Ronald Pantin, Chief Executive Officer of the Company, commented: "For this quarter we have continued to grow and build upon the strong base of resources and our technical expertise, taking advantage of the increase in oil prices. Average net production volume sold in the first quarter was 82,747 boe/d from a strong platform of 61 new development wells, primarily in the Rubiales and Quifa fields. Our production increase generated revenues of $583.5 million, an increase of 54% from the same quarter last year of $379.4 million, and EBITDA ending the quarter at $362.5 million, a 56% increase from the same quarter last year of $231.9 million."
The historical milestone of 225,000 boe/d, reached on May 12, 2011 is the result of the continuous growth in production of heavy oil in the Rubiales/Piriri and Quifa Blocks and incorporates the development of the Company's light and medium oil blocks, as well as the natural gas volume produced from the La Creciente field and other smaller fields. This significant achievement demonstrates our ability to grow rapidly in a competitive and concentrated oil region, and is the result of an integrated effort by our Company to secure market access and flexibility, and generate capacity ahead of our growth objectives from the wellhead all the way to the end customer.
The strategy of the Company is to continue its growth through exploration, development and production of new and existing reserves and to secure market access by participating in key oil and gas transportation, and infrastructure projects.
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