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Pacific Rubiales closes CGX Energy private placement financing and appoints new board of directors and management team

 Pacific Rubiales closes CGX Energy private placement financing and appoints
                  new board of directors and management team

PR Newswire

TORONTO, April 29, 2013

TORONTO, April 29,  2013 /PRNewswire/  - Pacific Rubiales  Energy Corp.  (TSX: 
PRE; BVC: PREC; BOVESPA: PREB) is pleased  to announce the closing of the  CGX 
Energy Inc. (TSXV: OYL) ("CGX  Energy") private placement financing on  April 
26, 2013. The Company subscribed for  350 million units ("Units") at a  price 
of Cdn.$0.10 per Unit for an aggregate price of Cdn.$35 million. Each Unit is
comprised of one common share in the capital of CGX and one whole common share
purchase warrant of CGX with an exercise price of Cdn.$0.17.

As a result of the private placement, Pacific Rubiales owns approximately  63% 
of the issued and outstanding common shares in the capital of CGX Energy on  a 
non-diluted basis and approximately 75%  on a fully-diluted basis. The  board 
of directors of CGX  Energy is comprised of  eight directors of which  Pacific 
Rubiales has nominated five directors - being Ronald Pantin, Serafino  Iacono, 
José Francisco  Arata,  Marino Ostos  and  Dennis  Mills. The  new  board  of 
directors of CGX has appointed Serafino  Iacono as Co-Chairman, Dewi Jones  as 
Chief Executive Officer and Michael Galego as General Counsel and Secretary.

Ronald Pantin, Chief Executive Officer of Pacific Rubiales, commented:  "This 
investment will allow us  to expand and deepen  the Company's position in  the 
highly prospective offshore Guyana oil  play. We consider CGX Energy's  large 
acreage position in Guyana to be a premier world-class exploration asset in an
offshore basin with analogous geology to West Africa, Brazil and Venezuela.

"On the Corentyne Block, DeGolyer and MacNaughton in a resource report for CGX
Energy effective December  31, 2012, estimated  mean Prospective Resources  of 
1,522 MMbbl of liquid hydrocarbons (779 MMbbl of oil and 743 MMbbl condensate)
and 7,889 Bcf of non-associated and  associated natural gas, contained in  six 
exploration opportunities.  Additionally,  the  USGS in  its  report  entitled 
"Assessment of  Undiscovered  Conventional  Oil and  Gas  Resources  of  South 
America and Caribbean, 2012" calculated 12,494 MMboe and 18,284 Bcf of yet  to 
find oil and gas,  respectively, for the  Guyana-Suriname basin. Both  reports 
emphasized the great upside exploration potential of this basin.

"This investment  is  well-aligned  with the  Company's  technical  strengths, 
strategy of early stage large resource  capture and objective of building  the 
leading Latin American independent explorer and producer of hydrocarbons."

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.

Currency

All dollar amounts  in this news  release are expressed  in U.S. dollars  ($), 
unless otherwise stated.

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.

Boe

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.

Resources

Prospective Resources are  those quantities  of oil  and gas  estimated to  be 
potentially  recoverable  from  undiscovered   accumulations.  There  is   no 
certainty that the Prospective Resources  will be discovered. If  discovered, 
there is  no certainty  that it  will be  commercially viable  to produce  any 
portion of  the  Prospective  Resources. Application  of  any  geological  and 
economic chance factor  does not  equate Prospective  Resources to  Contingent 
Resources or reserves.

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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