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Wireline evaluation program confirms oil discovery in the Kangaroo-1 exploration well, Karoon blocks, offshore Santos Basin,



     Wireline evaluation program confirms oil discovery in the Kangaroo-1
        exploration well, Karoon blocks, offshore Santos Basin, Brazil

PR Newswire

TORONTO, Jan. 30, 2013

TORONTO, Jan. 30, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA: PREB) announced today that a wireline evaluation program
has confirmed the previously announced light oil discovery in the Kangaroo-1
exploration well on block S-M-1101, in the Santos basin, offshore Brazil.  The
well was drilled as part of an agreement announced by the Company on September
18, 2012, as a minimum work commitment for both the S-M-1101 and S-M-1165
blocks, where the Company holds a 35% participating interest (subject to
approval by Brazil's Agência Nacional do Petróleo, Gás Natural e
Biocombustíveis (ANP)).

As announced in an  operational update news release  today by the operator  of 
the blocks,  Karoon  Gas  Australia  Ltd. (ASX:  KAR),  (see  Karoon  website: 
www.karoongas.com.au), the wireline evaluation of the Eocene discovery zone in
the Kangaroo-1 well, including petrophysical logs, core samples, fluid samples
and flow tests all conducted on wireline, is nearing completion.

The wireline data confirms a 25 meter (gross) light oil column sitting above a
well-defined oil water contact in the well.  Multiple oil samples measuring 42
degree API were recovered to surface from two separate intervals in the  zone. 
Petrophysical well  logs indicate  porosities  in the  25  to 32%  range,  and 
permeabilities of 100 to 300  millidarcies have been determined from  pressure 
flow tests.  Multiple wireline core samples  collected across the zone and  to 
be analyzed  in  a laboratory  will  provide additional  measurements  of  the 
reservoir zone's porosity and permeability characteristics.

"Although not the  primary objective,  this is  an exciting  discovery in  our 
first exploration  well drilled  on the  Karoon blocks  in Brazil",  commented 
Ronald Pantin, Chief Executive Officer of Pacific Rubiales.  "At this stage we
believe that the wireline testing and evaluation indicates that the Kangaroo-1
Eocene reservoir is of good  quality, has the potential  to flow light oil  at 
commercial rates, and  we feel  very comfortable  that this  is a  significant 
discovery.  We are proceeding with plans to drill an appraisal well to further
delineate the extent of the Kangaroo reservoir.  In addition, the discovery of
an oil bearing reservoir  and an effective trap  in the Eocene de-risks  other 
undrilled Eocene structures identified on the Karoon blocks."

When the current wireline operations are completed, the operator will relocate
the rig to drill  the Emu-1 exploration well  to evaluate blocks S-M-1102  and 
S-M-1037, where  the Company  also holds  a 35%  participating interest  (also 
subject to approval by the ANP).

Karoon is currently working to acquire a second rig to drill an appraisal well
(Kangaroo-2) at  a  more  optimal  up-dip  location  for  full  reservoir  and 
production testing  of the  discovery.   The appraisal  well would  expect  to 
penetrate a larger hydrocarbon column at the crest of the structure where  the 
gross reservoir section could be as thick as 350 meters and contain  sandstone 
packages with better petrophysical characteristics.

Pacific Rubiales, a  Canadian company and  producer of natural  gas and  crude 
oil, owns 100% of  Meta Petroleum Corp., which  operates the Rubiales,  Piriri 
and Quifa heavy oil fields  in the Llanos Basin,  and 100% of Pacific  Stratus 
Energy Colombia Corp., which  operates the La Creciente  natural gas field  in 
the northwestern area of Colombia. Pacific Rubiales has also acquired 100%  of 
PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100%
of C&C Energia  Ltd., which  owns light  oil assets  in the  Llanos Basin.  In 
addition, the Company has a  diversified portfolio of assets beyond  Colombia, 
which includes producing  and exploration assets  in Peru, Guatemala,  Brazil, 
Guyana and Papua New Guinea.

The Company's common shares trade on  the Toronto Stock Exchange and La  Bolsa 
de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's  Bolsa 
de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB,
respectively.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This news release contains  forward-looking statements. All statements,  other 
than statements  of  historical  fact,  that  address  activities,  events  or 
developments that the  Company believes,  expects or anticipates  will or  may 
occur in  the  future  (including, without  limitation,  statements  regarding 
estimates and/or assumptions in respect of production, revenue, cash flow  and 
costs, reserve and  resource estimates, potential  resources and reserves  and 
the  Company's  exploration   and  development  plans   and  objectives)   are 
forward-looking  statements.  These  forward-looking  statements  reflect  the 
current expectations or beliefs of the Company based on information  currently 
available to the Company. Forward-looking  statements are subject to a  number 
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements,  and 
even if such actual results are realized or substantially realized, there  can 
be no assurance that they will  have the expected consequences to, or  effects 
on, the Company. Factors that could  cause actual results or events to  differ 
materially from current expectations include, among other things:  uncertainty 
of  estimates  of  capital  and  operating  costs,  production  estimates  and 
estimated economic  return; the  possibility  that actual  circumstances  will 
differ from  the estimates  and assumptions;  failure to  establish  estimated 
resources or reserves; fluctuations in petroleum prices and currency  exchange 
rates;  inflation;  changes  in  equity  markets;  political  developments  in 
Colombia, Guatemala or  Peru; changes to  regulations affecting the  Company's 
activities; uncertainties relating to the availability and costs of  financing 
needed in  the future;  the uncertainties  involved in  interpreting  drilling 
results and other  geological data; and  the other risks  disclosed under  the 
heading "Risk Factors" and elsewhere in the Company's annual information  form 
dated March  14, 2012  filed on  SEDAR at  www.sedar.com. Any  forward-looking 
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities  laws, the Company  disclaims any intent  or 
obligation to update any forward-looking statement, whether as a result of new
information, future  events  or results  or  otherwise. Although  the  Company 
believes that the assumptions inherent  in the forward-looking statements  are 
reasonable,  forward-looking   statements  are   not  guarantees   of   future 
performance  and  accordingly  undue  reliance  should  not  be  put  on  such 
statements due to the inherent uncertainty therein.

In addition, reported production levels  may not be reflective of  sustainable 
production rates and future  production rates may  differ materially from  the 
production rates reflected in this news  release due to, among other  factors, 
difficulties  or   interruptions   encountered  during   the   production   of 
hydrocarbons.

Translation

This news  release  was prepared  in  the English  language  and  subsequently 
translated into Spanish and Portuguese. In the case of any differences between
the English  version and  its translated  counterparts, the  English  document 
should be treated as the governing version.

SOURCE Pacific Rubiales Energy Corp.

Contact:

Christopher (Chris) LeGallais
Sr. Vice President, Investor Relations
+1 (647) 295-3700

Roberto Puente
Sr. Manager, Investor Relations
+57 (1) 511-2298

Javier Rodriguez
Manager, Investor Relations
+57 (1) 511-2319
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