Pacific Rubiales announces dividend

                     Pacific Rubiales announces dividend

PR Newswire

TORONTO, March 6, 2013

TORONTO, March 6, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA: PREB) announced today a cash dividend of U.S.$0.11 per
common share payable on March 26, 2013 to shareholders of record as of March
18, 2013 and to holders of Brazilian Depositary Receipts (the "BDRs") of
record as of March 13, 2013. The ex-dividend date for shareholders trading on
the Toronto Stock Exchange and the La Bolsa de Valores de Colombia (or the
Colombia Stock Exchange) as well as for those trading BDRs on the Bolsa de
Valores Mercadorias e Futuros (or the Brazilian Stock Exchange) is March 14,
2013.

For shareholders trading on  the Colombian Stock  Exchange, the Colombia  peso 
equivalency shall be calculated based on the exchange rate as certified by the
"Central Bank" on the date of monetization and will be published on the  SIMEV 
website at the proper time.

With respect  to  the  BDRs  traded  on  the  Brazilian  Stock  Exchange,  the 
Depositary Institution in Brazil will execute the exchange agreement as of the
date of the payment of the dividend to the holders of BDRs, on or about  March 
26, 2013, for  conversion purposes. Also,  the holders of  BDRs registered  on 
March 13, 2013 shall be entitled to receive the dividends from the  Depositary 
Institution on April 4, 2013.

Subject to  approval from  the  Board of  Directors,  the Company  expects  to 
continue paying  a dividend  on a  quarterly basis  at this  level, with  such 
decision being determined based on funds from operations, earnings,  financial 
requirements, commodity price levels, legal requirements and other  conditions 
existing in the future. While a formal policy is not in place with respect  to 
dividends, the payment of quarterly dividends will continue to be reviewed  by 
the Board of  Directors, as  needed, from time  to time.  Future dividends  on 
Pacific Rubiales common shares and, consequently, BDRs, are not guaranteed.

The Company intends  to designate  all dividends as  "eligible dividends"  for 
purposes of the  Income Tax Act  (Canada) unless a  notification of change  is 
otherwise posted on  the Company's website  at www.pacificrubiales.com and  on 
SEDAR at www.sedar.com.  Provided designation  is made, the  dividend will  be 
considered an  "eligible  dividend" for  tax  purposes. An  eligible  dividend 
received by  a Canadian  resident individual  shareholder is  entitled to  the 
enhanced dividend tax credit.

TAX CONSIDERATIONS

General

The information in this release is not intended to be an exhaustive discussion
of all  possible income  tax consequences  and considerations,  but a  general 
guideline. It is  not intended to  be legal  or tax advice  to any  particular 
investor or  potential  investor.  Investors  or  potential  investors  should 
consult their own  tax advisors as  to their particular  tax consequences  and 
reporting obligations.

The following information is provided for general information only.  Investors 
are encouraged to seek advice from a qualified tax advisor in their country of
residence to  obtain guidance  with respect  to appropriate  tax treatment  of 
their distributions.

For Canadian Residents

For Canadian income tax purposes, the dividend paid to shareholders of Pacific
Rubiales will be a taxable  dividend. In the case of  a shareholder who is  an 
individual resident in Canada, dividends will  be subject to the gross-up  and 
credit rules contained in the Income Tax  Act (Canada), and, in the case of  a 
shareholder that is a "private  corporation" or a "subject corporation"  (both 
as defined in the Income Tax Act (Canada)), a refundable tax will apply to the
amount of the dividend. Shareholders should contact their tax advisor or their
local office  of the  Canada  Revenue Agency  with  respect to  any  questions 
regarding the taxation of eligible dividends.

For Colombian Residents

Dividends paid to non-residents of Canada should be subject to a 25%  Canadian 
withholding tax on 100%  of the gross distribution.  However, pursuant to  the 
Canada - Colombia Tax Treaty, the applicable rate of Canadian withholding  tax 
may be reduced to  15% where the  recipient is a  resident of Colombia.  Under 
Colombian general tax  rules, dividends will  be subject to  tax. Generally  a 
corporation resident in Colombia is  subject to tax at  33% of net income  and 
individuals are subject  to tax based  on a progressive  table as  applicable. 
Amounts paid as  foreign taxes may  be eligible  for a foreign  tax credit  in 
Colombia.  For  a  more   detailed  discussion  on   the  logistics  and   tax 
implications, shareholders should  contact their  tax advisor  or their  local 
office of  the Colombian  tax agency  (DIAN), with  respect to  any  questions 
regarding the taxation of  these dividends or the  application of foreign  tax 
credits. In addition, they should consult  the dividend circular that will  be 
made available on the SIMEV.

For U.S. Residents

Subject to various U.S.  statutory holding period requirements,  distributions 
made by the Company out of  its current or accumulated "earnings and  profits" 
may be considered "qualified dividend income"  as defined under U.S. tax  law, 
and thus may be taxed at the reduced tax rates applicable to long term capital
gains, provided  that the  Company  has the  status  of a  "qualified  foreign 
corporation" and is not  a "passive foreign investment  company" for the  year 
ending December 31, 2013  or the year ended  December 31, 2012. These  reduced 
rates may not  be available  to shareholders of  the Company  other than  U.S. 
resident individuals. In  addition, distributions in  excess of the  Company's 
current or accumulated "earnings and profits" may reduce the U.S. tax basis of
the shareholder's shares of the Company.

Pursuant to the Canada - U.S. Tax  Treaty, dividends paid to residents of  the 
United States may be  subject to a  15% withholding tax on  100% of the  gross 
distribution. Amounts paid  for foreign  taxes may  be eligible  for either  a 
deduction for foreign taxes or a foreign tax credit in the United States; both
the deduction and credit for foreign taxes are subject to numerous limitations
imposed by U.S. tax law which are not discussed in this summary.

Shareholders should contact  their tax advisor  or their local  office of  the 
Internal Revenue Service with respect to any questions regarding the  taxation 
of such dividend distributions.

For Brazilian Residents

Dividends paid  to residents  of Brazil  will  be subject  to a  25%  Canadian 
withholding tax on 100% of the gross distribution. In the case of a BDR holder
who is an individual resident in  Brazil, dividends will be subject to  income 
tax based on a progressive  table as applicable, which  rates vary from 0%  to 
27.5%. In the case of a BDR holder that is a corporation domiciled in  Brazil, 
dividends will subject to  income tax at  a rate of  34%. Amounts withheld  in 
Canada as taxes may be eligible for a tax credit in Brazil. BDR holders should
contact their tax advisor in Brazil with respect to any documents which may be
necessary for this  tax credit  and any  questions regarding  the taxation  of 
eligible dividends.

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.

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.

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: the  closing 
of the proposed transaction or the  possibility that such transaction may  not 
close, delays in completing the proposed transaction, 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.

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