TSX: PRE

BVC: PREC

WHERE TALENT
AND KNOWLEDGE
MEET OPPORTUNITY
APRIL 2011
 Background
VALUE GENERATION THROUGH GROWTH
265,000 E
11x growth in exit production within five years

The Company produced over 25% of oil in

Colombia in 2010 * 220,000**

122,000

61,355

24,784

2007 2008 2009 2010 2011 E

Daily gross operated oil production: barrels of oil equivalent per day (boe/d)
End of the year
Based on 864,000 boepd in Colombia
** Production capacity 2
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
Total Investment: US$307 Million (Net)
12 stratigraphic
56 successful wells out of 68 drilled
80% success rate

Discovery Cost: 1.37 $/bbl 3

 Map of Properties
PROPERTIES IN COLOMBIA

LOWER MAGDALENA
BASIN

LLANOS BASIN 11. CR-1

12. SSJN-3
1. ARAUCA 13. SSJN-7
2. LLANOS-7 14. GUAMA
3. CORDILLERA-24 15. CICUCO
4. LLANOS-55
5. CPE-1 CAGUAN & PUTUMAYO
6. ARRENDAJO BASIN
7. CPO-1
8. CPO-14 16. TOPOYACO
9. CPO-12 17. CAGUAN-6
10. CPE-6 18. PUTUMAYO-9
19. TERECAY
20. CAGUAN-5
21. TACACHO

UPPER & MIDDLE

MAGDALENA BASIN
LLANOS BASIN
25. LAS QUINCHAS
22. PIRIRI 26. DINDAL
23. RUBIALES 27. RIO SECO
24. MORICHE 28. PULI
29. GUASIMO
30. CAGUAN

LOWER MAGDALENA
BASIN
UPPER & MIDDLE
MAGDALENA BASIN 34. LA CRECIENTE

31. BUGANVILES LLANOS BASIN

32. ABANICO
33. CHIPALO 35. QUIFA

3 Countries; 45 Blocks (33 exploratory assets)

4
 Map of Properties
PROPERTIES IN PER & GUATEMALA
PER
MARAON & UCAYALI
BASIN
GUATEMALA
PETEN BASIN 38. 137
39. 135
36. A-7 40. 138
37. A-7

GUATEMALA PER

Over 11 Million Acres (net)

5
 Expanding reserve life through knowledge

316.4
280.5m mmboe
mboe
Reserve (net 2P) growth
Feb
Dic of 12.8% in 2009
2011
2009

POES: 3.886,1 MMbbls POES: 7.000 MMbbls

6
Source: Petrotech Engineering Reserves Report, 2010
 Infrastructure & Projects
STAR technology A significant potential for Colombian reserves increase
Synchronized Thermal Additional Recovery
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 companys in-house experience.

H1
H2 H4
V1
H3

Potential to triple companys reserve base 7

LA CRECIENTE
Gas in place to support substantial development
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 Sea NG - Coselles

Evaluating export options (CNG to the Caribbean and

central American markets as a substitute for liquids in
electricity generation and automotive uses)
Small Scale LNG - INDOX

(1) Petrotech Engineering

Current Production of 66 mmcf/d

8
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

VALLE INF MAGDALENA CESAR LLANOS NORTE

RANCHERIA

CAGUAN - PUTUMAYO LLANOS SUR

10
EXPLORATION CAMPAIGN 2010 -2015

216 wells
Drilling
60 350
9,252 km 2D Seismic
50 300

Net Investment (US$M)

250 4,016 km2 3D Seismic
40
Number of Wells

200
30
150 Seismic Lines
20 4.000 350
100
3.500

Net Investment (US$M)

10 300
50
3.000
250
0 0

Kilometres
2.500
2011 2012 2013 2014 2015 200
NETMMUS$
NET US$M 2.000
150
1.500
100
Net Investment US$1,587 M 1.000

500 50

Discovery cost (projected) 2.05 0 0

US$/bbl 2011 2012 2013 2014 2015
2D 3D NETUS$M
NET MMUS$

11
EXPLORATION DRILLING AND SEISMIC PROGRAM FOR 2011
2011
BLOQUE POZO TIPO DE POZO
ENERO FEBRERO MARZO ABRIL MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBRE

AMBAR-3 S

JASPE-3 S

JASPE-2 D

ZIRCON-1 S
QUIFA
EXPLORATORIOS (5) E

DELINEADORES (15) D
2
Quifa N 3D (resguardos) 400 km
Quifa Desarrollo 3D 280 Km2

GUAIRURO-5 S

GUAIRURO-6 S

CPE-6 ESTRATIGRAFICO (8) E

EXPLORATORIO (1) E

DELINEADOR (11) D
2
CPE6 366 km

CPO-1 CPO-1X E

CPO-12-1X E
CPO-12 2
CPO12 300 km

ARRENDAJO AR-1X E

TOPOYACO TOPOYACO-3 E

GUAMA GUAMA-1X E

APAMATE-1X E
LA CRECIENTE
LCD-DW1 E

ART-1X E
ARAUCA
ARP-1X E

GUADUAS CAPIRA-1X E

BUGANVILES VENCEJO-1X E

GECKO-1 E
ABANICO
ABANICO-N-1 E
SSJN3 (suspendido
SSJN3 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 Peru
Guatemala Guatemala 300 km2 Esperando aprobacion del MEM Guatemala

Type of wells: E: Exploratorio Adquisicin Sismica 2D

D: Delineador 3D 12
S: Estratigrafico
 Infrastructure & Projects
SECURING MARKET ACCESS
CARTAGENA
Cartagena
Oil terminal
ODL PIPELINE BICENTENARIO
Pipeline
Coveas
Currently the pipeline transports 170,000 barrels per
Phase 2-3
day, with a projected figure for the year 2011 of 340,000
barrels per day.
CAO LIMN-COVEAS
OCENSA Pipeline
ODC
Pipeline
Acquired access to Ocensa pipeline for 160 mboe for a 10 yr
period beginning Feb 1, 2010.
Phase 1

BICENTENARIO PIPELINE (OBC) GUADUAS-DORADA

Pipeline
OCENSA
OCENSA
Pipeline
The Oleoducto Bicentenario will be the largest of its kind Pipeline Monterrey
in Colombia and will be developed in four phases that are
expected to be finalized by December 2012. OAM
Pipeline ODL
Pipeline
The Company has committed to participate in
32,8%, acquiring the right to access approximately
Rubiales
40,000 bbl/day of transportation capacity by the end of
2011.
Tumaco
Tumaco
CARTAGENA OIL TERMINAL
TRANSANDINO
Pipeline
An alternative oil exportation port to the Caribbean.
Capacity of aframax and in the future VLCCs, subject to
the expansion of the Varadero channel.

The OBC and the COT will debottleneck the Colombian pipeline and port system
13
 Financial
2011 CAPITAL PROGRAM
Over US$1.1 billion capital program

US$ MM
Exploration 340
Drilling 139
STAR/SPV* 204
Facilities 438

EXPLORATION DRILLING PROJECTS FACILITIES * Equity in OBC and PetroElectrica de los llanos

CAPITAL STRUCTURE
Exploration Production Facilities Development Drilling Other Projects
$340 MM $438 MM $139 MM $204 MM

Exploration across 26 Quifa and Rubiales To increase production STAR

blocks capacity
Start of operations in Oleoducto Bicentenario IT
de Colombia (OBC) CPE-6
Peru and Colombia
Transport and port
20 exploratory wells1; 36 CPE-6 projects
Appraisal
wells2, 3 stratigraphic Quifa expanding
wells3 capacity from 60 k
539 km of 2D seismic boepd to 100 k boepd
and 440 km2 of 3D
seismic planned for 2011
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 Guatemala
2 1 Guama, 16 CPE-6, 2 CPO-12, 15 quifa, 1 Buganviles & 1 Abanico 14
3 1 CPE-6 & 2 Quifa
 Financial
SHARE PRICE PERFORMANCE

20.000.000 40,00
As of March TSX BVC
31, 2011 CAN$ COP$1
18.000.000
35,00

16.000.000
Share Price $ 26.90 COP$ 51,660
30,00
14.000.000

12.000.000
25,00 Market Cap $7.135 COP$13.29b

10.000.000 20,00
52 Week High $ 35.67 COP$67,000
8.000.000
15,00

6.000.000
10,00 52 Week Low $ 18.80 COP$30,000
4.000.000

5,00
2.000.000 March 2.86 2.08
Average million shares million shares
- 0,00 Volume 2

1. C$1=COP$ 1,864, As of Jan 31, 2011

2. Daily Traded Volume

PRE Volume PRE Price

*The IGBC is the general index of the Colombian stock exchange.

Ranked #1 in the IGBC*with the 24.2% of participation, index for the first Quarter 2011
15
 Canada Office Corporate Office Colombia Technical Office
333 Bay Street, Suite 1100 Carrera 11A No. 94 - 45 Calle 95 No. 13 - 35
Toronto, Canada Torre OXO - Piso 9 Bogot D.C., Colombia
MSH 2R2 Bogot D.C., Colombia PBX: +57 1 628 3970
PBX: +416 362-7735 PBX: +57 1 756 0080 Fax: +57 1 256 6085
Fax: +416 360-7783 Fax: +57 1 756 0203