Pacific Rubiales announces natural gas and condensate discovery in the Guama Exploration Block, Colombia

 Pacific Rubiales announces natural gas and condensate discovery in the Guama
                         Exploration Block, Colombia

PR Newswire

TORONTO, Feb. 20, 2013

TORONTO, Feb. 20, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA:  PREB) announced today  the discovery of  natural gas  and 
condensate in the Manamo-1X exploration well drilled in the Guama Block in the
Lower Magdalena basin, onshore northern Colombia. The Company has 100% working
interest in the block and is the operator.

Ronald Pantin, Chief Executive Officer of the Company, commented: "This is  an 
important discovery  for  Pacific  Rubiales, as  it  demonstrates  the  upside 
potential of both  the Guama  block and the  Lower Magdalena  basin where  the 
Company has  a  large exploration  acreage  position. It  also  validates  the 
geophysical seismic model being used to successfully identify these condensate
rich gas accumulations."

The Manamo-1X well was drilled following two previous exploration  discoveries 
in the block, the Pedernalito-1X well drilled in 2010 and the Cotorra-1X  well 
drilled in early 2012. The well targeted the Porquero Medio C and D sands  and 
silts of  Miocene age,  a  low-permeability play  successfully tested  by  the 
earlier exploration wells. In addition to encountering low-permeability sands,
the well  also  resulted  in the  discovery  of  a new  sand  reservoir  at  a 
stratigraphic level  in the  Porquero Medio  D zone,  which is  different  and 
independent of the sand intervals tested in the Cotorra-1X well.

The Manamo-1X  well  was  drilled  to  a  total  depth  of  7,600  feet.  The 
petrophysical evaluation indicates a  total of 251 feet  of net pay  averaging 
18% porosity across a gross interval exceeding 400 feet. The well was  tested 
across a 91 foot perforated zone in  the new prospective sand. This sand  does 
not require  hydraulic frac  stimulation, leaving  additional prospective  pay 
zones untested for further evaluation, including a 23 foot gas sand identified
in the shallower Porquero. The Manamo-1X well reached a maximum gas flow rate
of 4.9 MMcf/d  and 296 bbl/d  54°API condensate  through a 16/64"  choke in  a 
three-stage isochronal test,  and an average  rate of 2.8  MMcf/d gas and  160 
bbl/d condensate through a 12/64" choke at 3,720 psi well head pressure, on an
extended flow test. The  well has now  been shut-in for  a four day  pressure 
buildup.

Immediately following the current testing program, the Company plans to  drill 
the Capure-1X  exploration well  approximately 2  km west  of  Pedernalito-1X, 
aiming to extend the Porquero Medio play to the northeast. The Capure-1X well
will complete the  commitment for  the final  exploration phase  on the  Guama 
block. A program of extended flow tests  is planned for the wells drilled  on 
the block, and is expected  to be commenced later in  the year. Data from  the 
extended  flow  tests   will  be   used  to  determine   the  long-term   flow 
characteristics of  the Miocene  reservoir  sands, as  well as  the  potential 
resource contribution from surrounding shales.

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 press 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, Peru,  Guatemala, Brazil,  Papua New  Guinea or  Guyana; 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 press release due to, among other  factors, 
difficulties  or   interruptions   encountered  during   the   production   of 
hydrocarbons.

Boe Conversion

Boe may be  misleading, particularly if  used in isolation.  A boe  conversion 
ratio of 5.7 Mcf: 1  bbl is based on  an energy equivalency conversion  method 
primarily applicable  at  the  burner  tip and  does  not  represent  a  value 
equivalency at  the wellhead.  The  estimated values  disclosed in  this  news 
release do not  represent fair  market value.  The estimates  of reserves  and 
future net  revenue  for  individual  properties  may  not  reflect  the  same 
confidence level  as estimates  of reserves  and future  net revenue  for  all 
properties, due to the effects of aggregation.

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.

Definitions

Bcf   Billion cubic feet.
Bcfe  Billion cubic feet of natural gas equivalent.
bbl   Barrel of oil.
bbl/d Barrel of oil per day.
boe   Barrel of oil equivalent. Boe's may be misleading, particularly if used
      in isolation. The Colombian standard is a boe conversion ratio of 5.7
      Mcf:1 bbl and is based on an energy equivalency conversion method
      primarily applicable at the burner tip and does not represent a value
      equivalency at the wellhead.
boe/d Barrel of oil equivalent per day.
Mbbl  Thousand barrels.
Mboe  Thousand barrels of oil equivalent.
MMbbl Million barrels.
MMboe Million barrels of oil equivalent.
Mcf   Thousand cubic feet.
WTI   West Texas Intermediate Crude Oil.

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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