reservoir isopach trend
Figure 5.1
Wells Drilled in 2009 with Petrophysical Analysis
RUBIALES 2009
Base Map - Vertical wells Drilled 2009
QUIFA_2
QUIFA_1
4,031
8,062
FEET
POSTED WELL DATA
QUIFA_4
RB-_53
RB-_87
RB-_147
RB-_120
RB-_122
RB-_121
RB-_14
DW_12H
DW_09H
DW_11H
DW_08
RB-_8
RB-_82
RB-_242 RB-_86
DW_10H
RB-_143
RB-_217
RB-_114
RB-_81
RB-_241
RB-_237H
RB-_164
RB-_133H RB-_36
RB-_159
RB-_126_ST
RB-_3
RB-_163 DW-3H_ST2
DW-3H_ST
RB-_134H
RB-_28
RB-_236H
RB-_1
RB-_238H
RB-_97H
RB-_95H
RB-_80
RB-_29
DW_01RB-_59H
RB-_24
DW-3H
RB-_127 RB-_153H
RB-_19 RB-_189HRB-_140
RB-_16
RB-_54H
RB-_23
RB-_98H
RB-_21
RB-_26
RB-_160
DW_2H RB-_60H
RB-_61H
RB-_155
RB-_4RB-_232H
RB-_199
RB-_139
RB-_50HRE
RB-_190H
RB-_50H
RB-_45H RB-_73H
RB-_142
RB-_191H
RB-_94H RB-_170H
RB-_183HRB-_184H RB-_57H RB-_55H RB-_42H
RB-_62HRB-_169H
RB-_2
RB-_77H
RB-_128
RB-_145RB-_25
RB-_56H
RB-_18
RB-_5
RB-_39
RB-_11
RB-_188H
RB-_43D
RB-_38
RB-_174H
RB-_201H
RB-_131H
RB-_40
RB-_13 RB-_46
RB-_30RB-_141RB-_162
RB-_78H
RB-_185H
RB-_22
RB-_12
RB-_204H RB-_130
RB-_76H
RB-_192H
RB-_132H_(ST)
RB-_68H RB-_44D
RB-_168H
RB-_202H
RB-_37
RB-_66H
RB-_156H
RB-_6
RB-_63H
RB-_175H
RB-_27
RB-_89H
RB-_71H
RB-_48H
RB-_215HRB-_124H
RB-_187H
RB-_72H RB-_64H
RB-_74H
RB-_31
RB-_58H
RB-_158
RB-_234H
RB-_33 RB-_69HRB-_70HRB-_92
RB-_75H
RB-_210H
RB-_113
RB-_144
RB-_203H
RB-_67H RB-_47
RB-_119
RB-_216H
RB-_176H
RB-_123H RB-_125H
RB-_15
RB-_41
RB-_212H
RB-_220
RB-_85
RB-_93H
RB-_214H RB-_91
RB-_173H
RB-_208H
RB-_200H
RB-_100HRB-_105H-ST RB-_17
RB-_179H_ST
RB-_65H
RB-_205H
RB-_136H
RB-_157H
RB-_218
RB-_235H
RB-_49H RB-_135H
RB-_99H RB-_108H
RB-_180H_ST
RB-_178H_ST
RB-_112
RB-_109H
RB-_209H RB-_84
RB-_172H
RB-_207H
RB-_90
RB-_223H
RB-_117
RB-_10
RB-_104
RB-_118
RB-_219
RB-_137H RB-_138H RB-_107H
RB-_51
RB-_240H
RB-_177H DW_14H
RB-_110H
RB-_106H
RB-_171H
RB-_102H
RB-_34
RB-_7
RB-_154H
RB-_198
DW_13
RB-_181H
RB-_206H
RB-_101H
RB-_239H
RB-_79
RB-_88
RB-_115
RB-_221
RB-_161
RB-_116
RB-_165
RB-_182H RB-_111
DW_7H DW_6H
RB-_148
RB-_52
RB-_83
RB-_195H
RB-_129
QUIFA_9
QUIFA_5
QUIFA_8 QUIFA_12
QUIFA_10
QUIFA_7
QUIFA_3
RB-_222
RB-_150
RB-_224
I-9_ST
I-9_ST2
I-9
PETRA 12/2/2009 2:13:15 PM
DW_5H
DW_4H
RB-_9
Figure 6.1
Net to Gross Distribution 3D Model
Figure 6.2
Porosity Distribution 3D Model
Figure 6.3
Water Saturation Distribution 3D Model
Figure 6.4
Facies Distribution 3D Model
Figure 6.5
STOOIP Map
Figure 7.1
Type Well Production Curves for New Completions
Vertical Well Type Curves
Horizontal Well Type Curves
30
120
110
100
Oil Production -mbopm
Oil Production -mbopm
25
20
15
10
90
80
70
60
50
40
30
20
10
0
0
0
0
10
20
30
Note shut in rate is 30 bopd, or 900 bopm
40
50
60
70
Months of Production
80
90
100
110
10
20
30
40
50
60
70
120
Note shut in rate is 150bopd, or 4,500 bopm
Months of Production
80
90
100 110 120
Figure 8.1
Production Plot History and Forecast
300
250
226
231 228 230

214
MBOPD
200
184
152
150
History Production
Meta became the Operator
Forecast Production
102
100
48
50
5
13
25
0
2002
2004
2006
2008
2010
Date
2012
2014
2016
2018
2016 production is for January through

June only
Figure 8.2
Production Plot by Reserve Category
300
250
MBOPD
200
Reserve 3P
150
Reserve 2P
Reserve 1P
100
50
0
2010
2011
2012
2013
2014
2015
2016
Figure 9.1
Fuel Consumption Forecast
3000
3000
Field Production
73,000 to 230,000 bopd
Correlation data
provided by Meta
2500
Fuel Consumption - bbl per day
Fuel Consumption - bbl per day
2500
2000
1500
1000
2000
Field Production
230,000 to 188,000 bopd
1500
1000
Fuel consumption determined by RPS
500
0
1000
2000
3000
Total Produced Fluid - Mbbl per day
4000
500
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Figure 9.2
Pipeline Route From Rubiales Field to Covenas Sea Port
Tables
FORM 51-101F1
Table 1.1
Summary of Oil and Gas Reserves
as of December 31, 2009
Forecast Prices and Costs
RESERVE CATEGORY
COLOMBIA
PROVED
Developed Producing
Developed Non Producing
Undeveloped
TOTAL PROVED
PROBABLE
TOTAL PROVED + PROBABLE
POSSIBLE
TOTAL PVD + PROB + POSS
UNITED STATES
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
RPS
LIGHT AND MEDIUM

OIL
Gross
(Mbbl)
Net (Mbbl)
RESERVES
NATURAL GAS
HEAVY OIL
Gross
(Mbbl)
41,629
11,426
125,546
178,600
18,992
197,592
16,142
213,734
Net (Mbbl)
33,303
9,141
100,437
142,881
15,193
158,074
12,914
170,988
Gross
(MMscf)
Net
(MMscf)
NATURAL GAS
LIQUIDS
Gross
(Mbbl)
Net (Mbbl)
SULFUR
Gross
(Mltl)
Gross
(Mltl)
FORM 51-101F1
Table 1.2
Net Present Value of Future Net Revenue
NET PRESENT VALUE OF FUTURE NET REVENUE
RESERVE CATEGORY
0%
COLOMBIA
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
POSSIBLE
UNITED STATES
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
RPS
1,761.49
420.62
5,057.73
7,239.84
796.76
8,036.60
670.63
8,707.22
(US$ millions)
BEFORE INCOME TAXES

5%
10%
15%
20%
0%
5%
1,572.28
361.90
4,207.46
6,141.64
632.45
6,774.09
524.34
7,298.43
1,193.12
245.01
2,605.87
4,044.00
339.78
4,383.78
270.22
4,654.00
1,187.14
292.97
3,531.39
5,011.50
555.60
5,567.10
455.25
6,022.35
1,072.77
255.52
2,984.86
4,313.15
449.56
4,762.71
359.96
5,122.67
1,420.21
314.85
3,546.49
5,281.55
508.48
5,790.04
415.52
6,205.56
1,296.02
276.57
3,024.36
4,596.95
413.53
5,010.48
333.28
5,343.76
AFTER INCOME TAXES

10%
15%
980.28
225.14
2,555.13
3,760.55
368.74
4,129.29
288.34
4,417.63
20%
904.33
200.14
2,211.94
3,316.41
306.24
3,622.65
233.69
3,856.34
841.09
179.30
1,933.98
2,954.37
257.25
3,211.62
191.38
3,403.00
FORM 51-101F1
Table 1.3
Total Future Net Revenue (Undiscounted)
Forecast PricesForecast
and Costs
Prices ands Costs
RESERVE CATEGORY
REVENUE
ROYALTIES
OTHER
REVENUE
OPERATING
COSTS
DEVELOPMENT
COSTS
ABANDONMENT COSTS
(MM$US)
(MM$US)
(MM$US)
(MM$US)
(MM$US)
(MM$US)
COLOMBIA
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
POSSIBLE
3,338
929
10,335
14,602
1,594
16,196
1,366
17,562
611
170
1,891
2,672
292
2,964
250
3,214
956
267
2,619
3,842
394
4,236
336
4,572
68
758
826
108
934
109
1,043
UNITED STATES
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
RPS
10
3
8
21
4
25
25
FUTURE NET INCOME TAXES FUTURE NET

REVENUE
REVENUE
BEFORE
AFTER INCOME
INCOME TAXES
TAXES
(MM$US)
(MM$US)
(MM$US)
1,761
421
5,058
7,241
797
8,037
671
8,708
575
128
1,526
2,229
241
2,470
215
2,685
1,186
293
3,532
5,012
556
5,567
456
6,023
FORM 51-101F1
Table 1.4
Future Net Revenue by Production Group
FUTURE NET REVENUE BY PRODUCTION GROUP
BEFORE INCOME TAXES
Net present value discounted at 10% per year
LIGHT AND
MEDIUM OIL
(including solution gas and
other by-products)
RESERVE CATEGORY
COLOMBIA
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
POSSIBLE
UNITED STATES
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
RPS
($US Millions)
HEAVY OIL
NATURAL GAS

other by-products)
(including by-products but

excluding solution gas from
oil wells)
($US Millions)
($US Millions)
1,420
315
3,546
5,282
508
5,790
416
6,206
FORM 51-101F1
Table 1.5
Future Net Revenue (Unit Value Basis) by Production Group
FORECAST PRICES AND COSTS
FUTURE NET REVENUE BY PRODUCTION GROUP
BEFORE INCOME TAXES
Net present value discounted at 10% per year
LIGHT AND
HEAVY OIL
NATURAL GAS
(including by-products but
MEDIUM OIL
other by-products)
excluding solution gas from

other by-products)
RESERVE CATEGORY
COLOMBIA
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
POSSIBLE
UNITED STATES
PROVED
Developed Producing
Undeveloped
TOTAL PROVED
PROBABLE
RPS
($US/bbl)
oil wells)
($US/bbl)
($US/Mcf)
42.65
34.44
35.31
36.96
33.47
36.63
32.18
36.29
FORM 51-101F1
Table 1.6

Year
RPS WTI
Forecast
US$/bbl
2010
2011
2012
2013
2014
2015
2016
RPS
79.16
84.24
87.28
89.31
92.01
93.85
95.72
Oil Benchmarks
Forecasted
Net Selling
Price
Price
After Quality After Tariff and
Adjustment
blending
US$/bbl
US$/bbl
69.49
74.57
77.61
79.64
82.34
84.18
86.05
68.01
72.42
75.14
76.89
79.22
80.80
82.41
Reference
Reference
Colombia
USA
Inflation Rate Inflation Rate
Infrastructure
Inflation Rate
Operating Cost
Inflation Rate
Drilling
Inflation Rate
%/annum
%/annum
%/annum
%/annum
%/annum
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
0.0%
0.0%
2.0%
2.0%
2.0%
2.0%
2.0%
FORM 51-101F1
Table 1.7
Summary of Estimated Development Costs
Attributable To Reserves
Using forecast Prices and Costs
ESTIMATED DEVELOPMENT COSTS

TOTAL PROVED
TOTAL PROVED +
PROBABLE
($US millions)
TOTAL PVD + PROB
+ POSS
COLOMBIA
2010
2011
2012
2013
2014
2015
2016
RPS
329.0
204.6
116.3
84.8
64.2
27.0
0.9
349.1
213.5
125.6
129.4
85.4
30.2
1.4
364.5
226.4
147.5
133.8
117.2
52.6
1.8
Total all years
826.7
934.5
1,043.8
UNITED STATES
2010
2011
2012
2013
2014
2015
2016
Total all years
FORM 51-101F1
Table 1.8
Summary of Production Estimates
Proved + Probable + Possible Reserves Case
For Year 2010
RESERVE CATEGORY
LIGHT AND
MEDIUM OIL
(Mbbl)
Estimated Production - 2010

Heavy Oil
NATURAL GAS
(Mbbl)
(MMscf)
NATURAL GAS
LIQUIDS
(Mbbl)
COLOMBIA
Total Company
(1)
Significant Fields
Rubiales
24,158
UNITED STATES
Total Company
Significant Fields(1)
(1): Significant fields represent greater than 20% of Company total (by country) of production in first year of forecast
RPS
Table 7.1
Cumulative Field Production, Reserves and Ultimate Recovery
Well Name
Concession
Status
Reserve Basis
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
RB-001
RB-002
RB-003
RB-004
RB-005
RB-006
RB-007
RB-008
RB-009
RB-010
RB-011
RB-012
RB-013
RB-014
RB-015
RB-016
RB-017
RB-018
RB-019
RB-021
RB-022
RB-023
RB-024
RB-025
RB-026
RB-027
RB-028
RB-029
RB-030
RB-031
RB-033
RB-034
RB-036
RB-037
RB-038
RB-039
RB-040
RB-041
RB-042H
RB-043D
RB-044D
RB-045H
RB-046
RB-047
RB-048HST
Rub
Rub
Rub
Rub
Rub
Piriri
Rub
Piriri
Piriri
Rub
Rub
Piriri
Rub
Rub
Piriri
Rub
Piriri
Rub
Piriri
Rub
Rub
Rub
Rub
Rub
Rub
Rub
Rub
Rub
Piriri
Rub
Rub
Rub
Rub
Rub
Piriri
Rub
Rub
Piriri
Piriri
Piriri
Piriri
Piriri
Piriri
Rub
Rub
Shut-In
Shut-In
Shut-In
Active
Abandoned
Shut-In
Shut-In
Abandoned
Abandoned
Active
Shut-In
Shut-In
Abandoned
Abandoned
Abandoned
Shut-In
Shut-In
Shut-In
Active
Shut-In
Shut-In
Shut-In
Shut-In
Active
Shut-In
Active
Shut-In
Shut-In
Active
Active
Active
Shut-In
Shut-In
Active
Active
Shut-In
Active
Active
Active
Active
Active
Active
Shut-In
Shut-In
Active
Actual Cum
Actual Cum
Actual Cum
DCA
Actual Cum
Actual Cum
Actual Cum
Actual Cum
Actual Cum
DCA
Well Analogy
DCA
Actual Cum
Actual Cum
Actual Cum
DCA
DCA
Actual Cum
DCA
Actual Cum
Actual Cum
DCA
DCA
DCA
DCA
DCA
DCA
Actual Cum
DCA
DCA
Actual Cum
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
Actual Cum
DCA
DCA
RPS
Cumulative
Proved
Production
Reserves
to YE 2009 12/31/2009
MBO
MBO
20
0
0
923
8
141
0
0
0
391
49
661
7
0
19
1371
507
5
1508
0
0
433
835
391
109
372
38
0
349
675
758
102
41
513.5
559
421
301
547
1620
441
215
1554
0
400
1793
0
0
0
461
0
0
0
0
0
304
91
200
0
0
0
365
288
0
42
0
0
244
227
304
92
206
41
0
115
326
22
46
37
185
67
91
307
170
1170
342
281
968
0
119
441
Ultimate
Recovery
MBO
20
0
0
1384
8
141
0
0
0
695
140
861
7
0
19
1736
795
5
1550
0
0
677
1062
695
201
578
79
0
464
1001
781
148
78
698
626
513
608
717
2790
783
497
2521
0
519
2233
Table 7.1
#
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
RPS
Well Name Concession

RB-049H
Rub
RB-050HST
Rub
RB-051
Rub
RB-052
Rub
RB-053
Rub
RB-054H
Rub
RB-055H
Rub
RB-056H
Rub
RB-057H
Rub
RB-058H
Piriri
RB-059H
Piriri
RB-060H
Piriri
RB-061H
Piriri
RB-062H
Piriri
RB-063H
Piriri
RB-064H
Piriri
RB-065H
Rub
RB-066H
Rub
RB-067H
Rub
RB-068H
Rub
RB-069H
Piriri
RB-070H
Piriri
RB-071H
Piriri
RB-072H
Piriri
RB-073H
Piriri
RB-074H
Rub
RB-075H
Rub
RB-076H
Rub
RB-077H
Rub
RB-078H
Rub
RB-079
Piriri
RB-080
Piriri
RB-081
Piriri
RB-082
Rub
RB-084
Piriri
RB-085
Rub
RB-087
Rub
RB-089H
Rub
RB-090
Piriri
RB-091
Rub
RB-092
Piriri
RB-093H
Piriri
RB-094H
Piriri
RB-095H
Piriri
RB-097H
Rub
RB-098H
Rub
RB-099H
Piriri
Status
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Active
Shut-In
Shut-In
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Shut-In
Active
Active
Active
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Active
Active
Shut-In
Active
Active
Active
Shut-In
Shut-In
Shut-In
Reserve Basis
DCA
DCA
DCA
Well Analogy
Well Analogy
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
DCA
Actual Cum
DCA
DCA
DCA
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Actual Cum
DCA
DCA
DCA
DCA
DCA
DCA
DCA
Well Analogy
Well Analogy
DCA
2
Cumulative
Proved
Production
Reserves
to YE 2009 12/31/2009
209
167
130
104
47
138
23
480
15
229
1155
446
1055
370
356
159
609
348
1558
1025
522
405
439
301
1087
623
950
923
1561
591
662
283
1077
352
392
713
1307
1191
928
681
923
1341
535
506
626
648
234
183
817
1055
793
829
642
271
17
0
427
104
782
977
136
212
3
217
12
148
0
242
0
166
0
442
0
0
151
229
114
56
72
0
14
84
46
1027
380
915
75
493
21
1097
27
1014
248
134
Ultimate
Recovery
376
233
185
503
244
1601
1424
515
957
2584
928
740
1710
1873
2151
946
1429
1105
2498
1610
2264
1041
1274
417
1872
1622
913
17
531
1759
348
220
160
242
167
442
0
380
170
72
99
1073
1295
567
1118
1041
383
Table 7.1
#
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
RPS

RB-100H
Piriri
RB-101H
Piriri
RB-102H
Piriri
RB-104
Piriri
RB-105HST
Piriri
RB-106H
Piriri
RB-107H
Piriri
RB-108H
Piriri
RB-109H
Piriri
RB-110H
Piriri
RB-111
Piriri
RB-112
Rub
RB-113
Rub
RB-114
Rub
RB-115
Piriri
RB-116
Piriri
RB-117
Rub
RB-118
Rub
RB-119
Rub
RB-120
Rub
RB-121
Rub
RB-122
Rub
RB-123HST
Rub
RB-124H
Rub
RB-125H
Rub
RB-126ST
Rub
RB-127
Rub
RB-128
Rub
RB-129
Rub
RB-130
Rub
RB-131H
Rub
RB-132HST
Rub
RB-133H
Rub
RB-134H
Rub
RB-135H
Piriri
RB-136H
Piriri
RB-137H
Piriri
RB-138H
Piriri
RB-139
Piriri
RB-140
Piriri
RB-141
Piriri
RB-142
Piriri
RB-143
Rub
RB-144
Rub
RB-145
Rub
RB-147
Rub
RB-148
Piriri
Status
Active
Active
Shut-In
Active
Active
Active
Active
Active
Active
Active
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Shut-In
Active
Active
Active
Abandoned
Shut-In
Shut-In
Active
Active
Active
Shut-In
Shut-In
Active
Shut-In
Shut-In
Active
Active
Shut-In
Shut-In
Active
Active
Shut-In
Active
Active
Active
Active
Abandoned
Shut-In
Shut-In
Active
Shut-In
Shut-In
Reserve Basis
DCA
DCA
Well Analogy
DCA
DCA
DCA
DCA
DCA
DCA
Well Analogy
Well Analogy
Well Analogy
DCA
DCA
Well Analogy
Well Analogy
DCA
DCA
DCA
Actual Cum
Actual Cum
Well Analogy
Well Analogy
Actual Cum
DCA
Well Analogy
DCA
DCA
DCA
Actual Cum
DCA
Well Analogy
Well Analogy
Well Analogy
Well Analogy
DCA
Well Analogy
DCA
Well Analogy
Well Analogy
Well Analogy
Actual Cum
Well Analogy
Well Analogy
DCA
Well Analogy
Well Analogy
3
Cumulative
Proved
Production
Reserves
to YE 2009 12/31/2009
826
789
122
226
0
1227
137
212
396
317
500
874
199
560
672
417
317
106
146
815
3
181
0
166
38
88
0
546
2
295
0
345
92
293
1
263
46
61
0
0
0
0
0
268
16
1992
218
0
516
1080
6
282
18
58
69
162
6
185
0
0
742
931
56
1493
12
1135
26
1343
232
996
324
386
0
1003
448
546
112
202
71
119
81
385
0
0
4
339
7
531
103
213
7
239
0
139
Ultimate
Recovery
1615
348
1227
348
713
1374
759
1088
422
962
184
166
126
547
298
345
385
265
108
0
0
268
2008
218
1596
288
76
231
191
0
1673
1550
1147
1369
1228
710
1003
994
314
190
466
0
343
537
315
246
139
Table 7.1
#
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
RPS

RB-149
Rub
RB-150
Rub
RB-153H
Rub
RB-154H
Piriri
RB-155
Rub
RB-156H
Rub
RB-157H
Rub
RB-158
Rub
RB-159
Piriri
RB-160
Rub
RB-161
Piriri
RB-162
Piriri
RB-163
Rub
RB-164
Rub
RB-165
Rub
RB-168H
Piriri
RB-169H
Piriri
RB-170H
Piriri
RB-171H
Rub
RB-172H
Rub
RB-173H
Rub
RB-174H
Rub
RB-175H
Rub
RB-176H
Rub
RB-177H
Rub
RB-178HST
Rub
RB-179HST
Rub
RB-180HST
Rub
RB-181H
Piriri
RB-182H
Piriri
RB-183H
Rub
RB-184H
Rub
RB-185H
Rub
RB-187H
Rub
RB-188H
Rub
RB-189H
Piriri
RB-190H
Piriri
RB-191H
Rub
RB-192H
Rub
RB-193H
Rub
RB-194H
Rub
RB-195H
Rub
RB-196H
Rub
RB-197H
Piriri
RB-198
Piriri
RB-199
Rub
RB-200H
Piriri
Status
Active
Shut-In
Shut-In
Active
Shut-In
Active
Active
Active
Active
Shut-In
Active
Shut-In
Shut-In
Shut-In
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Shut-In
Active
Active
Active
Active
Active
Active
Active
Reserve Basis
Well Analogy
Well Analogy
Well Analogy
DCA
Well Analogy
DCA
DCA
DCA
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
DCA
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
DCA
DCA
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Actual Cum
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
4
Cumulative
Proved
Production
Reserves
to YE 2009 12/31/2009
8
413
5
204
29
998
355
208
14
239
709
1505
646
1379
165
251
7
263
0
214
19
178
8
45
0
508
0
312
90
291
133
913
99
502
135
692
197
613
46
1145
397
1032
445
867
517
1209
418
1007
10
1493
77
988
248
1172
35
1677
293
294
139
58
190
795
196
1058
234
1460
233
979
243
826
354
768
117
965
124
630
62
987
29
0
8
932
28
639
22
867
21
778
10
381
13
333
176
1413
Ultimate
Recovery
421
209
1027
563
253
2214
2025
415
271
215
197
53
508
312
381
1046
601
827
809
1191
1430
1312
1726
1425
1503
1064
1419
1712
587
197
985
1254
1693
1212
1069
1122
1082
753
1049
29
941
666
889
800
392
346
1589
Table 7.1
#
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
RPS

RB-201H
Piriri
RB-202H
Piriri
RB-203H
Piriri
RB-204H
Rub
RB-205H
Rub
RB-206H
Piriri
RB-207H
Piriri
RB-208H
Piriri
RB-209H
Piriri
RB-210H
Piriri
RB-212H
Rub
RB-214H
Rub
RB-215H
Rub
RB-216H
Rub
RB-217
Rub
RB-218
Rub
RB-219
Rub
RB-220
Rub
RB-221
Rub
RB-222
Rub
RB-223H
Rub
RB-224
Rub
RB-232H
Rub
RB-233
Piriri
RB-234H
Rub
RB-235H
Rub
RB-236H
Piriri
RB-237H
Piriri
RB-238H
Piriri
RB-239H
Piriri
RB-240H
Piriri
RB-241
Piriri
RB-242
Rub
RB-251
Rub
RB-254HST
Rub
RB-256H
Rub
RB-257H
Rub
RB-366
Rub
Status
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Shut-In
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Reserve Basis
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Actual Cum
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Well Analogy
Cumulative
Proved
Production
Reserves
to YE 2009 12/31/2009
174
1078
235
1108
273
519
144
754
517
826
119
554
146
944
68
613
103
63
230
554
40
1811
37
1126
58
988
44
1563
0
136
76
458
1
264
21
331
2
214
8
129
187
742
0
0
61
427
3
191
21
1531
69
742
43
703
5
766
49
512
94
840
45
1134
3
310
3
245
1
392
3
713
13
778
6
778
3
245
Ultimate
Recovery
1252
1343
792
898
1343
673
1090
681
165
784
1852
1163
1045
1607
136
535
265
353
215
137
929
0
488
194
1552
811
746
771
561
934
1179
313
248
393
716
791
784
247
Table 7.2
Calculation of Recovery Factor and Fieldwide Potential
Client:
META Petroleum
Field:
Rubiales
Reservoir: Areniscas Basales
Date:
02/04/10
OIIP determination total field
OIL RESERVES -- CALCULATION SHEET

At
15.025 psia Pressure Base
RESERVOIR PARAMETERS:
I) Oil Gvty (API) ..............
Bubble Point Pressure, Pbp ...
I) Gas Saturation at Pa, Sga ....
I) Average Porosity ............
I) Average Perm., k (md).........
I) Water Saturation, Sw .........
Residual Oil Sat, Sor (C & B)
I) Drive Mechanism (W, S, or L) .
(Water,Sol gas,Liquid exp)
I) Sweep Efficiency, SE .........
12.5
75
0
26.4
4000
27.5
55.2
w
I) NaCl (ppm) =
I) Gas Gravity =
950
0.7254
I) Subsea Depth, ft
2,960
%
%
%
%
85 %
I) Prod. acres =
I) Avg Net Pay, ft
Vb,Res Vol(acft)
135,361
21.64
2929448
***** ********* ******** ********

Initial Conditions
***** ********* ******** ********
I) Temp Grad, /100' .....
Ti =
145 F,
605
I) Pressure Grad, psi/ft .
[If calc by diff. method input
Pi =
1,155 psig,
1,170
******* |*****
******* ********* ***********
|
Abandonment Conditions
******* |*****
******* ********* ***********
2.41 | I) Temp Grad, /100' .....
R
| Ta =
145 F,
605
1170 |
new grad.
w grad. or pressure in grad. slot.]
psia
|I)Pa=
1,155 psig,
1,170
|
I) Sol. GOR, Rsi (ft3/Bbl)
5 |
Sol. GOR,Rsa (ft3/Bbl)
Boi, (RB/STB) .........
1.024 |
Boa, (RB/STB) ........
Oil viscosity, Uoi (cp)
400 |
Oil viscosity, Uoa (cp)
Wtr viscosity, Uwi (cp)
0.446 |
Wtr viscosity, Uwa (cp)
***** ********* ******** ******** ******* |*****
******* ********* ***********
1. OIP/acft =(7758)(
2. Oil In-Place =
WATER DRIVE
0.264)(1- 0.275)/(1.024) =
1,450
( 2929448)(1450)=
4247700000
(9) RF = (1-Sw-Sor)(SE)/(1-Sw) =
1450 X 0.203 =
(11) Recoverable Oil
= 294 X 2929448 =
12. Recoverable Dissolved Gas =

[RN*Rsi+(N-RN)(Rsi-Rsa)-Sga*Por*Vb*Bga]/10^6 =
Acres
MMbbl
Ftg
b/af
RPS
STOOIP
135,361
4247.7
21.64
1,450
from Petrel
from Petrel
calculated
calculated above
********
2.41
R
psia
5
1.024
400
0.446
********
STB/AC-FT
STB
20.3
(10) Recovery/Ac-Ft =
********
294
%
STB/Acft
861,258 MSTB
4.3
MMCF
Tech recovery
861.3
Recovery to depl
838.0
% rec with Meta
97.3%
development plan including resources
and field depletion
Table 7.3
Estimated Ultimate Recovery vs Net Pay by Well Type
Vertical
Well
Estimated
Ultimate
Recovery
Mbbls
Net Pay From

Petrel
All zones in well
Ft
RB-004
RB-010
RB-016*
RB-019*
RB-023*
RB-024*
RB-025
RB-027
RB-030*
RB-031
RB-033*
RB-037
RB-038
RB-039*
RB-040
RB-041
RB-043D
RB-044D
RB-047
RB-051RD*
RB-079
RB-081*
RB-090
RB-091*
RB-104
RB-113*
RB-117
RB-119
RB-128
RB-158
RB-165
Average
1408
695
1371
1484
433
835
2564
578
347
1001
781
698
626
496
608
717
822
500
519
115
348
126
133
179
301
67
371
88
213
415
381
620
12
9
30
25
30
25
39
30
13
24
23
35
26
27
22
26
31
28
18
28
24
25
16
29
17
12
30
28
32
54
30
26
*Shut-in Wells as of December 2009
Horizontal
Well
Estimated
Ultimate
Recovery
Mbbls
Net Pay From

Petrel
All zones in well
Ft
RB-042H
RB-045H
RB-048HST
RB-054H
RB-057H
RB-058H
RB-059H
RB-060H
RB-061H
RB-062H
RB-063H
RB-065H
RB-066H
RB-067H
RB-068H
RB-069H
RB-070H
RB-071H
RB-073H
RB-074H
RB-075H
RB-077H
RB-078H
RB-094H
RB-100H
RB-105HST
RB-106H
RB-107H
RB-108H
RB-109H
RB-125H
RB-131H
RB-136H
RB-138H
RB-154H
RB-156H
RB-157H
RB-181H
RB-182H
Average
3082
2521
2031
1414
827
2593
928
740
1710
1907
2151
1334
915
2056
1436
2493
1041
1234
1674
1496
693
447
1222
960
1621
577
941
434
975
338
1477
1491
592
860
560
2214
2025
477
195
1325
57
47
61
44
50
62
34
42
47
50
44
62
68
60
55
59
32
57
52
63
61
64
62
34
61
36
48
47
40
40
54
60
54
42
48
44
32
46
32
50
Vertical Wells
Horizontal Wells
60
Net Pay (ft)
Net Pay (ft)
50
40
30
20
10
0
0
RPS
1000
2000
3000
Estimated Ultimate Recovery (Mbbls)
80
70
60
50
40
30
20
10
0
0
1000
2000
3000
4000
Estimated Ultimate Recovery (Mbbls)
Table 7.4
Estimated Ultimate Recovery vs STOOIP per cell
Estimated
Ultimate
Recovery
MBbls
RB-038
626
RB-041
717
RB-043D
822
RB-044D
500
RB-079
348
RB-090
133
RB-104
301
RB-010
695
RB-027
578
RB-031
1,001
RB-037
698
RB-040
608
RB-047
519
RB-117
371
RB-128
213
RB-158
415
RB-165
381
Cum
8,928
Average
Vertical
Well
STOOIP
per Cell
Bbls
44,000
33,000
37,000
37,000
30,000
24,000
48,000
16,000
63,000
52,000
54,000
32,000
52,000
20,000
26,000
35,000
33,000
636,000
14.04
Horizontal
Well
RB-042H
RB-045H
RB-058H
RB-059H
RB-060H
RB-061H
RB-062H
RB-063H
RB-069H
RB-070H
RB-071H
RB-073H
RB-094H
RB-100H
RB-105HST
RB-106H
RB-107H
RB-108H
RB-109H
RB-136H
RB-138H
RB-154H
RB-181H
RB-182H
RB-048HST
RB-054H
RB-057H
RB-065H
RB-066H
RB-067H
RB-068H
RB-074H
RB-075H
RB-077H
RB-078H
RB-125H
RB-131H
RB-156H
RB-157H
Cum
Average
Vertical Wells
60,000
60,000
50,000
OOIP (bbls per cell)
OOIP (bbls per cell)
50,000
40,000
30,000
20,000
10,000
0
RPS
500
1,000
EUR (Mbbls)
STOOIP
per Cell
Bbls
38,000
22,000
42,000
8,000
22,000
31,000
25,000
28,000
44,000
25,000
36,000
36,000
18,000
40,000
18,000
20,000
36,000
23,000
25,000
42,000
22,000
23,000
18,000
13,000
42,000
14,000
26,000
33,000
52,000
43,000
45,000
44,000
51,000
20,000
48,000
32,000
50,000
20,000
27,000
1,202,000
44.47
Horizontal Wells
70,000
Estimated
Ultimate
Recovery
MBbls
3,082
2,521
2,593
928
740
1,710
1,907
2,151
2,493
1,041
1,234
1,674
960
1,621
577
941
434
975
338
592
860
560
477
195
2,233
1,601
957
1,429
1,105
2,498
1,610
1,622
913
447
1,222
1,477
1,491
2,214
2,025
53,448
1,500
40,000
30,000
20,000
10,000
0
0
1,000
2,000
3,000
EUR (Mbbls)
4,000
Table 7.5
Summary of Reserves and Prodution to June 30, 2016
All volumes in MBO
Reserves
@ 12/31/09
Rubiales
Proved
Developed - Producing
Developed - Non-Producing
Undeveloped
Total Proved (1P)
Probable
Undeveloped
Total Probable
Total 2P
Possible
Undeveloped
Total Possible
Total 3P
Piriri
Proved
Undeveloped
Total Proved (1P)
Probable
Undeveloped
Total Probable
Total 2P
Possible
Undeveloped
Total Possible
Total 3P
Total Field
Proved
Undeveloped
Total Proved (1P)
Probable
Undeveloped
Total Probable
Total 2P
Possible
Undeveloped
Total Possible
Total 3P
RPS
2010
2011
2012
2013
2014
2015
2016
54,072 17,552 11,771 8,458 6,299 4,709 3,576 1,707

21,210 1,879 6,329 5,163 3,322 2,240 1,571
705
224,713 14,725 35,825 41,666 41,112 39,476 36,538 15,371
299,995 34,156 53,925 55,286 50,734 46,425 41,685 17,783
39,903
39,903
239
239
1,269
1,269
1,060
1,060
8,927 13,394 10,621

8,927 13,394 10,621
4,394
4,394
339,898 34,395 55,194 56,346 59,661 59,819 52,306 22,177

28,517
28,517
520
520
1,363
1,363
1,703
1,703
1,267
1,267
6,798 11,866
6,798 11,866
5,000
5,000
368,415 34,915 56,557 58,049 60,927 66,617 64,173 27,177
40,000 12,453 8,873 6,465 4,687 3,508 2,742

5,884 1,021 1,663 1,129
812
595
443
71,321 6,384 14,486 16,196 12,688 9,986 8,085
117,204 19,858 25,022 23,790 18,187 14,089 11,271
6,061
6,061
863
863
357
357
123,266 20,296 25,694 25,012 19,590 15,195 12,134
5,344
9,471
9,471
438
438
87
87
672
672
210
210
1,222
1,222
1,389
1,389
1,403
1,403
2,755
2,755
1,106
1,106
1,272
220
3,496
4,987
2,292
2,292
1,906
1,906
831
831
132,737 20,383 25,905 26,402 22,345 17,487 14,041
6,175
94,071 30,005 20,644 14,923 10,986 8,217 6,318 2,978

27,094 2,900 7,992 6,292 4,134 2,835 2,015
926
296,034 21,109 50,311 57,861 53,800 49,462 44,623 18,867
417,199 54,014 78,947 79,076 68,921 60,514 52,956 22,771
45,964
45,964
677
677
1,941
1,941
2,282 10,329 14,499 11,484

2,282 10,329 14,499 11,484
4,750
4,750
463,164 54,691 80,888 81,359 79,250 75,013 64,441 27,521

37,988
37,988
607
607
1,573
1,573
3,092
3,092
4,022
4,022
9,090 13,773
9,090 13,773
5,831
5,831
501,152 55,298 82,461 84,451 83,272 84,103 78,213 33,352
Table 9.1
Crude Oil Production, Fuel Consumption, Naptha Purchases and Sales
for the 3P Reserves Case
RPS
Crude Oil
Production
Fuel
Consumption
Naptha
Purchases
Net Sales
Volumes
Mbbls
Mbbls
Mbbls
Mbbls
2010
2011
2012
2013
2014
2015
2016
55,298
82,461
84,451
83,272
84,103
78,213
33,352
456
639
785
922
1,022
958
437
7,363
9,257
6,717
6,918
7,097
6,429
2,150
62,205
91,079
90,383
89,268
90,178
83,684
35,065
Totals
501,150
5,219
45,931
541,862
Table 9.2
WTI Crude Oil and Rubiales Crude Oil/Naptha Blend Price Forecasts
RPS
RPS WTI
Crude Oil
Rubiales
Crude Oil / Naptha Blend
$/bbl
$/bbl
2010
79.16
68.01
2011
84.24
72.42
2012
87.28
75.14
2013
89.31
76.89
2014
92.01
79.22
2015
93.85
80.80
2016
95.72
82.41
Table 9.3
Field Investment Summary
Drilling
Production
Drilling
Disposal
Well
Re-Completion
Facilities and
Infrastructure
Total
$MM
$MM
$MM
$MM
$MM
2010
2011
2012
2013
2014
2015
2016
238
189
147
144
142
72
0
18
21
18
17
15
8
0
14
1
0
0
0
0
0
576
313
161
144
108
39
4
845
524
326
305
265
119
4
Totals
932
97
15
1,345
2,388
RPS
Table 9.4
Field Expense Summary
Fixed
Operating
Costs
Naptha for Blending with Crude Oil

Purchase
Purchased
Purchase
Cost
Volume
Cost
Tariff & Blending

for Crude Oil
and Naptha
Well
Abandonments
Total
Field
Expenses
$MM
$/bbl
MMbbls
$MM
$MM
$MM
$MM
2010
2011
2012
2013
2014
2015
2016
77.4
81.3
85.4
85.4
76.8
69.1
31.1
74.16
79.24
82.28
84.31
87.01
88.85
90.72
7.36
9.26
6.72
6.92
7.10
6.43
2.15
546.1
733.5
552.7
583.3
617.5
571.2
195.1
532.8
746.8
603.2
614.0
623.7
623.9
297.2
2.1
3.0
3.6
4.2
4.5
4.8
2.4
1,158.4
1,564.6
1,244.9
1,286.9
1,322.5
1,269.0
525.8
Totals
506.5
45.94
3,799.4
4,041.6
24.6
8,372.1
Variable costs that are determined by well count and crude oil volume are not included above
RPS
Appendix
Appendix 1
APPENDIX 1
Recoverable Resources Classes and Sub-Classes

Class/Sub-Class
Reserves
Definition
Guidelines
Reserves are those quantities

of petroleum anticipated to be
commercially recoverable by
application of development
projects to known
accumulations from a given
date forward under defined
conditions.
Reserves must satisfy four criteria: they must be discovered,

recoverable, commercial, and remaining based on the
development project(s) applied. Reserves are further subdivided in
accordance with the level of certainty associated with the estimates
and may be sub-classified based on project maturity and/or
characterized by their development and production status.
To be included in the Reserves class, a project must be sufficiently
defined to establish its commercial viability. There must be a
reasonable expectation that all required internal and external
approvals will be forthcoming, and there is evidence of firm
intention to proceed with development within a reasonable time
frame.
A reasonable time frame for the initiation of development depends
on the specific circumstances and varies according to the scope of
the project. While 5 years is recommended as a benchmark, a
longer time frame could be applied where, for example,
development of economic projects are deferred at the option of the
producer for, among other things, market-related reasons, or to
meet contractual or strategic objectives. In all cases, the
justification for classification as Reserves should be clearly
documented.
To be included in the Reserves class, there must be a high
confidence in the commercial producibility of the reservoir as
supported by actual production or formation tests. In certain cases,
Reserves may be assigned on the basis of well logs and/or core
analysis that indicate that the subject reservoir is hydrocarbonbearing and is analogous to reservoirs in the same area that are
producing or have demonstrated the ability to produce on formation
tests.
On Production
The development project is

currently producing and selling
petroleum to market.
The key criterion is that the project is receiving income from sales,
rather than the approved development project necessarily being
complete. This is the point at which the project chance of
commerciality can be said to be 100%.
The project decision gate is the decision to initiate commercial
production from the project.
Approved for
Development
All necessary approvals have

been obtained, capital funds
have been committed, and
implementation of the
development project is under
way.
At this point, it must be certain that the development project is

going ahead. The project must not be subject to any contingencies
such as outstanding regulatory approvals or sales contracts.
Forecast capital expenditures should be included in the reporting
entitys current or following years approved budget.
The project decision gate is the decision to start investing capital
in the construction of production facilities and/or drilling
development wells.
Class/Sub-Class
Justified for
Development
Definition
Guidelines
Implementation of the
development project is justified
on the basis of reasonable
forecast commercial conditions
at the time of reporting, and
there are reasonable
expectations that all necessary
approvals/contracts will be
obtained.
In order to move to this level of project maturity, and hence have

reserves associated with it, the development project must be
commercially viable at the time of reporting, based on the reporting
entitys assumptions of future prices, costs, etc. (forecast case)
and the specific circumstances of the project. Evidence of a firm
intention to proceed with development within a reasonable time
frame will be sufficient to demonstrate commerciality. There should
be a development plan in sufficient detail to support the
assessment of commerciality and a reasonable expectation that
any regulatory approvals or sales contracts required prior to project
implementation will be forthcoming. Other than such
approvals/contracts, there should be no known contingencies that
could preclude the development from proceeding within a
reasonable timeframe (see Reserves class).
The project decision gate is the decision by the reporting entity
and its partners, if any, that the project has reached a level of
technical and commercial maturity sufficient to justify proceeding
with development at that point in time.
Contingent
Resources
Those quantities of petroleum

estimated, as of a given date,
to be potentially recoverable
from known accumulations by
application of development
projects, but which are not
currently considered to be
commercially recoverable due
to one or more contingencies.
Contingent Resources may include, for example, projects for which

there are currently no viable markets, or where commercial
recovery is dependent on technology under development, or where
evaluation of the accumulation is insufficient to clearly assess
commerciality. Contingent Resources are further categorized in
accordance with the level of certainty associated with the estimates
and may be sub-classified based on project maturity and/or
characterized by their economic status.
Development
Pending
A discovered accumulation
where project activities are
ongoing to justify commercial
development in the
foreseeable future.
The project is seen to have reasonable potential for eventual

commercial development, to the extent that further data acquisition
(e.g. drilling, seismic data) and/or evaluations are currently ongoing
with a view to confirming that the project is commercially viable and
providing the basis for selection of an appropriate development
plan. The critical contingencies have been identified and are
reasonably expected to be resolved within a reasonable time
frame. Note that disappointing appraisal/evaluation results could
lead to a re-classification of the project to On Hold or Not
Viable status.
The project decision gate is the decision to undertake further
data acquisition and/or studies designed to move the project to a
level of technical and commercial maturity at which a decision can
be made to proceed with development and production.
Class/Sub-Class
Definition
Guidelines
Development
Unclarified or on
Hold
A discovered accumulation
where project activities are on
hold and/or where justification
as a commercial development
may be subject to significant
delay.
The project is seen to have potential for eventual commercial

development, but further appraisal/evaluation activities are on hold
pending the removal of significant contingencies external to the
project, or substantial further appraisal/evaluation activities are
required to clarify the potential for eventual commercial
development. Development may be subject to a significant time
delay. Note that a change in circumstances, such that there is no
longer a reasonable expectation that a critical contingency can be
removed in the foreseeable future, for example, could lead to a reclassification of the project to Not Viable status.
The project decision gate is the decision to either proceed with
additional evaluation designed to clarify the potential for eventual
commercial development or to temporarily suspend or delay further
activities pending resolution of external contingencies.
Development Not
Viable
A discovered accumulation for

which there are no current
plans to develop or to acquire
additional data at the time due
to limited production potential.
The project is not seen to have potential for eventual commercial

development at the time of reporting, but the theoretically
recoverable quantities are recorded so that the potential
opportunity will be recognized in the event of a major change in
technology or commercial conditions.
The project decision gate is the decision not to undertake any
further data acquisition or studies on the project for the foreseeable
future.
Prospective
Resources
Those quantities of petroleum

which are estimated, as of a
given date, to be potentially
recoverable from undiscovered
accumulations.
Potential accumulations are evaluated according to their chance of

discovery and, assuming a discovery, the estimated quantities that
would be recoverable under defined development projects. It is
recognized that the development programs will be of significantly
less detail and depend more heavily on analog developments in
the earlier phases of exploration.
Prospect
A project associated with a

potential accumulation that is
sufficiently well defined to
represent a viable drilling
target.
potential accumulation that is
currently poorly defined and
requires more data acquisition
and/or evaluation in order to
be classified as a prospect.
Project activities are focused on assessing the chance of discovery

and, assuming discovery, the range of potential recoverable
quantities under a commercial development program.

prospective trend of potential
prospects, but which requires
more data acquisition and/or
evaluation in order to define
specific leads or prospects.
Project activities are focused on acquiring additional data and/or

undertaking further evaluation designed to define specific leads or
prospects for more detailed analysis of their chance of discovery
and, assuming discovery, the range of potential recovery under
hypothetical development scenarios.
Lead
Play
Project activities are focused on acquiring additional data and/or

undertaking further evaluation designed to confirm whether or not
the lead can be matured into a prospect. Such evaluation includes
the assessment of the chance of discovery and, assuming
discovery, the range of potential recovery under feasible
development scenarios.
Reserves Status Definitions and Guidelines

Status
Definition
Guidelines
Developed
Reserves
Developed Reserves are

expected quantities to be
recovered from existing wells
and facilities.
Reserves are considered developed only after the necessary

equipment has been installed, or when the costs to do so are
relatively minor compared to the cost of a well. Where required
facilities become unavailable, it may be necessary to reclassify
Developed Reserves as Undeveloped. Developed Reserves may
be further sub-classified as Producing or Non-Producing.
Developed
Producing
Reserves
Developed Producing
Reserves are expected to be
recovered from completion
intervals that are open and
producing at the time of the
estimate.
Improved recovery reserves are considered producing only after

the improved recovery project is in operation.
Developed NonProducing
Reserves
Developed Non-Producing
Reserves include shut-in and
behind-pipe Reserves.
Shut-in Reserves are expected to be recovered from (1)

completion intervals which are open at the time of the estimate but
which have not yet started producing, (2) wells which were shut-in
for market conditions or pipeline connections, or (3) wells not
capable of production for mechanical reasons. Behind-pipe
Reserves are expected to be recovered from zones in existing
wells which will require additional completion work or future recompletion prior to start of production.
In all cases, production can be initiated or restored with relatively
low expenditure compared to the cost of drilling a new well.
Undeveloped
Reserves
Undeveloped Reserves are

quantities expected to be
recovered through future
investments:
(1) from new wells on undrilled acreage in known accumulations,

(2) from deepening existing wells to a different (but known)
reservoir, (3) from infill wells that will increase recovery, or (4)
where a relatively large expenditure (e.g. when compared to the
cost of drilling a new well) is required to (a) recomplete an existing
well or (b) install production or transportation facilities for primary or
improved recovery projects.
Reserves Category Definitions and Guidelines

Category
Proved
Reserves
Definition
Guidelines
Proved Reserves are those

quantities of petroleum, which
by analysis of geoscience and
engineering data, can be
estimated with reasonable
certainty to be commercially
recoverable, from a given date
forward, from known reservoirs
and under defined economic
conditions, operating methods,
and government regulations.
If deterministic methods are used, the term reasonable certainty is

intended to express a high degree of confidence that the quantities
will be recovered. If probabilistic methods are used, there should
be at least a 90% probability that the quantities actually recovered
will equal or exceed the estimate.
The area of the reservoir considered as Proved includes (1) the
area delineated by drilling and defined by fluid contacts, if any, and
(2) adjacent undrilled portions of the reservoir that can reasonably
be judged as continuous with it and commercially productive on the
basis of available geoscience and engineering data.
In the absence of data on fluid contacts, Proved quantities in a
reservoir are limited by the lowest known hydrocarbon (LKH) as
seen in a well penetration unless otherwise indicated by definitive
geoscience, engineering, or performance data. Such definitive
information may include pressure gradient analysis and seismic
indicators. Seismic data alone may not be sufficient to define fluid
contacts for Proved reserves (see 2001 Supplemental
Guidelines, Chapter 8).
Reserves in undeveloped locations may be classified as Proved
provided that:
The locations are in undrilled areas of the reservoir that can be

judged with reasonable certainty to be commercially
productive.
Interpretations of available geoscience and engineering data

indicate with reasonable certainty that the objective formation
is laterally continuous with drilled Proved locations.
For Proved Reserves, the recovery efficiency applied to these
reservoirs should be defined based on a range of possibilities
supported by analogs and sound engineering judgment considering
the characteristics of the Proved area and the applied development
program.
Probable
Reserves
Probable Reserves are those

additional Reserves which
analysis of geoscience and
engineering data indicate are
less likely to be recovered than
Proved Reserves but more
certain to be recovered than
Possible Reserves.
It is equally likely that actual remaining quantities recovered will be

greater than or less than the sum of the estimated Proved plus
Probable Reserves (2P). In this context, when probabilistic
methods are used, there should be at least a 50% probability that
the actual quantities recovered will equal or exceed the 2P
estimate.
Probable Reserves may be assigned to areas of a reservoir
adjacent to Proved where data control or interpretations of
available data are less certain. The interpreted reservoir continuity
may not meet the reasonable certainty criteria.
Probable estimates also include incremental recoveries associated
with project recovery efficiencies beyond that assumed for Proved.
Category
Definition
Guidelines
Possible
Reserves
Possible Reserves are those

additional reserves which
analysis of geoscience and
engineering data indicate are
less likely to be recoverable
than Probable Reserves.
The total quantities ultimately recovered from the project have a

low probability to exceed the sum of Proved plus Probable plus
Possible (3P), which is equivalent to the high estimate scenario.
When probabilistic methods are used, there should be at least a
10% probability that the actual quantities recovered will equal or
exceed the 3P estimate.
Possible Reserves may be assigned to areas of a reservoir
adjacent to Probable where data control and interpretations of
available data are progressively less certain. Frequently, this may
be in areas where geoscience and engineering data are unable to
clearly define the area and vertical reservoir limits of commercial
production from the reservoir by a defined project.
Possible estimates also include incremental quantities associated

with project recovery efficiencies beyond that assumed for
Probable.
Probable and
Possible
Reserves
(See above for separate

criteria for Probable Reserves
and Possible Reserves.)
The 2P and 3P estimates may be based on reasonable alternative

technical and commercial interpretations within the reservoir and/or
subject project that are clearly documented, including comparisons
to results in successful similar projects.
In conventional accumulations, Probable and/or Possible Reserves
may be assigned where geoscience and engineering data identify
directly adjacent portions of a reservoir within the same
accumulation that may be separated from Proved areas by minor
faulting or other geological discontinuities and have not been
penetrated by a wellbore but are interpreted to be in
communication with the known (Proved) reservoir. Probable or
Possible Reserves may be assigned to areas that are structurally
higher than the Proved area. Possible (and in some cases,
Probable) Reserves may be assigned to areas that are structurally
lower than the adjacent Proved or 2P area.
Caution should be exercised in assigning Reserves to adjacent
reservoirs isolated by major, potentially sealing, faults until this
reservoir is penetrated and evaluated as commercially productive.
Justification for assigning Reserves in such cases should be clearly
documented. Reserves should not be assigned to areas that are
clearly separated from a known accumulation by non-productive
reservoir (i.e., absence of reservoir, structurally low reservoir, or
negative test results); such areas may contain Prospective
Resources.
In conventional accumulations, where drilling has defined a highest
known oil (HKO) elevation and there exists the potential for an
associated gas cap, Proved oil Reserves should only be assigned
in the structurally higher portions of the reservoir if there is
reasonable certainty that such portions are initially above bubble
point pressure based on documented engineering analyses.
Reservoir portions that do not meet this certainty may be assigned
as Probable and Possible oil and/or gas based on reservoir fluid
properties and pressure gradient interpretations.
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Metapetroleum - Rubiales Field

All Cases
GRAND TOTAL CASE
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Total
BFIT ECONOMIC SUMMARY PROJECTION

As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
62,205.49
91,076.63
90,630.02
89,270.61
90,179.09
0.00
0.00
0.00
0.00
0.00
22,159.27
32,041.82
31,872.31
31,070.45
30,948.77
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
1,507,051.94
2,320,468.69
2,394,885.33
2,389,007.22
2,451,761.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
83,686.11
34,821.17
0.00
0.00
28,530.38
11,889.27
0.00
0.00
80.80
82.41
0.00
0.00
2,305,254.68
979,794.79
0.00
0.00
0.00
0.00
Rem
Total
0.00
541,869.11
0.00
0.00
0.00
188,512.27
0.00
0.00
0.00
76.11
0.00
0.00
0.00
14,348,223.84
0.00
0.00
0.00
0.00
Ult
541,869.11
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Net
Profits
(M$)
Annual
Cash Flow
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
10.00
10.00
10.00
10.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
364,476.68
226,394.10
147,476.70
133,754.66
117,249.05
600,117.69
828,390.22
713,441.67
748,190.86
779,019.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
542,457.56
1,265,684.37
1,533,966.96
1,507,061.70
1,555,492.39
500,514.96
1,588,472.79
2,791,981.80
3,867,179.79
4,876,766.13
2015
2016
10.00
10.00
0.00
0.00
0.00
0.00
52,631.53
1,801.86
764,828.82
163,225.91
0.00
0.00
0.00
0.00
0.00
0.00
1,487,794.33
814,767.03
5,756,392.06
6,205,556.46
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
1,043,784.58
4,597,214.92
0.00
0.00
0.00
8,707,224.34
6,205,556.46
Present Worth Profile (M$)

Disc. Initial Invest. (M$) :
ROInvestment (disc/undisc) :
Years to Payout :
Internal ROR (%) :
RPS
Page 1 of 16
391,385.56
16.86 / 19.54
1.09
>1000
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
8,707,224.34
7,298,434.39
6,205,556.46
5,343,756.64
4,654,000.63
8,707,224.34
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :

All Cases
REPORT BREAK TOTAL CASE
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Proved Rsv Class

Producing Rsv Category
As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
33,753.01
22,801.19
16,014.70
11,777.46
8,810.37
0.00
0.00
0.00
0.00
0.00
12,150.53
8,237.74
5,792.62
4,254.73
3,183.84
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
826,357.58
596,577.41
435,257.28
327,146.48
252,224.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
6,760.53
3,088.53
0.00
0.00
2,447.97
1,116.86
0.00
0.00
80.80
82.41
0.00
0.00
197,796.07
92,040.60
0.00
0.00
0.00
0.00
Rem
Total
0.00
103,005.77
0.00
0.00
0.00
37,184.30
0.00
0.00
0.00
73.35
0.00
0.00
0.00
2,727,399.50
0.00
0.00
0.00
0.00
Ult
103,005.77
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
327,581.98
217,449.96
135,717.70
109,149.18
87,462.65
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
498,775.60
379,127.45
299,539.59
217,997.30
164,761.42
475,704.62
804,446.43
1,040,560.35
1,196,760.14
1,304,089.83
2015
2016
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
72,131.99
16,416.94
0.00
0.00
0.00
0.00
0.00
0.00
125,664.07
75,623.66
1,378,513.33
1,420,213.18
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
0.00
965,910.41
0.00
0.00
0.00
1,761,489.09
1,420,213.18

Years to Payout :
Internal ROR (%) :
RPS
Page 2 of 16
0.00
0.00 / 0.00
0.00
0.00
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
1,761,489.09
1,572,280.64
1,420,213.18
1,296,017.16
1,193,115.70
1,761,489.09
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
BFIT ECONOMIC PROJECTION
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
As Of Date : 01/01/2010
Discount Rate (%) : 10.00
Custom Selection

All Cases
LEASE CASE
default
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
Piriri - Proved Prod

Proved Producing
Rubiales Field
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Piriri Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
14,008.70
9,800.25
6,938.26
5,024.23
3,760.96
0.00
0.00
0.00
0.00
0.00
5,712.47
3,997.35
2,830.88
2,050.54
1,535.45
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
388,505.12
289,487.95
212,712.21
157,666.25
121,637.98
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,934.24
1,318.95
0.00
0.00
1,198.13
538.65
0.00
0.00
80.80
82.41
0.00
0.00
96,808.91
44,389.85
0.00
0.00
0.00
0.00
Rem
Total
0.00
43,785.58
0.00
0.00
0.00
17,863.46
0.00
0.00
0.00
73.40
0.00
0.00
0.00
1,311,208.28
0.00
0.00
0.00
0.00
Ult
43,785.58
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
155,320.53
106,438.27
67,121.87
53,044.55
42,319.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
233,184.59
183,049.68
145,590.34
104,621.70
79,318.39
222,398.47
381,120.98
495,883.51
570,847.20
622,517.16
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
35,490.16
7,970.83
0.00
0.00
0.00
0.00
0.00
0.00
61,318.75
36,419.02
658,832.67
678,913.03
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
0.00
467,705.81
0.00
0.00
0.00
843,502.47
678,913.03
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
1,167,391.6
221,646.25
0.007
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 3 of 16
06/29/2016
0.50000000
0.40850000
0.00
0.00 / 0.00
0.00
0.00

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
843,502.47
752,237.86
678,913.03
619,047.99
569,464.58
843,502.47
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Rubiales - Proved Prod

Proved Producing
Rubiales Field
Rubiales Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
19,744.31
13,000.94
9,076.43
6,753.23
5,049.41
0.00
0.00
0.00
0.00
0.00
6,438.06
4,240.40
2,961.74
2,204.19
1,648.40
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
437,852.46
307,089.46
222,545.07
169,480.23
130,586.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
3,826.30
1,769.58
0.00
0.00
1,249.84
578.22
0.00
0.00
80.80
82.41
0.00
0.00
100,987.16
47,650.75
0.00
0.00
0.00
0.00
Rem
Total
0.00
59,220.19
0.00
0.00
0.00
19,320.84
0.00
0.00
0.00
73.30
0.00
0.00
0.00
1,416,191.22
0.00
0.00
0.00
0.00
Ult
59,220.19
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
172,261.45
111,011.69
68,595.83
56,104.64
45,143.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
265,591.01
196,077.77
153,949.24
113,375.60
85,443.04
253,306.15
423,325.45
544,676.85
625,912.95
681,572.67
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
36,641.83
8,446.11
0.00
0.00
0.00
0.00
0.00
0.00
64,345.33
39,204.64
719,680.66
741,300.15
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
0.00
498,204.60
0.00
0.00
0.00
917,986.62
741,300.15
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
1,645,359.1
299,026.25
0.007
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 4 of 16
06/28/2016
0.40000000
0.32680000
0.00
0.00 / 0.00
0.00
0.00

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
917,986.62
820,042.78
741,300.15
676,969.17
623,651.12
917,986.62
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :

All Cases
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Proved Rsv Class

Non-Producing Rsv Category
As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
3,262.01
8,827.89
6,752.33
4,432.20
3,039.72
0.00
0.00
0.00
0.00
0.00
1,158.93
3,033.89
2,305.02
1,519.16
1,045.30
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
78,818.65
219,714.53
173,199.14
116,807.86
82,808.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,156.06
953.87
0.00
0.00
743.27
330.35
0.00
0.00
80.80
82.41
0.00
0.00
60,056.48
27,224.10
0.00
0.00
0.00
0.00
Rem
Total
0.00
29,424.07
0.00
0.00
0.00
10,135.92
0.00
0.00
0.00
74.85
0.00
0.00
0.00
758,629.51
0.00
0.00
0.00
0.00
Ult
29,424.07
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
35,405.00
18,599.70
7,209.97
4,435.85
2,067.45
36,335.69
80,804.23
54,142.55
39,916.00
29,875.45
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,077.96
120,310.60
111,846.61
72,456.01
50,865.87
5,112.48
108,651.78
196,539.44
248,301.57
281,371.49
2015
2016
2.00
2.00
0.00
0.00
0.00
0.00
585.16
0.00
23,296.11
5,335.04
0.00
0.00
0.00
0.00
0.00
0.00
36,175.21
21,889.06
302,779.08
314,848.08
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
68,303.13
269,705.05
0.00
0.00
0.00
420,621.33
314,848.08

Years to Payout :
Internal ROR (%) :
RPS
Page 5 of 16
11,453.15
28.49 / 33.50
1.19
372.71
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
420,621.33
361,897.78
314,848.08
276,574.70
245,014.98
420,621.33
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Piriri - Proved Non-Prod

Proved Non-Producing
Rubiales Field
Piriri Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
1,147.93
1,837.05
1,211.83
870.53
638.39
0.00
0.00
0.00
0.00
0.00
468.78
750.22
494.91
355.53
260.74
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
31,881.41
54,331.08
37,187.39
27,336.78
20,655.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
474.50
228.06
0.00
0.00
193.82
93.16
0.00
0.00
80.80
82.41
0.00
0.00
15,660.93
7,677.52
0.00
0.00
0.00
0.00
Rem
Total
0.00
6,408.27
0.00
0.00
0.00
2,617.16
0.00
0.00
0.00
74.41
0.00
0.00
0.00
194,731.03
0.00
0.00
0.00
0.00
Ult
6,408.27
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13,425.00
4,462.50
1,716.66
1,167.33
595.34
13,801.17
20,190.96
11,996.32
9,516.14
7,705.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,655.25
29,677.63
23,474.41
16,653.31
12,355.45
3,818.84
29,364.67
47,802.79
59,694.67
67,724.49
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
55.20
0.00
6,307.07
1,534.92
0.00
0.00
0.00
0.00
0.00
0.00
9,298.66
6,142.61
73,229.93
76,616.79
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
21,422.03
71,051.69
0.00
0.00
0.00
102,257.31
76,616.79
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
95,660.42
38,325.00
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 6 of 16
06/29/2016
0.50000000
0.40850000
3,719.62
4.79 / 5.77
0.24
330.34

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
102,257.31
88,009.66
76,616.79
67,361.91
59,736.96
102,257.31
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Rubiales - Proved Non-Prod

Proved Non-Producing
Rubiales Field
Rubiales Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
2,114.08
6,990.85
5,540.51
3,561.67
2,401.34
0.00
0.00
0.00
0.00
0.00
690.15
2,283.67
1,810.11
1,163.62
784.56
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
46,937.23
165,383.45
136,011.75
89,471.08
62,152.86
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
1,681.56
725.81
0.00
0.00
549.45
237.19
0.00
0.00
80.80
82.41
0.00
0.00
44,395.55
19,546.57
0.00
0.00
0.00
0.00
Rem
Total
0.00
23,015.80
0.00
0.00
0.00
7,518.76
0.00
0.00
0.00
75.00
0.00
0.00
0.00
563,898.48
0.00
0.00
0.00
0.00
Ult
23,015.80
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
21,980.00
14,137.20
5,493.31
3,268.52
1,472.11
22,534.52
60,613.27
42,146.23
30,399.86
22,170.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,422.71
90,632.98
88,372.21
55,802.70
38,510.42
1,293.63
79,287.10
148,736.64
188,606.89
213,647.00
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
529.96
0.00
16,989.04
3,800.12
0.00
0.00
0.00
0.00
0.00
0.00
26,876.55
15,746.45
229,549.16
238,231.30
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
46,881.10
198,653.36
0.00
0.00
0.00
318,364.02
238,231.30
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
176,173.33
121,970.83
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 7 of 16
06/29/2016
0.40000000
0.32680000
7,733.53
6.52 / 7.79
0.36
392.62

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
318,364.02
273,888.12
238,231.30
209,212.79
185,278.01
318,364.02
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :

All Cases
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Proved Rsv Class

Undeveloped Rsv Category
As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
23,745.44
55,566.14
62,094.83
57,675.84
53,036.33
0.00
0.00
0.00
0.00
0.00
8,330.77
19,425.20
21,667.18
19,918.84
18,179.63
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
566,575.77
1,406,773.14
1,628,072.25
1,531,559.85
1,440,190.57
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
47,745.65
19,667.81
0.00
0.00
16,294.79
6,720.69
0.00
0.00
80.80
82.41
0.00
0.00
1,316,618.78
553,852.21
0.00
0.00
0.00
0.00
Rem
Total
0.00
319,532.03
0.00
0.00
0.00
110,537.11
0.00
0.00
0.00
76.39
0.00
0.00
0.00
8,443,642.58
0.00
0.00
0.00
0.00
Ult
319,532.03
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Net
Profits
(M$)
Annual
Cash Flow
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
293,600.00
185,966.40
109,137.96
80,322.83
62,131.61
221,209.15
492,273.23
472,442.42
468,845.76
450,287.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
51,766.62
728,533.50
1,046,491.87
982,391.26
927,771.06
35,791.89
659,685.80
1,480,407.78
2,181,524.07
2,783,937.08
2015
2016
2.00
2.00
0.00
0.00
0.00
0.00
26,376.49
900.93
431,183.25
91,239.60
0.00
0.00
0.00
0.00
0.00
0.00
859,059.04
461,711.68
3,291,952.51
3,546,492.76
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
758,436.22
2,627,481.32
0.00
0.00
0.00
5,057,725.04
3,546,492.76

Years to Payout :
Internal ROR (%) :
RPS
Page 8 of 16
257,969.39
14.75 / 17.83
1.45
318.36
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
5,057,725.04
4,207,464.55
3,546,492.76
3,024,361.28
2,605,870.41
5,057,725.04
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Piriri - Proved Undeveloped

Proved Undeveloped
Rubiales Field
Piriri Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
7,181.74
16,000.14
17,380.61
13,602.09
10,707.28
0.00
0.00
0.00
0.00
0.00
2,926.79
6,521.41
7,084.42
5,543.78
4,366.23
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
199,050.97
472,280.51
532,323.03
426,261.03
345,892.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
8,650.50
3,628.15
0.00
0.00
3,530.03
1,481.56
0.00
0.00
80.80
82.41
0.00
0.00
285,226.68
122,095.76
0.00
0.00
0.00
0.00
Rem
Total
0.00
77,150.50
0.00
0.00
0.00
31,454.22
0.00
0.00
0.00
75.77
0.00
0.00
0.00
2,383,130.38
0.00
0.00
0.00
0.00
Ult
77,150.50
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
102,400.00
70,176.00
30,275.64
14,697.73
8,659.46
78,346.98
166,961.03
156,973.81
133,443.09
111,537.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
18,303.99
235,143.49
345,073.58
278,120.21
225,695.03
12,720.85
213,663.54
484,509.93
683,278.93
830,029.17
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
2,705.00
0.00
97,037.36
20,931.24
0.00
0.00
0.00
0.00
0.00
0.00
185,484.32
101,164.52
939,803.37
995,582.43
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
228,913.83
765,231.42
0.00
0.00
0.00
1,388,985.14
995,582.43
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
598,478.33
609,702.08
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 9 of 16
06/29/2016
0.50000000
0.40850000
77,638.81
5.75 / 7.07
0.72
302.14

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
1,388,985.14
1,168,762.75
995,582.43
857,244.93
745,168.55
1,388,985.14
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Rubiales - Proved Undeveloped

Proved Undeveloped
Rubiales Field
Rubiales Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
16,563.70
39,566.00
44,714.22
44,073.75
42,329.05
0.00
0.00
0.00
0.00
0.00
5,403.98
12,903.79
14,582.77
14,375.07
13,813.41
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
367,524.80
934,492.63
1,095,749.22
1,105,298.82
1,094,298.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
39,095.15
16,039.66
0.00
0.00
12,764.75
5,239.13
0.00
0.00
80.80
82.41
0.00
0.00
1,031,392.10
431,756.45
0.00
0.00
0.00
0.00
Rem
Total
0.00
242,381.53
0.00
0.00
0.00
79,082.90
0.00
0.00
0.00
76.63
0.00
0.00
0.00
6,060,512.20
0.00
0.00
0.00
0.00
Ult
242,381.53
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
191,200.00
115,790.40
78,862.32
65,625.10
53,472.15
142,862.17
325,312.21
315,468.61
335,402.67
338,750.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
33,462.63
493,390.02
701,418.29
704,271.05
702,076.03
23,071.05
446,022.26
995,897.85
1,498,245.14
1,953,907.91
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
23,671.49
900.93
334,145.89
70,308.36
0.00
0.00
0.00
0.00
0.00
0.00
673,574.72
360,547.16
2,352,149.14
2,550,910.33
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
529,522.39
1,862,249.90
0.00
0.00
0.00
3,668,739.90
2,550,910.33
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
1,380,308.3
2,680,620.8
0.003
0.0004
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 10 of 16
06/30/2016
0.40000000
0.32680000
180,330.57
6.51 / 7.93
0.95
326.83

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
3,668,739.90
3,038,701.80
2,550,910.33
2,167,116.34
1,860,701.85
3,668,739.90
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :

All Cases
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Probable Rsv Class

As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
762.12
2,144.01
2,449.27
11,073.37
15,546.45
0.00
0.00
0.00
0.00
0.00
287.84
758.23
901.38
3,728.74
5,157.23
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
19,576.14
54,911.31
67,730.02
286,702.94
408,555.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
12,287.73
4,988.91
0.00
0.00
4,070.30
1,653.72
0.00
0.00
80.80
82.41
0.00
0.00
328,880.09
136,282.72
0.00
0.00
0.00
0.00
Rem
Total
0.00
49,251.85
0.00
0.00
0.00
16,557.44
0.00
0.00
0.00
78.67
0.00
0.00
0.00
1,302,638.84
0.00
0.00
0.00
0.00
Ult
49,251.85
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20,110.00
8,945.40
9,228.35
44,623.80
21,194.02
8,282.79
21,279.70
22,220.59
88,152.66
127,333.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-8,816.66
24,686.20
36,281.08
153,926.48
260,028.18
-9,339.08
11,690.12
39,935.54
148,677.21
317,397.28
2015
2016
2.00
2.00
0.00
0.00
0.00
0.00
3,234.96
450.46
108,264.01
22,556.87
0.00
0.00
0.00
0.00
0.00
0.00
217,381.13
113,275.39
446,047.11
508,483.55
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
107,786.99
398,090.04
0.00
0.00
0.00
796,761.81
508,483.55

Years to Payout :
Internal ROR (%) :
RPS
Page 11 of 16
58,345.28
9.72 / 11.95
3.09
185.19
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
796,761.81
632,449.53
508,483.55
413,525.63
339,775.15
796,761.81
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Piriri - Probable Undeveloped

Rubiales Field
Piriri Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
492.75
742.41
1,311.74
1,503.80
1,185.52
0.00
0.00
0.00
0.00
0.00
201.10
302.96
533.97
609.39
479.31
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
13,676.95
21,940.06
40,122.49
46,856.04
37,970.89
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
923.82
372.55
0.00
0.00
374.11
151.27
0.00
0.00
80.80
82.41
0.00
0.00
30,228.39
12,466.30
0.00
0.00
0.00
0.00
Rem
Total
0.00
6,532.59
0.00
0.00
0.00
2,652.11
0.00
0.00
0.00
76.64
0.00
0.00
0.00
203,261.11
0.00
0.00
0.00
0.00
Ult
6,532.59
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
12,750.00
1,683.00
8,271.18
1,750.99
1,190.68
5,804.84
8,652.85
12,876.26
15,713.22
13,328.51
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-4,877.89
11,604.21
18,975.04
29,391.82
23,451.70
-5,242.04
4,749.16
19,389.61
40,388.64
55,628.05
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
55.20
0.00
11,336.57
2,388.20
0.00
0.00
0.00
0.00
0.00
0.00
18,836.61
10,078.11
66,782.27
72,338.45
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
25,701.05
70,100.45
0.00
0.00
0.00
107,459.61
72,338.45
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
41,062.50
62,262.92
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 12 of 16
06/30/2016
0.50000000
0.40850000
13,663.56
4.11 / 5.18
1.53
131.44

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
107,459.61
87,679.55
72,338.45
60,254.93
50,603.13
107,459.61
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Rubiales - Probable Undeveloped

Rubiales Field
Rubiales Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
269.37
1,401.60
1,137.53
9,569.57
14,360.93
0.00
0.00
0.00
0.00
0.00
86.74
455.28
367.41
3,119.35
4,677.92
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
5,899.18
32,971.24
27,607.54
239,846.91
370,584.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
11,363.91
4,616.36
0.00
0.00
3,696.18
1,502.44
0.00
0.00
80.80
82.41
0.00
0.00
298,651.71
123,816.42
0.00
0.00
0.00
0.00
Rem
Total
0.00
42,719.26
0.00
0.00
0.00
13,905.33
0.00
0.00
0.00
79.06
0.00
0.00
0.00
1,099,377.72
0.00
0.00
0.00
0.00
Ult
42,719.26
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,360.00
7,262.40
957.17
42,872.80
20,003.35
2,477.95
12,626.85
9,344.33
72,439.44
114,004.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-3,938.77
13,081.99
17,306.04
124,534.66
236,576.47
-4,097.03
6,940.95
20,545.93
108,288.57
261,769.23
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
3,179.75
450.46
96,927.44
20,168.67
0.00
0.00
0.00
0.00
0.00
0.00
198,544.52
103,197.29
379,264.83
436,145.11
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
82,085.94
327,989.59
0.00
0.00
0.00
689,302.20
436,145.11
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
22,447.50
767,290.83
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 13 of 16
07/01/2016
0.40000000
0.32680000
44,681.72
7.97 / 9.45
3.10
228.59

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
689,302.20
544,769.98
436,145.11
353,270.70
289,172.02
689,302.20
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :

All Cases
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Possible Rsv Class

As Of Date : 01/01/2010
Discount Rate (%) :
10.00
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
682.92
1,737.40
3,318.89
4,311.75
9,746.23
0.00
0.00
0.00
0.00
0.00
231.20
586.75
1,206.10
1,648.98
3,382.76
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
15,723.80
42,492.30
90,626.64
126,790.09
267,982.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
14,736.15
6,122.06
0.00
0.00
4,974.05
2,067.65
0.00
0.00
80.80
82.41
0.00
0.00
401,903.26
170,395.16
0.00
0.00
0.00
0.00
Rem
Total
0.00
40,655.38
0.00
0.00
0.00
14,097.49
0.00
0.00
0.00
79.16
0.00
0.00
0.00
1,115,913.41
0.00
0.00
0.00
0.00
Ult
40,655.38
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2.00
2.00
2.00
2.00
2.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15,361.68
12,882.60
21,900.42
4,372.18
31,855.98
6,708.07
16,583.09
28,918.42
42,127.26
84,060.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-6,345.95
13,026.61
39,807.81
80,290.65
152,065.86
-6,754.95
3,998.66
34,538.70
91,916.79
189,970.45
2015
2016
2.00
2.00
0.00
0.00
0.00
0.00
22,434.92
450.46
129,953.47
27,677.47
0.00
0.00
0.00
0.00
0.00
0.00
249,514.87
142,267.23
337,100.03
415,518.88
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
109,258.25
336,028.09
0.00
0.00
0.00
670,627.07
415,518.88

Years to Payout :
Internal ROR (%) :
RPS
Page 14 of 16
63,617.75
7.53 / 9.05
3.15
166.97
PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
670,627.07
524,341.90
415,518.88
333,277.87
270,224.39
670,627.07
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Piriri - Possible Undeveloped

Rubiales Field
Piriri Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
98.19
232.14
1,491.08
2,953.95
2,457.18
0.00
0.00
0.00
0.00
0.00
40.11
94.83
609.11
1,206.45
1,003.47
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
2,727.78
6,867.53
45,768.36
92,764.04
79,495.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,039.62
869.96
0.00
0.00
833.00
355.32
0.00
0.00
80.80
82.41
0.00
0.00
67,306.28
29,281.72
0.00
0.00
0.00
0.00
Rem
Total
0.00
10,142.11
0.00
0.00
0.00
4,142.29
0.00
0.00
0.00
78.27
0.00
0.00
0.00
324,210.90
0.00
0.00
0.00
0.00
Ult
10,142.11
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,401.68
561.00
20,027.70
2,971.38
1,894.26
1,224.04
2,881.07
14,035.46
29,728.11
26,191.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-2,897.94
3,425.46
11,705.20
60,064.54
51,409.53
-2,959.44
-12.84
8,446.82
51,381.20
84,810.88
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
662.45
0.00
23,157.77
5,008.41
0.00
0.00
0.00
0.00
0.00
0.00
43,486.06
24,273.31
110,546.17
123,928.29
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
30,518.47
102,226.28
0.00
0.00
0.00
191,466.15
123,928.29
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
8,182.08
145,391.67
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 15 of 16
06/30/2016
0.50000000
0.40850000
19,202.99
6.12 / 7.52
2.57
172.12

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
191,466.15
153,118.68
123,928.29
101,374.86
83,712.68
191,466.15
Appendix 2
Date :
02/03/2010 10:53:50AM
Project Name :
Partner :
Case Type :
Archive Set :
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Year
Case :
Reserve Cat. :
Field :
Operator :
Reservoir :
Co., State :
As Of Date : 01/01/2010
Custom Selection

All Cases
LEASE CASE
default
Rubiales - Possible Undeveloped

Rubiales Field
Rubiales Concession
,
0.00
0.00
Gross
Oil
(Mbbl)
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
584.73
1,505.26
1,827.80
1,357.80
7,289.05
0.00
0.00
0.00
0.00
0.00
191.09
491.92
597.00
442.53
2,379.29
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
12,996.01
35,624.77
44,858.28
34,026.06
188,486.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
12,696.53
5,252.10
0.00
0.00
4,141.05
1,712.33
0.00
0.00
80.80
82.41
0.00
0.00
334,596.98
141,113.44
0.00
0.00
0.00
0.00
Rem
Total
0.00
30,513.27
0.00
0.00
0.00
9,955.20
0.00
0.00
0.00
79.53
0.00
0.00
0.00
791,702.51
0.00
0.00
0.00
0.00
Ult
30,513.27
0.00
Year
Well
Count
Net Tax
Production
(M$)
Net Tax
AdValorem
(M$)
Net
Investment
(M$)
Net
Lease Costs
(M$)
Net
Well Costs
(M$)
Other
Costs
(M$)
Annual
Cash Flow
(M$)
Net
Profits
(M$)
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10,960.00
12,321.60
1,872.72
1,400.79
29,961.72
5,484.03
13,702.02
14,882.95
12,399.15
57,868.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-3,448.01
9,601.15
28,102.61
20,226.11
100,656.33
-3,795.51
4,011.50
26,091.88
40,535.60
105,159.57
2015
2016
1.00
1.00
0.00
0.00
0.00
0.00
21,772.47
450.46
106,795.69
22,669.06
0.00
0.00
0.00
0.00
0.00
0.00
206,028.82
117,993.92
226,553.86
291,590.58
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
0.00
78,739.78
233,801.81
0.00
0.00
0.00
479,160.93
291,590.58
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0-0
48,727.50
872,958.33
0.00
0.000
0.000
bbl/month
bbl/month
% year
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 16 of 16
07/01/2016
0.40000000
0.32680000
44,414.76
5.97 / 7.13
3.06
164.28

PW
PW
PW
PW
PW
PW
0.00% :
5.00% :
10.00% :
15.00% :
20.00% :
0.00% :
479,160.93
371,223.21
291,590.58
231,903.01
186,511.71
479,160.93
Appendix 2
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
GRAND TOTAL CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
AFIT ECONOMIC SUMMARY PROJECTION
Grand Total
As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
62,205.49
91,076.63
90,630.02
89,270.61
90,179.09
0.00
0.00
0.00
0.00
0.00
22,159.27
32,041.82
31,872.31
31,070.45
30,948.77
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
1,507,051.94
2,320,468.69
2,394,885.33
2,389,007.22
2,451,761.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
83,686.11
34,821.17
0.00
0.00
28,530.38
11,889.27
0.00
0.00
80.80
82.41
0.00
0.00
2,305,254.68
979,794.79
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
541,869.11
541,869.11
0.00
0.00
188,512.27
0.00
76.11
0.00
14,348,223.84
0.00
0.00
Ult
Year
Well
Count
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
2010
2011
2012
2013
2014
10
10
10
10
10
0.00
0.00
0.00
0.00
0.00
600,117.69
828,390.22
713,441.67
748,190.86
779,019.75
0.00
0.00
0.00
0.00
0.00
265,338.68
115,077.42
76,584.88
133,754.66
117,249.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
10
10
0.00
0.00
764,828.82
163,225.91
0.00
0.00
52,631.53
1,801.86
0.00
0.00
0.00
0.00
Annual
Cash Flow
(M$)
Cum Disc.
Cash Flow
(M$)
211,726.54
454,410.35
529,603.40
497,330.36
513,312.49
429,869.03
922,590.70
1,075,255.38
1,009,731.34
1,042,179.90
407,111.50
1,220,580.14
2,084,708.33
2,820,134.33
3,510,890.03
490,972.13
268,873.12
996,822.20
545,893.91
4,113,266.49
4,417,641.06
Federal
Income Tax
(M$)
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
4,597,214.92
0.00
762,438.09
0.00
0.00
2,966,228.37
6,022,342.46
4,417,641.06

Years to Payout :
Internal ROR (%) :
RPS
Page 1 of 16
292,247.565
16.12 / 33.00
0.84
>1000
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
6,022,342.46
5,122,662.83
4,417,641.06
3,856,342.56
3,402,997.88
6,022,342.46
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Proved Rsv Class

Producing Rsv Category
As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
33,753.01
22,801.19
16,014.70
11,777.46
8,810.37
0.00
0.00
0.00
0.00
0.00
12,150.53
8,237.74
5,792.62
4,254.73
3,183.84
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
826,357.58
596,577.41
435,257.28
327,146.48
252,224.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
6,760.53
3,088.53
0.00
0.00
2,447.97
1,116.86
0.00
0.00
80.80
82.41
0.00
0.00
197,796.07
92,040.60
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
103,005.77
103,005.77
0.00
0.00
37,184.30
0.00
73.35
0.00
2,727,399.50
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2
2
2
2
2
0.00
0.00
0.00
0.00
0.00
327,581.98
217,449.96
135,717.70
109,149.18
87,462.65
0.00
0.00
0.00
0.00
0.00
-10,363.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
168,015.74
125,112.06
98,848.06
71,939.11
54,371.27
341,122.86
254,015.39
200,691.52
146,058.19
110,390.15
333,276.21
558,579.15
720,412.52
827,464.11
901,022.50
2015
2016
2
2
0.00
0.00
72,131.99
16,416.94
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
41,469.14
24,955.81
84,194.93
50,667.85
952,028.58
980,284.33
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
965,910.41
0.00
-10,363.00
0.00
0.00
584,711.19
1,187,140.90
980,284.33

Years to Payout :
Internal ROR (%) :
RPS
Page 2 of 16
-10,363.000
-93.59 / -113.56
0.00
>1000
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
1,187,140.90
1,072,767.25
980,284.33
904,334.08
841,088.49
1,187,140.90
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
AFIT ECONOMIC PROJECTION

As Of Date : 1/1/2010
Custom Selection
Case :Piriri - Proved Prod

Reserve Cat. :Proved Producing
Field :Rubiales Field
Operator :
Reservoir :Piriri Concession
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
14,008.70
9,800.25
6,938.26
5,024.23
3,760.96
0.00
0.00
0.00
0.00
0.00
5,712.47
3,997.35
2,830.88
2,050.54
1,535.45
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
388,505.12
289,487.95
212,712.21
157,666.25
121,637.98
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,934.24
1,318.95
0.00
0.00
1,198.13
538.65
0.00
0.00
80.80
82.41
0.00
0.00
96,808.91
44,389.85
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
43,785.58
43,785.58
0.00
0.00
17,863.46
0.00
73.40
0.00
1,311,208.28
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
155,320.53
106,438.27
67,121.87
53,044.55
42,319.59
0.00
0.00
0.00
0.00
0.00
-3,770.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
78,195.01
60,406.39
48,044.81
34,525.16
26,175.07
158,759.57
122,643.29
97,545.53
70,096.54
53,143.32
155,058.91
263,839.23
342,497.91
393,874.30
429,286.30
2015
2016
1
1
0.00
0.00
35,490.16
7,970.83
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20,235.19
12,018.28
41,083.56
24,400.74
454,175.10
467,781.89
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
467,705.81
0.00
-3,770.00
0.00
0.00
279,599.91
567,672.55
467,781.89
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0 -0
bbl/month
1,167,391.668
221,646.250 bbl/month
0.00 % year
0.000 mcf/bbl
0.000 mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 3 of 16
6/29/2016
0.50000000
0.40850000
-3,770.000
-123.08 / -149.58
0.00
>1000

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
567,672.55
512,436.97
467,781.89
431,116.87
400,591.30
567,672.55
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Rubiales - Proved Prod

Reserve Cat. :Proved Producing
Operator :
Reservoir :Rubiales Concession
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
19,744.31
13,000.94
9,076.43
6,753.23
5,049.41
0.00
0.00
0.00
0.00
0.00
6,438.06
4,240.40
2,961.74
2,204.19
1,648.40
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
437,852.46
307,089.46
222,545.07
169,480.23
130,586.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
3,826.30
1,769.58
0.00
0.00
1,249.84
578.22
0.00
0.00
80.80
82.41
0.00
0.00
100,987.16
47,650.75
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
59,220.19
59,220.19
0.00
0.00
19,320.84
0.00
73.30
0.00
1,416,191.22
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
172,261.45
111,011.69
68,595.83
56,104.64
45,143.06
0.00
0.00
0.00
0.00
0.00
-6,593.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
89,820.72
64,705.66
50,803.25
37,413.95
28,196.20
182,363.29
131,372.10
103,145.99
75,961.65
57,246.83
178,217.30
294,739.92
377,914.61
433,589.81
471,736.20
2015
2016
1
1
0.00
0.00
36,641.83
8,446.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
21,233.96
12,937.53
43,111.37
26,267.11
497,853.48
512,502.43
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
498,204.60
0.00
-6,593.00
0.00
0.00
305,111.27
619,468.35
512,502.43
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0 -0
bbl/month
1,645,359.168
299,026.250 bbl/month
0.00 % year
0.000 mcf/bbl
0.000 mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 4 of 16
6/28/2016
0.40000000
0.32680000
-6,593.000
-76.73 / -92.96
0.00
>1000

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
619,468.35
560,330.28
512,502.43
473,217.21
440,497.19
619,468.35
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Proved Rsv Class

Non-Producing Rsv Category
As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
3,262.01
8,827.89
6,752.33
4,432.20
3,039.72
0.00
0.00
0.00
0.00
0.00
1,158.93
3,033.89
2,305.02
1,519.16
1,045.30
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
78,818.65
219,714.53
173,199.14
116,807.86
82,808.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,156.06
953.87
0.00
0.00
743.27
330.35
0.00
0.00
80.80
82.41
0.00
0.00
60,056.48
27,224.10
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
29,424.07
29,424.07
0.00
0.00
10,135.92
0.00
74.85
0.00
758,629.51
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2
2
2
2
2
0.00
0.00
0.00
0.00
0.00
36,335.69
80,804.23
54,142.55
39,916.00
29,875.45
0.00
0.00
0.00
0.00
0.00
33,946.00
8,836.26
1,786.37
4,435.85
2,067.45
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,817.20
42,924.43
38,699.17
23,910.48
16,785.74
5,719.76
87,149.61
78,571.05
48,545.53
34,080.13
4,009.55
80,936.66
144,226.27
179,652.96
202,296.86
2015
2016
2
2
0.00
0.00
23,296.11
5,335.04
0.00
0.00
585.16
0.00
0.00
0.00
0.00
0.00
11,937.82
7,223.39
24,237.39
14,665.67
216,963.22
225,141.39
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
269,705.05
0.00
51,657.08
0.00
0.00
144,298.23
292,969.14
225,141.39

Years to Payout :
Internal ROR (%) :
RPS
Page 5 of 16
9,994.151
23.53 / -78.08
1.09
386.59
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
292,969.14
255,516.56
225,141.39
200,141.86
179,295.29
292,969.14
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Piriri - Proved Non-Prod

Reserve Cat. :Proved Non-Producing
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
1,147.93
1,837.05
1,211.83
870.53
638.39
0.00
0.00
0.00
0.00
0.00
468.78
750.22
494.91
355.53
260.74
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
31,881.41
54,331.08
37,187.39
27,336.78
20,655.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
474.50
228.06
0.00
0.00
193.82
93.16
0.00
0.00
80.80
82.41
0.00
0.00
15,660.93
7,677.52
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
6,408.27
6,408.27
0.00
0.00
2,617.16
0.00
74.41
0.00
194,731.03
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
13,801.17
20,190.96
11,996.32
9,516.14
7,705.12
0.00
0.00
0.00
0.00
0.00
13,183.00
812.94
323.56
1,167.33
595.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,616.09
10,997.97
8,206.28
5,495.59
4,077.30
3,281.16
22,329.21
16,661.23
11,157.72
8,278.15
2,591.19
22,362.23
35,785.11
43,922.45
49,419.76
2015
2016
1
1
0.00
0.00
6,307.07
1,534.92
0.00
0.00
55.20
0.00
0.00
0.00
0.00
0.00
3,068.56
2,027.06
6,230.10
4,115.55
53,192.40
55,487.39
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
71,051.69
0.00
16,137.37
0.00
0.00
35,488.85
72,053.12
55,487.39
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
95,660.417
38,325.000
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 6 of 16
6/29/2016
0.50000000
0.40850000
3,477.619
16.96 / -70.82
0.00
333.51

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
72,053.12
62,900.64
55,487.39
49,390.23
44,306.46
72,053.12
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Rubiales - Proved Non-Prod

Reserve Cat. :Proved Non-Producing
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
2,114.08
6,990.85
5,540.51
3,561.67
2,401.34
0.00
0.00
0.00
0.00
0.00
690.15
2,283.67
1,810.11
1,163.62
784.56
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
46,937.23
165,383.45
136,011.75
89,471.08
62,152.86
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
1,681.56
725.81
0.00
0.00
549.45
237.19
0.00
0.00
80.80
82.41
0.00
0.00
44,395.55
19,546.57
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
23,015.80
23,015.80
0.00
0.00
7,518.76
0.00
75.00
0.00
563,898.48
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
22,534.52
60,613.27
42,146.23
30,399.86
22,170.33
0.00
0.00
0.00
0.00
0.00
20,763.00
8,023.32
1,462.80
3,268.52
1,472.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,201.11
31,926.46
30,492.90
18,414.89
12,708.44
2,438.61
64,820.39
61,909.82
37,387.81
25,801.98
1,418.36
58,574.43
108,441.16
135,730.51
152,877.10
2015
2016
1
1
0.00
0.00
16,989.04
3,800.12
0.00
0.00
529.96
0.00
0.00
0.00
0.00
0.00
8,869.26
5,196.33
18,007.29
10,550.12
163,770.83
169,654.00
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
198,653.36
0.00
35,519.71
0.00
0.00
108,809.38
220,916.02
169,654.00
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
176,173.334
121,970.833
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 7 of 16
6/29/2016
0.40000000
0.32680000
6,516.531
27.03 / -80.77
0.00
413.30

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
220,916.02
192,615.93
169,654.00
150,751.63
134,988.83
220,916.02
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Proved Rsv Class

As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
23,745.44
55,566.14
62,094.83
57,675.84
53,036.33
0.00
0.00
0.00
0.00
0.00
8,330.77
19,425.20
21,667.18
19,918.84
18,179.63
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
566,575.77
1,406,773.14
1,628,072.25
1,531,559.85
1,440,190.57
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
47,745.65
19,667.81
0.00
0.00
16,294.79
6,720.69
0.00
0.00
80.80
82.41
0.00
0.00
1,316,618.78
553,852.21
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
319,532.03
319,532.03
0.00
0.00
110,537.11
0.00
76.39
0.00
8,443,642.58
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2
2
2
2
2
0.00
0.00
0.00
0.00
0.00
221,209.15
492,273.23
472,442.42
468,845.76
450,287.91
0.00
0.00
0.00
0.00
0.00
229,514.00
95,421.00
50,769.44
80,322.83
62,131.61
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
38,231.36
270,296.04
364,603.93
324,189.12
306,164.45
77,621.26
548,782.87
740,256.46
658,202.14
621,606.61
65,110.77
547,851.44
1,142,832.21
1,622,465.18
2,034,712.15
2015
2016
2
2
0.00
0.00
431,183.25
91,239.60
0.00
0.00
26,376.49
900.93
0.00
0.00
0.00
0.00
283,489.48
152,364.86
575,569.56
309,346.83
2,382,642.50
2,555,129.09
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
2,627,481.32
0.00
545,436.30
0.00
0.00
1,739,339.24
3,531,385.72
2,555,129.09

Years to Payout :
Internal ROR (%) :
RPS
Page 8 of 16
193,883.387
14.18 / 41.36
1.26
451.72
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
3,531,385.72
2,984,857.00
2,555,129.09
2,211,941.89
1,933,978.78
3,531,385.72
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Piriri - Proved Undeveloped

Reserve Cat. :Proved Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
7,181.74
16,000.14
17,380.61
13,602.09
10,707.28
0.00
0.00
0.00
0.00
0.00
2,926.79
6,521.41
7,084.42
5,543.78
4,366.23
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
199,050.97
472,280.51
532,323.03
426,261.03
345,892.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
8,650.50
3,628.15
0.00
0.00
3,530.03
1,481.56
0.00
0.00
80.80
82.41
0.00
0.00
285,226.68
122,095.76
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
77,150.50
77,150.50
0.00
0.00
31,454.22
0.00
75.77
0.00
2,383,130.38
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
78,346.98
166,961.03
156,973.81
133,443.09
111,537.91
0.00
0.00
0.00
0.00
0.00
78,689.00
38,994.60
9,168.00
14,697.73
8,659.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13,864.95
87,887.21
120,839.80
91,779.67
74,479.36
28,150.04
178,437.67
245,341.42
186,340.54
151,215.67
23,823.24
180,452.01
377,938.50
514,004.39
614,493.73
2015
2016
1
1
0.00
0.00
97,037.36
20,931.24
0.00
0.00
2,705.00
0.00
0.00
0.00
0.00
0.00
61,209.83
33,384.29
124,274.49
67,780.23
689,703.05
727,499.87
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
765,231.42
0.00
152,913.79
0.00
0.00
483,445.11
981,540.07
727,499.87
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
598,478.334
609,702.084
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 9 of 16
6/29/2016
0.50000000
0.40850000
53,927.813
14.49 / 92.98
0.09
442.83

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
981,540.07
840,092.00
727,499.87
636,508.24
561,962.65
981,540.07
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Rubiales - Proved Undeveloped

Reserve Cat. :Proved Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
16,563.70
39,566.00
44,714.22
44,073.75
42,329.05
0.00
0.00
0.00
0.00
0.00
5,403.98
12,903.79
14,582.77
14,375.07
13,813.41
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
367,524.80
934,492.63
1,095,749.22
1,105,298.82
1,094,298.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
39,095.15
16,039.66
0.00
0.00
12,764.75
5,239.13
0.00
0.00
80.80
82.41
0.00
0.00
1,031,392.10
431,756.45
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
242,381.53
242,381.53
0.00
0.00
79,082.90
0.00
76.63
0.00
6,060,512.20
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
142,862.17
325,312.21
315,468.61
335,402.67
338,750.00
0.00
0.00
0.00
0.00
0.00
150,825.00
56,426.40
41,601.43
65,625.10
53,472.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
24,366.42
182,408.83
243,764.13
232,409.45
231,685.09
49,471.21
370,345.19
494,915.05
471,861.60
470,390.94
41,287.53
367,399.42
764,893.71
1,108,460.79
1,420,218.42
2015
2016
1
1
0.00
0.00
334,145.89
70,308.36
0.00
0.00
23,671.49
900.93
0.00
0.00
0.00
0.00
222,279.66
118,980.56
451,295.06
241,566.60
1,692,939.45
1,827,629.22
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
1,862,249.90
0.00
392,522.51
0.00
0.00
1,255,894.13
2,549,845.66
1,827,629.22
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0 -0
bbl/month
1,380,308.335 bbl/month
2,680,620.836
0.00 % year
0.000 mcf/bbl
0.000 mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 10 of 16
6/30/2016
0.40000000
0.32680000
139,955.574
14.06 / 34.19
0.34
456.23

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
2,549,845.66
2,144,765.00
1,827,629.22
1,575,433.65
1,372,016.14
2,549,845.66
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Probable Rsv Class

As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
762.12
2,144.01
2,449.27
11,073.37
15,546.45
0.00
0.00
0.00
0.00
0.00
287.84
758.23
901.38
3,728.74
5,157.23
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
19,576.14
54,911.31
67,730.02
286,702.94
408,555.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
12,287.73
4,988.91
0.00
0.00
4,070.30
1,653.72
0.00
0.00
80.80
82.41
0.00
0.00
328,880.09
136,282.72
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
49,251.85
49,251.85
0.00
0.00
16,557.44
0.00
78.67
0.00
1,302,638.84
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2
2
2
2
2
0.00
0.00
0.00
0.00
0.00
8,282.79
21,279.70
22,220.59
88,152.66
127,333.42
0.00
0.00
0.00
0.00
0.00
-3,120.00
2,638.74
6,276.73
44,623.80
21,194.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,756.40
10,227.64
12,946.79
50,795.74
85,809.30
9,656.94
20,765.22
26,285.91
103,130.74
174,218.88
9,565.51
27,872.50
48,828.57
122,867.01
238,288.88
2015
2016
2
2
0.00
0.00
108,264.01
22,556.87
0.00
0.00
3,234.96
450.46
0.00
0.00
0.00
0.00
71,735.77
37,380.88
145,645.36
75,894.51
326,429.88
368,741.38
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
398,090.04
0.00
75,298.71
0.00
0.00
273,652.53
555,597.55
368,741.38

Years to Payout :
Internal ROR (%) :
RPS
Page 11 of 16
35,115.277
11.50 / 14.79
2.99
>1000
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
555,597.55
449,561.27
368,741.38
306,236.60
257,250.34
555,597.55
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Piriri - Probable Undeveloped

Reserve Cat. :Probable Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
492.75
742.41
1,311.74
1,503.80
1,185.52
0.00
0.00
0.00
0.00
0.00
201.10
302.96
533.97
609.39
479.31
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
13,676.95
21,940.06
40,122.49
46,856.04
37,970.89
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
923.82
372.55
0.00
0.00
374.11
151.27
0.00
0.00
80.80
82.41
0.00
0.00
30,228.39
12,466.30
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
6,532.59
6,532.59
0.00
0.00
2,652.11
0.00
76.64
0.00
203,261.11
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
5,804.84
8,652.85
12,876.26
15,713.22
13,328.51
0.00
0.00
0.00
0.00
0.00
9,386.00
-2,371.50
7,586.60
1,750.99
1,190.68
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-499.58
5,167.38
6,487.68
9,699.30
7,739.06
-1,014.30
10,491.34
13,171.95
19,692.52
15,712.64
-1,423.73
7,981.40
18,312.45
32,685.00
43,117.49
2015
2016
1
1
0.00
0.00
11,336.57
2,388.20
0.00
0.00
55.20
0.00
0.00
0.00
0.00
0.00
6,216.08
3,325.77
12,620.53
6,752.33
50,761.52
54,526.75
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
70,100.45
0.00
17,597.97
0.00
0.00
38,135.69
77,427.00
54,526.75
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
41,062.500
62,262.917
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 12 of 16
6/30/2016
0.50000000
0.40850000
10,299.556
6.29 / 12.33
0.87
197.98

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
77,427.00
64,601.63
54,526.75
46,492.74
39,998.32
77,427.00
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Rubiales - Probable Undeveloped

Reserve Cat. :Probable Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
269.37
1,401.60
1,137.53
9,569.57
14,360.93
0.00
0.00
0.00
0.00
0.00
86.74
455.28
367.41
3,119.35
4,677.92
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
5,899.18
32,971.24
27,607.54
239,846.91
370,584.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
11,363.91
4,616.36
0.00
0.00
3,696.18
1,502.44
0.00
0.00
80.80
82.41
0.00
0.00
298,651.71
123,816.42
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
42,719.26
42,719.26
0.00
0.00
13,905.33
0.00
79.06
0.00
1,099,377.72
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
2,477.95
12,626.85
9,344.33
72,439.44
114,004.91
0.00
0.00
0.00
0.00
0.00
-12,506.00
5,010.24
-1,309.86
42,872.80
20,003.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,255.98
5,060.27
6,459.11
41,096.44
78,070.24
10,671.24
10,273.88
13,113.96
83,438.23
158,506.24
10,989.24
19,891.10
30,516.12
90,182.01
195,171.39
2015
2016
1
1
0.00
0.00
96,927.44
20,168.67
0.00
0.00
3,179.75
450.46
0.00
0.00
0.00
0.00
65,519.69
34,055.10
133,024.83
69,142.18
275,668.36
314,214.63
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
327,989.59
0.00
57,700.74
0.00
0.00
235,516.84
478,170.55
314,214.63
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
22,447.500
767,290.834
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 13 of 16
7/1/2016
0.40000000
0.32680000
24,815.721
13.66 / 15.29
3.05
>1000

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
478,170.55
384,959.64
314,214.63
259,743.86
217,252.02
478,170.55
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :
Possible Rsv Class

As Of Date : 1/1/2010
Custom Selection
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
682.92
1,737.40
3,318.89
4,311.75
9,746.23
0.00
0.00
0.00
0.00
0.00
231.20
586.75
1,206.10
1,648.98
3,382.76
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
15,723.80
42,492.30
90,626.64
126,790.09
267,982.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
14,736.15
6,122.06
0.00
0.00
4,974.05
2,067.65
0.00
0.00
80.80
82.41
0.00
0.00
401,903.26
170,395.16
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
40,655.38
40,655.38
0.00
0.00
14,097.49
0.00
79.16
0.00
1,115,913.41
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
2
2
2
2
2
0.00
0.00
0.00
0.00
0.00
6,708.07
16,583.09
28,918.42
42,127.26
84,060.31
0.00
0.00
0.00
0.00
0.00
15,361.68
8,181.42
17,752.35
4,372.18
31,855.98
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-2,094.17
5,850.17
14,505.44
26,495.92
50,181.73
-4,251.79
11,877.62
29,450.44
53,794.74
101,884.12
-4,850.54
5,340.40
28,408.76
67,685.07
134,569.65
2015
2016
2
2
0.00
0.00
129,953.47
27,677.47
0.00
0.00
22,434.92
450.46
0.00
0.00
0.00
0.00
82,339.91
46,948.19
167,174.96
95,319.04
235,202.31
288,344.87
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
336,028.09
0.00
100,408.99
0.00
0.00
224,227.19
455,249.14
288,344.87

Years to Payout :
Internal ROR (%) :
RPS
Page 14 of 16
63,617.749
5.53 / 7.11
3.26
169.87
PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
455,249.14
359,960.75
288,344.87
233,688.13
191,384.97
455,249.14
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Piriri - Possible Undeveloped

Reserve Cat. :Possible Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
98.19
232.14
1,491.08
2,953.95
2,457.18
0.00
0.00
0.00
0.00
0.00
40.11
94.83
609.11
1,206.45
1,003.47
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
2,727.78
6,867.53
45,768.36
92,764.04
79,495.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
2,039.62
869.96
0.00
0.00
833.00
355.32
0.00
0.00
80.80
82.41
0.00
0.00
67,306.28
29,281.72
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
10,142.11
10,142.11
0.00
0.00
4,142.29
0.00
78.27
0.00
324,210.90
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
1,224.04
2,881.07
14,035.46
29,728.11
26,191.40
0.00
0.00
0.00
0.00
0.00
4,401.68
-786.42
19,852.91
2,971.38
1,894.26
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-956.32
1,575.05
3,920.40
19,821.30
16,965.14
-1,941.62
3,197.83
7,959.59
40,243.24
34,444.38
-2,089.77
779.63
6,437.74
35,830.37
58,722.59
2015
2016
1
1
0.00
0.00
23,157.77
5,008.41
0.00
0.00
662.45
0.00
0.00
0.00
0.00
0.00
14,350.40
8,010.19
29,135.66
16,263.12
76,354.29
85,422.89
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
102,226.28
0.00
28,996.26
0.00
0.00
63,686.16
129,302.20
85,422.89
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
8,182.083
145,391.667
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 15 of 16
6/30/2016
0.50000000
0.40850000
19,202.987
5.45 / 7.13
2.54
170.53

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
129,302.20
104,506.01
85,422.89
70,525.21
58,743.51
129,302.20
Appendix 3
Date : 2/3/2010
11:46:38AM
Project Name :
Partner :
Case Type :
Archive Set :

All Cases
LEASE CASE
default
Cum Oil (Mbbl) :

Cum Gas (MMcf) :

As Of Date : 1/1/2010
Custom Selection
Case :Rubiales - Possible Undeveloped

Reserve Cat. :Possible Undeveloped
Operator :
Co., State :
0.00
0.00
Gross
Oil
(Mbbl)
Year
Gross
Gas
(MMcf)
Net
Oil
(Mbbl)
Net
Gas
(MMcf)
Oil
Price
($/bbl)
Gas
Price
($/Mcf)
Oil
Revenue
(M$)
Gas
Revenue
(M$)
Misc.
Revenue
(M$)
2010
2011
2012
2013
2014
584.73
1,505.26
1,827.80
1,357.80
7,289.05
0.00
0.00
0.00
0.00
0.00
191.09
491.92
597.00
442.53
2,379.29
0.00
0.00
0.00
0.00
0.00
68.01
72.42
75.14
76.89
79.22
0.00
0.00
0.00
0.00
0.00
12,996.01
35,624.77
44,858.28
34,026.06
188,486.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2015
2016
12,696.53
5,252.10
0.00
0.00
4,141.05
1,712.33
0.00
0.00
80.80
82.41
0.00
0.00
334,596.98
141,113.44
0.00
0.00
0.00
0.00
Rem
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
30,513.27
30,513.27
0.00
0.00
9,955.20
0.00
79.53
0.00
791,702.51
0.00
0.00
Ult
Net Tax
Prod+Adv
(M$)
Net
Op Costs
(M$)
Net
Profits
(M$)
Net
Investment
(M$)
Net
Depreciation
(M$)
Net
Depletion
(M$)
Federal
Income Tax
(M$)
Annual
Cash Flow
(M$)
Year
Well
Count
Cum Disc.
Cash Flow
(M$)
2010
2011
2012
2013
2014
1
1
1
1
1
0.00
0.00
0.00
0.00
0.00
5,484.03
13,702.02
14,882.95
12,399.15
57,868.91
0.00
0.00
0.00
0.00
0.00
10,960.00
8,967.84
-2,100.57
1,400.79
29,961.72
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-1,137.84
4,275.12
10,585.05
6,674.62
33,216.59
-2,310.17
8,679.79
21,490.85
13,551.49
67,439.74
-2,760.77
4,560.77
21,971.03
31,854.70
75,847.06
2015
2016
1
1
0.00
0.00
106,795.69
22,669.06
0.00
0.00
21,772.47
450.46
0.00
0.00
0.00
0.00
67,989.51
38,937.99
138,039.31
79,055.93
158,848.02
202,921.98
Rem.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
0.00
233,801.81
0.00
71,412.73
0.00
0.00
160,541.03
325,946.94
202,921.98
Major Phase :
Perfs :
Initial Rate :
Abandonment :
Initial Decline :
Beg Ratio :
End Ratio :
RPS
Oil
0
48,727.500
872,958.334
0.00
0.000
0.000
-0
bbl/month
bbl/month
% year
mcf/bbl
mcf/bbl
b = 0.000
Abandonment Date :
Working Int :
Revenue Int :
Years to Payout :
Internal ROR (%) :
Page 16 of 16
7/1/2016
0.40000000
0.32680000
44,414.762
5.57 / 7.11
2.91
169.52

PW 0.00% :
PW 5.00% :
PW 10.00% :
PW 15.00% :
PW 20.00% :
PW 0.00% :
325,946.94
255,454.74
202,921.98
163,162.92
132,641.46
325,946.94
Appendix 3

Reserves Certification Report For The Rubiales Field, Colombia

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Reserves Certification Report For The Rubiales Field, Colombia

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Reserves Certification Report

Re: Meta Petroleum Rubiales Field Reserve Evaluation

Brian Weatherill, P.Eng.