Pacific Rubiales announces credit agency upgrade

               Pacific Rubiales announces credit agency upgrade

PR Newswire

TORONTO, March 18, 2013

TORONTO,  March  18,  2013  /PRNewswire/  -  Pacific  Rubiales  Energy   Corp. 
(TSX:PRE; BVC: PREC; BOVESPA:  PREB) is pleased to  announce that one of  its 
credit rating agencies has recently upgraded the Company's credit rating.

On March 15,  2013, Standard  & Poor´s  Rating Services  raised its  corporate 
credit and senior unsecured  debt rating on Pacific  Rubiales Energy Corp.  to 
"BB+" from "BB". The rating outlook is stable.

"The upgrade is based on the Company's improved diversification in 2012 due to
its acquisitions,  mitigating  the risk  of  a significant  decrease  in  cash 
generation  from  2016  with  the  expiration  of  the  Rubiales  and   Piriri 
concession. The Company has demonstrated a strong track record and ability to
successfully implement its  business plan, and  we assume it  will be able  to 
develop the newly acquired  fields during the next  three to four years,  thus 
mitigating the impact of those  concessions. The stable outlook reflects  our 
view that the Company will successfully continue increasing its production and
geographical diversification over the next few years as a result of its recent
acquisitions, while it generates sufficient operating cash flow to finance its
required investments."

Ronald Pantin, Chief Executive Officer of the Company, commented: "This recent
upgrade by one of our  credit rating agencies is  a strong endorsement of  the 
Company's business strategy, financial strength, execution ability and  future 
as a leading diversified Latin American focused oil and gas producer."

On October 3, 2012, one of the Company's other rating agencies, Fitch Ratings,
raised the Company's  credit rating to  "BB+" from "BB"  with outlook  stable, 
citing continued  production  and  reserves diversification,  a  proven  track 
record of  increasing  production, maintaining  adequate  reserve  replacement 
ratios, and the  lower business  risk as  a result  of the  completion of  key 
infrastructure projects.

On  November  21,  2011  Moody's  Investors  Service  upgraded  the  Company's 
Corporate Family Rating to "Ba2" from "Ba3", with the rating outlook stable.

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,


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  13, 2013  filed on  SEDAR  at 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 


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.


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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