Pacific Rubiales announces update on Quifa Association Contract arbitration decision

 Pacific Rubiales announces update on Quifa Association Contract arbitration
                                   decision

PR Newswire

TORONTO, April 23, 2013

TORONTO, April 23,  2013 /PRNewswire/  - Pacific Rubiales  Energy Corp.  (TSX: 
PRE) (BVC: PREC)  (BOVESPA: PREB) provided  today an update  to the March  13, 
2013 news  release  with  respect  to its  arbitration  with  Ecopetrol,  S.A. 
("Ecopetrol") regarding the interpretation  of the high-prices clause  ("PAP") 
in the Quifa Association Contract.

The Company  has filed  a  request for  annulment ofthe  arbitration  panel's 
decision  with  the   Consejo  de   Estado  (Colombia's   supreme  court   for 
administrative matters). On April 15, 2013, the Company agreed to  distribute 
the additional  PAP  production  from  the Quifa  SW  field  to  Ecopetrol  in 
accordance with then terms of the arbitration panel's decision. The Company is
in contact  with Ecopetrol  to  co-ordinate and  program crude  deliveries  in 
accordance therewith.This interim position of  the Company is subject to  the 
final determination of the Consejo de Estado on the annulment of the decision.

As previously announced,  the payment  under the PAP  arbitration has  already 
been reflected in the Company's year-end 2012 financial statements, which  are 
available  on   SEDAR  at   www.sedar.com  and   the  Company's   website   at 
www.pacificrubiales.com.

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  13, 2013  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.

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