News and AnalysIs for

February 21, 2012 National newspaper El Tiempo reports the director of the National Hydrocarbons Agency (ANH), Orlando Cabrales saying that the organization determined that the National Development Plan target of 205 exploratory wells for 2012 was a little ‘heavy’.

Minister of Mines and Energy, Mauricio Cardenas, said the government’s goal is to increase its oil reserves to a minimum of ten years.

February 20, 2012 Mining company representatives located in 6 of the 13 municipalities in the jurisdiction of the CDMB (Regional Corporation for the Defense of the Bucaramanga Mesa), met in the last hours with the Director of the corporation.

The Colombian press agency Colprensa has been widely published in the Colombian press as saying that the new president of Cerrejon, the country’s biggest coal operation is Roberto Jungito. Jungito is a widely respected Colombian executive who has worked for Chase Securities, McKinsey and Co.

February 21, 2012 Barranquilla daily El Heraldo reports that Canadian Seven Stars Coal Corp, a subsidiary of Augen Capital Corp., will manage its business from Barranquilla.

>Much foreign investment and investment by Colombian investors in oil production in Colombia but still Ecopetrol increases its share. Growth is such that none of the new players are going to complain,

Best of the week! Please look for our selection of the best stories published this week in Hydrocarbons Colombia

The Colombian Petroleum Association (ACP for its Spanish initials) estimates that Seismic kilometers declined by 8% in 2011.

PACIFIC RUBIALES ENERGY CORP. NEWS RELEASE PACIFIC RUBIALES ANNOUNCES NATURAL GAS AND CONDENSATE DISCOVERY ON THE GUAMA EXPLORATION BLOCK, COLOMBIA TORONTO, Feb. 15, 2012 /CNW/ – Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today the discovery of natural gas and condensate in the Cotorra-1X exploration well, drilled on the Guama Block in the Lower Magdalena basin.

Tuesday, February 14, 2012 – Today the <a href=”http://www.cccc.com.co”>Colombia-Canada Chamber of Commerce </a>spent the morning exploring bilateral issues of interest to the extractive sector.