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VALUE GENERATION THROUGH GROWTH
2
2007
24,784
2008
61,355
2009
122,000
220,000**
2010
Daily gross operated oil production: barrels of oil equivalent per day (boe/d)End of the year
11x growth in exit production within five years
The Company produced over 25% of oil in Colombia in 2010 *
265,000 E
2011 E
•Based on 864,000 boepd in Colombia•** Production capacity
Background
EXPLORATION CAMPAIGN 2005 -2010
• 985 km2 3D Seismic
• 2,217 km 2D Seismic
• 15,423 km Aeromagnetogravimetric Data
• 1,900 km Stress Data(SFD)
• 2,000 km2 Hyperspectral Images
• 68 Wells:
• 26 exploratory
• 30 appraisal
• 12 stratigraphic• Total Investment: US$307 Million (Net)
• 56 successful wells out of 68 drilled
• 80% success rate
Discovery Cost: 1.37 $/bbl 3
PROPERTIES IN COLOMBIA
4
LLANOS BASIN
1. ARAUCA2. LLANOS-73. CORDILLERA-244. LLANOS-555. CPE-16. ARRENDAJO7. CPO-18. CPO-149. CPO-1210. CPE-6
LOWER MAGDALENA BASIN
11. CR-112. SSJN-313. SSJN-714. GUAMA15. CICUCO
CAGUAN & PUTUMAYOBASIN
16. TOPOYACO17. CAGUAN-618. PUTUMAYO-919. TERECAY20. CAGUAN-521. TACACHO
LLANOS BASIN
22. PIRIRI23. RUBIALES24. MORICHE
UPPER & MIDDLE MAGDALENA BASIN
25. LAS QUINCHAS26. DINDAL27. RIO SECO28. PULI29. GUASIMO30. CAGUAN
UPPER & MIDDLE MAGDALENA BASIN
31. BUGANVILES32. ABANICO33. CHIPALO
LOWER MAGDALENA BASIN
34. LA CRECIENTE
LLANOS BASIN
35. QUIFA
3 Countries; 45 Blocks (33 exploratory assets)
Map of Properties
PROPERTIES IN PERÚ & GUATEMALA
5
GUATEMALAPETEN BASIN
36. A-737. A-7
PERÚMARAÑON & UCAYALI BASIN
38. 13739. 13540. 138
GUATEMALA PERÚ
Over 11 Million Acres (net)
Map of Properties
Expanding reserve life through knowledge
6
Reserve (net 2P) growthof 12.8% in 2009
Source: Petrotech Engineering Reserves Report, 2010
280.5mmboe
316.4 mmboe
Dic 2009
Feb 2011
POES: 7.000 MMbblsPOES: 3.886,1 MMbbls
Uses existing Pacific Rubiales well configuration to sweep oil into producing wells
• Potential to increase recoveries from 10% to 40%
Signed binding MOU with Ecopetrol
• Enhanced recovery extends economic life of field beyond 2030
• Phase I completed – April 2010. Equipment for pilot project in transit to the field.
STAR is a proprietary technology based on the company’s in-house experience.
Potential to triple company’s reserve base
H1H2
H3
H4V1
7
STAR technology –A significant potential for Colombian reserves increase Synchronized Thermal Additional Recovery
Infrastructure & Projects
LA CRECIENTEGas in place to support substantial development
8Current Production of 66 mmcf/d
Significant production potential at low cost
5 wells drilled (2006-2009) with potential to produce over 120 mmcf/d
Reserves of 432.8 bcf based on OGIP of nearly 600 bcf (1)
US$0.30/mcf operating costs
Take or pay contracts
60 mmbtu/d production contracted for 2 year take or pay basis
Substantial resource upside
Additional resource upside 8 new prospects identified
LNG and CNG export to the Caribbean
Evaluating export options (CNG to the Caribbean and central American markets as a substitute for liquids in electricity generation and automotive uses)
(1) Petrotech Engineering
Sea NG - Coselles
Small Scale LNG - INDOX
FOCUS ON BEST BALANCE REWARD/RISK
Quifa. Advance environmental licensing. Infill drilling. Reserve certification. 3D seismic
CPE-6. Migrate to E&P contract. Advance licensing. Infill drilling. 3D seismic. Reserve Certification
CPO-1 and CPO-12. 3D seismic, Bring forward 2011 drilling. High potential
La Creciente. Drill Apamate-1 and 2, 2Q 2011. Additional potential in prospects B, G and DW. Certify reserves
Putumayo. Advance licensing in Tacacho-Terecay. Drill Topoyaco-3 in prospect D.
9
COLOMBIAN GEOLOGICAL BASINS
LLANOS NORTE
LLANOS SUR
VALLE INF MAGDALENA – CESAR RANCHERIA
CAGUAN - PUTUMAYO10
EXPLORATION CAMPAIGN 2010 -2015
0
50
100
150
200
250
300
350
0
10
20
30
40
50
60
2011 2012 2013 2014 2015
Num
bero
f Wel
ls
Drilling
NET MMUS$N
et In
vest
men
t(U
S$M
)
• 216 wells
• 9,252 km 2D Seismic
• 4,016 km2 3D Seismic
• Net Investment US$1,587 M
• Discovery cost (projected) 2.05 US$/bbl
0
50
100
150
200
250
300
350
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
2011 2012 2013 2014 2015
Kilo
met
res
Seismic Lines
2D 3D NET MMUS$
Net
Inve
stm
ent(
US$
M)
NET US$M
11
NET US$M
EXPLORATION DRILLING AND SEISMIC PROGRAM FOR 2011
AMBAR-3 S
JASPE-3 S
JASPE-2 D
ZIRCON-1 S
EXPLORATORIOS (5) E
DELINEADORES (15) D
Quifa N 3D (resguardos) 400 km2
Quifa Desarrollo 3D 280 Km2
GUAIRURO-5 S
GUAIRURO-6 S
ESTRATIGRAFICO (8) E
EXPLORATORIO (1) E
DELINEADOR (11) D
CPE6 366 km2
CPO-1 CPO-1X E
CPO-12-1X E
CPO12 300 km2
ARRENDAJO AR-1X E
TOPOYACO TOPOYACO-3 E
GUAMA GUAMA-1X E
APAMATE-1X E
LCD-DW1 E
ART-1X E
ARP-1X E
GUADUAS CAPIRA-1X E
BUGANVILES VENCEJO-1X E
GECKO-1 E
ABANICO-N-1 E
SSJN3 SSJN3 (suspendido
388km) 112 km
CR1 CR1 319 km
SSJJN7 SSJJN7 332 km
CPE1 CPE1 500 km
Terecay Terecay 528 km
Peru Lote 138 Peru Lote 138 555 km
Peru Lote 135 Peru Lote 135 704 km Esperando permisos Ambientales PeruGuatemala Guatemala 300 km2 Esperando aprobacion del MEM Guatemala
Type of wells: Adquisición Sismica
CPO-12
2D3D
QUIFA
E: Exploratorio
D: Delineador
S: Estratigrafico
MARZO ABRIL
ABANICO
ARAUCA
LA CRECIENTE
CPE-6
MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBREBLOQUE POZO TIPO DE POZO
2011ENERO FEBRERO
12
13
ODL PIPELINE
Currently the pipeline transports 170,000 barrels per day, with a projected figure for the year 2011 of 340,000 barrels per day.
OCENSA
Acquired access to Ocensa pipeline for 160 mboe for a 10 yr period beginning Feb 1, 2010.
BICENTENARIO PIPELINE (OBC)
The Oleoducto Bicentenario will be the largest of its kind in Colombia and will be developed in four phases that are expected to be finalized by December 2012.
The Company has committed to participate in 32,8%, acquiring the right to access approximately 40,000 bbl/day of transportation capacity by the end of 2011.
CARTAGENA OIL TERMINAL
An alternative oil exportation port to the Caribbean. Capacity of aframax and in the future VLCCs, subject to the expansion of the Varadero channel.
SECURING MARKET ACCESS
Tumaco
Rubiales
Cartagena
Coveñas
Monterrey
ODLPipeline
TRANSANDINOPipeline
OAMPipeline
GUADUAS-DORADAPipeline
ODCPipeline
OCENSAPipeline
BICENTENARIOPipeline
CAÑO LIMÓN-COVEÑASPipeline
Phase 1
Phase 2-3
Tumaco
The OBC and the COT will debottleneck the Colombian pipeline and port system
Infrastructure & Projects
OCENSA Pipeline
CARTAGENAOil terminal
14
2011 CAPITAL PROGRAMOver US$1.1 billion capital program
Exploration $340 MM
Development Drilling $139 MM
Production Facilities $438 MM
• Exploration across 26 blocks
• Start of operations in Peru and Colombia
• 20 exploratory wells1; 36 Appraisal wells2, 3 stratigraphic wells3
• 539 km of 2D seismic and 440 km2 of 3D seismic planned for 2011
• STAR
• IT
• Transport and port projects
• To increase production capacity
• CPE-6
• Quifa and Rubiales
• Oleoducto Bicentenario de Colombia (“OBC”)
• CPE-6
• Quifa expanding capacity from 60 k boepd to 100 k boepd
CAPITAL STRUCTUREOther Projects
$204 MM
EXPLORATION DRILLING PROJECTS FACILITIES
US$ MM
Exploration 340
Drilling 139
STAR/SPV* 204
Facilities 438
* Equity in OBC and PetroElectrica de los llanos
1 1 LC 1, 1 Guama, 1 Guaduas, 2 Arauca, 4 CPE-6, 1 CPO-1, 1 CPO-12, 5 Quifa, 1 Buganviles, 1 Abanico, 1 Topoyaco & 1 Guatemala2 1 Guama, 16 CPE-6, 2 CPO-12, 15 quifa, 1 Buganviles & 1 Abanico3 1 CPE-6 & 2 Quifa
Financial
Ranked #1 in the IGBC*with the 24.2% of participation, index for the first Quarter 2011
1. C$1=COP$ 1,864, As of Jan 31, 20112. Daily Traded Volume
TSXCAN$
BVC COP$1
Share Price
Market Cap
52 Week High
52 Week Low
MarchAverage Volume 2
$ 26.90 COP$ 51,660
COP$13.29b
COP$67,000
COP$30,000
$7.135
$ 35.67
$ 18.80
2.86million shares
As of March 31, 2011
15
SHARE PRICE PERFORMANCE
*The IGBC is the general index of the Colombian stock exchange.
Financial
2.08million shares
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2.000.000
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6.000.000
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12.000.000
14.000.000
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18.000.000
20.000.000
PRE Volume PRE Price
Canada Office333 Bay Street, Suite 1100
Toronto, CanadaMSH 2R2
PBX: +416 362-7735Fax: +416 360-7783
Corporate OfficeCarrera 11A No. 94 - 45
Torre OXO - Piso 9Bogotá D.C., ColombiaPBX: +57 1 756 0080Fax: +57 1 756 0203
Colombia Technical OfficeCalle 95 No. 13 - 35
Bogotá D.C., ColombiaPBX: +57 1 628 3970Fax: +57 1 256 6085