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Pacific Rubiales Energy second-quarter profit rises to $349.4 million as oil production rises by 60 per cent

Wednesday, August 10, 2011

\ Latin American-focused oil producer Pacific Rubiales Energy posted a huge increase in second-quarter revenue and profits as it enjoyed a big increase in production and higher prices.\ \ The Toronto-based company, which operates mainly in Colombia but also has interests in Peru and Guatemala, said it earned $349.4 million or $1.20 per diluted share in the three months ended June 30.\ \ That compared with net profits of $14.4 million or five cents in the same 2010 quarter, said the company.\ \ Original source: Canadian Press\ \ \ \