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Pacific E&P in constant expansion

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LNG Industry,

Pacific Exploration & Production Corp. has announced that the Company, together with its legal and financial advisors and through the Independent Committee of the Board of Directors, is actively working with its creditors pursuant to its revolving credit facilities and note indentures to formulate a comprehensive plan to address the current oil price environment and ensure the long-term viability of its business. The Company remains, and intends to remain, current with its suppliers, trade partners and contractors. Normal operations continue in Colombia and the other jurisdictions within which the Company operates.

As part of the restructuring process, the Company and its advisors are in active contact with interested parties. The Company will continue to interact with these parties directly and refrain from commenting on mischaracterisations made in the media.

The Company is being advised by Lazard Frères & Co. LLC, Norton Rose Fulbright Canada LLP (Canada), Proskauer Rose LLP (U.S.), Zolfo Cooper (US) and Garrigues (Colombia). The Independent Committee is being advised by Osler, Hoskin & Harcourt LLP.

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