Pacific Rubiales delivers record production, sales volumes, EBITDA and funds flow from operations, in the first quarter

 Pacific Rubiales delivers record production, sales volumes, EBITDA and funds
                  flow from operations, in the first quarter

PR Newswire

TORONTO, May 8, 2013

TORONTO, May 8, 2013 /PRNewswire/  - Pacific Rubiales Energy Corp.  (TSX:PRE; 
BVC: PREC;  BOVESPA:  PREB)  announced  today the  release  of  its  unaudited 
consolidated financial results for the quarter ended March 31, 2013,  together 
with its Management Discussion and Analysis ("MD&A"). These documents will  be 
posted  on  the  Company's   website  at  www.pacificrubiales.com,  SEDAR   at 
www.sedar.com,           the            SIMEV            website            at 
www.superfinanciera.gov.co/web_valores/Simev,  and  the  BOVESPA  website   at 
www.bmfbovespa.com.br/. All values in this release and the Company's financial
disclosures are in U.S.$, unless otherwise stated.

The Company scheduled a teleconference for investors and analysts on Thursday,
May 9, 2013 at 9:00 a.m. (Toronto time) to discuss the Company's first quarter
results. Analysts and  interested investors are  invited to participate  using 
the dial-in instructions provided at the back of this news release.

First Quarter 2013 Overview and Highlights

  *Average net production after royalties was 127,889 boe/d, an 18% increase
    compared to the fourth quarter last year, and an increase of 37% over the
    same period in 2012. This represents a record for the Company and is at
    the high end of the annual production guidance.

  *Revenues were $1.3 billion, a 20% increase compared to the fourth quarter
    last year, and a 35% increase over the same period in 2012.

  *EBITDA was $695 million, a 62% increase compared to the fourth quarter
    last year, and a 28% increase over the same period in 2012. Also a record
    quarter for the Company, driven by higher volumes of production and sales,
    and supported by high price realizations.

  *Funds flow from operations (cash flow) was $506 million, a 119% increase
    compared to the fourth quarter in 2012, and an increase of 29% over the
    same period in 2012, which was a record quarter for the Company.

  *Net earnings were $121 million, a substantial increase of $145 million
    compared to the loss of $24 million in the fourth quarter last year. Net
    earnings in the quarter were down from $258 million in the same period in
    2012. Contributing to this decrease was an increase in non-cash DD&A
    costs resulting from the higher volumes produced, the C&C and
    PetroMagdalena acquisitions completed in 2012, and the continued capex
    additions to the Rubiales field related to the 2016 contract life of the
    field. Also contributing to this decrease was an increase in total income
    taxes, primarily resulting from non-cash foreign exchange effects on
    deferred income taxes.

  *Operating netbacks on combined crude oil and natural gas production of
    $60.88/boe were 31% higher than the $46.44/boe recorded in the fourth
    quarter, largely relating to the PAP arbitration decision at Quifa SW.
    Operating netbacks in the quarter were down from the same period in 2012,
    largely a result of lower commodity prices and slightly higher costs.

  *The Company achieved a $4.17/bbl reduction on its oil operating costs in
    the first quarter compared to the fourth quarter last year, excluding the
    overlift/underlift costs which were due to the financial provision
    relating to the PAP arbitration decision at Quifa SW. The Company
    continues to implement cost reduction projects and initiatives which are
    expected to result in a structural reduction in its future operating costs
    by approximately $8/boe on a pro-forma basis through 2013.

  *Issuance of $1 billion of senior unsecured notes at a rate of 5.125%
    maturing in 2023. The proceeds of the financing are being used to repay
    outstanding short-term debt, release the revolving credit facility, while
    extending the Company's credit profile and strengthening its overall
    capital structure.

  *A 55% growth in total certified Prospective Resources to 4.3 Bboe from 2.8
    Bboe in 2011. Total Contingent Resources also grew to 168 MMboe from 4
    MMboe in 2011.

  *Important exploration discoveries, including two new light oil discoveries
    in the Company's Cubiro and Arrendajo blocks in Colombia, a significant
    natural gas and condensate discovery in the Guama block also in Colombia,
    and a light oil discovery in the Kangaroo-1 exploration well drilled in
    the Santos Basin offshore Brazil.

  *The Company received an important environmental permit for the "Quifa
    Hydrocarbon Exploitation Area", allowing for further production ramp-up in
    the Quifa SW field and resumption in exploration drilling in the Quifa
    East area.

  *In April, 2013, the Company filed a Notice of Intention with the Toronto
    Stock Exchange (the "TSX") to commence a normal course issuer bid to
    purchase up to a maximum of 31,075,887 common shares, which represents 10%
    of the public float of the Company as of April 26, 2013. Given the
    strength of the Company's balance sheet, the Company is currently
    evaluating methods by which to return value to shareholders, which
    includes repurchasing shares and/or increasing the quarterly dividend.
    Senior management is in the process of evaluating these alternatives and
    will submit a proposal to the board of directors by the end of the second
    quarter.

"I  am  very  pleased  by  the  Company's  strong  operational  and  financial 
performance year-to-date", commented Ronald Pantin, Chief Executive Officer of
the Company. "Production and sales volumes are at record levels and on  track 
to achieve the  high end  of our  annual production  guidance. The  Company's 
financial performance metrics measured by  cash generated as EBITDA and  funds 
flow from operations (cash flow) continue  to be robust and are growing.  The 
Company's balance sheet is strong and  we continue to benefit from the  market 
and trading advantages  currently enjoyed  by Colombia  heavy oil  production, 
achieving a premium to WTI  pricing in the first  quarter of almost $8/bbl  on 
our total crude oil production sales volumes.

"We have an active and exciting  year of exploration and development  planned, 
with over 40 exploration  and appraisal wells planned  for the year, and  with 
over a third  of these wells  being potential high  impact wells in  Colombia, 
Peru,  Guatemala,  Brazil  and  Papua   New  Guinea.  Five  new   exploration 
discoveries were made during the first  quarter including an oil discovery  in 
the Kangaroo-1 exploration well in offshore Brazil. In April, we spudded  our 
first onshore  exploration  well  (Yahuish-1X  well) in  Block  138  in  Peru, 
targeting a large structure identified on seismic.

"Environmental permitting  in Colombia  is slower  than anticipated  but I  am 
pleased to see some  improvements developing on that  front and we  appreciate 
the efforts that the Autoridad Nacional de Licencias Ambientales ("ANLA")  has 
made to  enhance and  streamline the  process  to speed  up licenses  for  oil 
producers in Colombia.  During the  first quarter, we  received an  important 
comprehensive permit for the further exploration and development of the  Quifa 
Hydrocarbon Exploitation Area that will allow continued production ramp-up  in 
the Quifa SW field and resumption of exploration in the Quifa East area  north 
of the Rubiales field. We also received the necessary permits to increase oil
production in our Copa oil field Block.

¨The Company is in the process of implementing several cost saving initiatives
with respect to production, transportation and diluent costs, which we  expect 
to materialize throughout the year.

"The Company is building a new power transmission line connecting the Rubiales
and Quifa fields with Colombia's electric grid, supplying less expensive power
to run in-field operations, which is  expected to be operational in the  third 
quarter of this year.

"In order to handle the increasing  volumes of water produced in the  Rubiales 
and Quifa  fields, the  Company  has initiated  a  project to  treat  produced 
formation water  from  these fields  and  use  it for  an  irrigation  project 
designed for  agroforestry activity,  starting  up in  the fourth  quarter  of 
2013.

"Our  investments  in   the  Bicentenario  Pipeline   will  provide  us   with 
approximately 40,000  bbl/d  of additional  pipeline  egress starting  in  the 
second half  of this  year, significantly  reducing the  current higher  costs 
associated with trucking oil production.

"The Company continues to  actively invest in  projects and infrastructure  in 
Colombia designed to  support our  growing production in  the country.  These 
projects include our investments  in Puerto Bahia, where  we are developing  a 
new oil export terminal on the  Colombian Caribbean coast, which will  improve 
our export capability and reduce inventory storage.

"A new diluent mixing station is also being constructed at Cusiana which  will 
lead to optimization  and lower  costs on  the Company's  expanding heavy  oil 
production, starting in the second quarter of this year. With the  acquisition 
and development of  our own  light crude assets,  the Company  expects to  see 
further cost  reductions  as  a  result  of using  our  own  light  oil  crude 
production as diluent, instead of using imported natural gasoline.

"We expect these and other projects and initiatives to result in a significant
structural change  in our  operating costs,  targeting overall  reductions  of 
approximately $8/bbl on a pro-forma basis  during the remainder of this  year, 
consisting of a targeted $3 - $4/bbl reduction in production costs, and a $3 -
$5/bbl reduction in transportation and diluent costs.

"Although it is early days, we are encouraged by the results we are seeing  in 
our STAR pilot project  at Quifa SW. We  have achieved sustained ignition  in 
the reservoir during the first quarter  and we will continue to evaluate  this 
pilot project.

"A small scale LNG  project is being  built in alliance  with Exmar NV,  which 
will enable the  Company to more  than double its  gas production in  northern 
Colombia when it comes on stream in late 2014.

"Overall I  am looking  forward  to a  year  of continued  production  growth, 
improving cost structure and an exciting exploration program, as we build  for 
the long-term  benefit of  our  shareholders and  employees, the  leading  E&P 
company focused in Latin America."

Financial Results

                                                                    
Financial Summary                                          
                                                 2013       2012
                                                   Q1       Q4     Q1
Oil & Gas Sales Revenues ($ millions)          1,258.8  1,046.7  931.9
EBITDA ($ millions)^1                            694.7    429.0  542.2
EBITDA per share^1                                2.16     1.45   1.85
Funds Flow from Operations ($ millions)^1        506.2    231.5  392.5
Funds Flow from Operations per share^1            1.58     0.78   1.34
Adjusted Net Earnings (Losses) from Operations   146.9     38.2  290.0
($ millions)^1
Adjusted Net Earnings (Losses) from Operations    0.46     0.13   0.99
per share^1
Net Earnings (Losses) ($ millions)               121.8   (23.8)  258.4
Net Earnings (Losses) per share                   0.38   (0.08)   0.88
Average shares outstanding - basic (millions)    321.3    294.6  292.4

^1 The terms EBITDA, funds flow from operations, adjusted net earnings from
   operations, are non-IFRS measures. Please see advisories and
   reconciliations in the MD&A.

Production

                              
Production Summary                         
                                 2013        2012
                                   Q1       Q4      Q1
Oil and Liquids (bbl/d)                             
Colombia                       115,318   95,526  80,955
Peru                             1,461    1,457   1,703
Total Oil and Liquids (bbl/d)  116,779   96,983  82,658
                                                   
Natural Gas (boe/d)^1                               
Colombia                        11,110   11,166  10,915
Peru                                 -        -       -
Total Natural Gas (boe/d)       11,110   11,166  10,915
Total Equivalent (boe/d)       127,889  108,149  93,573

^1 Colombian standard natural gas conversion ratio of 5.7 Mcf/bbl.
  Additional production details are available in the MD&A.

The Company's total production  net after royalty  of 127,889 boe/d  increased 
37% in the  quarter compared to  a year ago,  driven by strong  growth in  oil 
production from the Company's Rubiales and  Quifa heavy oil fields, and  added 
volumes and growth in light  oil production resulting from the  PetroMagdalena 
and C&C acquisitions completed in July and December 2012, respectively.

Average net oil production after royalty from the Rubiales field increased  to 
70,495 bbl/d from  57,555 bbl/d a  year ago (up  22%), and from  the Quifa  SW 
field  to  25,435  bbl/d  from  21,885  bbl/d  (up  16%),  primarily  due   to 
environmental permits received  in August  2012 allowing  for increased  water 
injection. Production in the two fields increased 9% and 10% respectively  in 
the  current  quarter  compared  to  the  fourth  quarter  2012.   Additional 
production net after royalties of 2,026  bbl/d in the quarter was  contributed 
from the Cajua field, a new commercial field development just to the north  of 
Quifa SW.

Net after royalty, mostly light oil production from the PetroMagdalena  assets 
has grown to  approximately 5.2 Mboe/d  from less than  2.5 Mboe/d, more  than 
doubling through successful exploration and development activity.

Revenues and costs associated with the Company's 49% participating interest in
production from  Block Z-1  have been  recognized in  the Company's  financial 
results since December 12, 2012 as a result of the approval by the  applicable 
Peruvian authorities. The  acquisition had  an effective date  of January  1, 
2012.

Production and Sales Volumes

                                                                    
Production to Total Sales Reconciliation               
                                            2013                2012
                                              Q1       Q4        Q1
Net Production (boe/d)                                           
Colombia                                  126,428  106,692    91,870
Peru                                        1,461    1,457     1,703
Total Net Production (boe/d)              127,889  108,149    93,573
                                                                
Net Production Sold (boe/d)                                      
Production Available for Sale (boe/d)^1   127,889  107,071    91,870
Diluent Volumes (bbl/d)                     9,607    9,671     8,549
Oil for Trading Volumes (bbl/d)             3,895    1,718    10,221
Inventory Balances and Other (boe/d)        2,259    1,681  (11,732)
Volumes Sold (boe/d)                      143,650  120,141    98,908

^1 Production available for sale includes all net production in Colombia and
   the Company's 49% of net production from Block Z-1, Peru from December 12,
   2012.
  Additional production and sales volume details are available in the MD&A.

The Company produces and  sells crude oil and  natural gas. It also  purchases 
liquids and crude oil from third parties  for use as diluents to mix with  its 
heavy oil  production and  for trading  purposes, which  are included  in  the 
reported "volumes  sold". Sales  volumes are  also impacted  by the  relative 
movement in inventories during  a reporting period.  Both revenues and  costs 
are recognized on the respective volumes sold during the period.

Production available for sale in the  quarter increased to 127,889 boe/d  from 
91,870 boe/d in the same  period in 2012 (an increase  of 39%), due to  rising 
production volumes in producing fields. Despite  a 23% rise in the  Company's 
net heavy oil  production from the  Rubiales, Quifa SW  and Cajua oil  fields, 
diluent volumes increased a smaller 12% from a year ago, due to more purchases
of natural gasoline  rather than light  oil. Oil for  trading volumes in  the 
current quarter decreased to  3,895 bbl/d from  10,221 bbl/d, while  inventory 
balances moved to a 2,259 bbl/d draw  from an 11,732 boe/d build, in the  same 
quarter a year ago.

Total volumes sold composed of production volumes available for sale,  diluent 
volumes added to heavy oil production,  oil for trading volumes and  inventory 
balance changes, increased to 143,650 boe/d in the current quarter from 98,908
boe/d a year ago (an increase of 45%).

Operating Netbacks and Sales Volumes

                                                                         
Oil and Gas                                                                             
Production
Volumes and
Netbacks
                          2013 Q1                  2012 Q4                  2012 Q4
                      Oil Natural Combined     Oil Natural Combined    Oil Natural Combined
                               Gas                      Gas                     Gas
Volumes Sold       128,641  11,114  139,755 107,392  11,031  118,423 77,829  10,858   88,687
(boe/d)
                                                                                  
Crude Oil and       102.06   40.26    97.14   99.83   43.80    94.61 110.96   41.45   102.45
Natural
Gas Sales Price
($/boe)
                                                                                  
Production Costs     12.89    4.49    12.22   14.78    6.61    14.02   9.42    2.59     8.58
($/boe)
Transportation       15.66    0.05    14.42   14.57    0.01    13.22  13.47    0.06    11.83
Costs
($/boe)
Diluent Costs         9.32       -     8.58    8.52       -     7.72  13.99       -    12.27
($/boe)
Sub-Total Costs      37.87    4.54    35.22   37.87    6.62    34.96  36.88    2.65    32.68
($/boe)
Other Costs           0.68    2.91     0.86    5.14    2.99     4.94 (2.40)    2.28   (1.83)
($/boe)
Overlift/Underlift    0.17    0.29     0.18    9.21  (0.89)     8.27 (2.45)  (0.04)   (2.16)
Costs
($/boe)
Total Costs          38.72    7.74    36.26   52.22    8.72    48.17  32.03    4.89    28.69
($/boe)
                                                                                  
Operating Netback    63.34   32.52    60.88   47.61   35.08    46.44  78.93   36.56    73.76
($/boe)

Additional cost and netback details are available in the MD&A.

In a news  release dated  April 9,  2013, the  Company disclosed  plans for  a 
structural reduction in its operating costs  on a pro-forma basis starting  in 
the second  quarter  of  2013  from a  number  of  initiatives  and  projects, 
including a new electrical transmission line supplying less expensive  energy, 
increased pipeline transportation replacing  more expensive trucking of  crude 
oil, and  efficiencies and  optimizations  related to  its diluent  costs  and 
supply.

                                           
Oil for Trading Volumes and Netbacks           
                                       2013          2012
                                         Q1     Q4     Q1
Volumes Sold (bbl/d)                   3,895  1,718 10,221
                                                      
Sales Price ($/bbl)                   105.24 100.66 112.94
Cost of Purchases ($/bbl)             101.55  96.99 109.31
Operating Netback ($/bbl)               3.69   3.67   3.63

Additional oil for trading details are available in the MD&A.

The Company also reports separately its netback on crude oil for trading which
was $3.69/bbl in the first quarter compared to $3.63/bbl in the same period in
2012.

Exploration Update

The Company drilled  eight exploration  and appraisal wells  during the  first 
quarter, resulting in five discoveries and three dry holes.

Colombia

On  the  Cubiro  Block,  the  Company  drilled  and  completed  the  Copa  D-1 
exploration well and the  Copa A Norte-1 appraisal  well encountering 27  feet 
and 25 feet of  net pay respectively in  Carbonera sand intervals. The  wells 
flowed 900 bbl/d and 770 bbl/d light 42° API oil, respectively, on test.

The Company drilled the  Yaguazo-1 exploration well,  encountering 14 feet  of 
net pay  in the  C5 basal  sand on  a previously  undrilled structure  in  the 
Arrendajo Block. The well is currently being cased to allow for a  production 
test and the Company is planning on drilling a follow-up appraisal well on the
same structure.

On the Guama Block,  the Company finished  drilling the Manamo-1X  exploration 
well, encountering 251 feet of net pay  which tested at a maximum rate of  4.9 
MMcf/d of natural  gas with 296  bbl/d 54° API  condensate. The Company  also 
started drilling the  Capure-1X well  on a  separate structure,  which at  the 
current date has intersected  approximately 23 feet  of indicated natural  gas 
and condensate pay in a secondary zone.

On the CPO-12 Block, the Hayuelo-1X exploration well was drilled as part of  a 
three  well  commitment  on  the  block.  The  well  only  encountered  minor 
hydrocarbon traces and was plugged and abandoned as a dry hole. In the  CPO-1 
Block, the Altillo Oeste-1 exploration well was also plugged and abandoned  as 
a dry hole after failing to encounter hydrocarbons.

On the Santa  Cruz Block, the  Company spudded the  Phobos-1 exploration  well 
during the quarter. This well has  multiple targets and is expected to  reach 
its total drilling depth during the second quarter 2013.

During the quarter, a 366 km^2 3D seismic survey was completed in the northern
portion of the  CPE-6 Block, aimed  at identifying new  well locations in  the 
Hamaca  oil  prospect.  Also,  aeromagnetic  and  aerogravity  surveys   were 
initiated in the COR-15 and  COR-24 Blocks; and processing and  interpretation 
of recently  acquired  2D  and 3D  seismic  data  in the  Muisca,  COR-15  and 
Portofino Blocks is ongoing, all aimed at identifying future exploration  well 
locations.

Peru

On the offshore Block  Z-1, the Company and  its partner BPZ Energy  completed 
the acquisition  of 429  km^2 of  3D seismic  data, which  is currently  being 
processed and interpreted together with  1,143 km^2 of previously acquired  3D 
seismic data.

On Block 138, the Company spudded the Yahuish-1X exploration well on April 16,
2013. The well is expected to take 60 to 80 days to reach total depth.

On Block 135,  the Company  continued with  the acquisition  of 789  km of  2D 
seismic data, expected to be completed in the second quarter. In Block 116  a 
proposed exploration well, Fortuna-1X is expected to start drilling during the
second half of 2013.

Guatemala

On Blocks N-10-96  and O-10-96,  a hyperspectral geophysical  survey has  been 
completed and  advance planning  has been  initiated for  an exploration  well 
expected to be drilled in the second half of 2013.

Brazil

During the quarter, two exploration wells (Kangaroo-1 and Emu-1) were  drilled 
as part of  a farm-in agreement  covering five blocks  in the offshore  Santos 
Basin. The Kangaroo-1 well encountered an 82 foot gross (58 foot net pay) oil
reservoir section  in a  down  flank position  in  an Eocene  structure.  The 
operator of the blocks, Karoon Gas is  planning to drill an appraisal well  to 
the Kangaroo discovery later in the  year. The Emu-1 well failed to  encounter 
pay zones and was  plugged and abandoned. The  Company is participating in  a 
third option well (Bilby-1) which has resulted  in an oil discovery in a  late 
Cretaceous reservoir interval as indicated from wireline logs and pressure and
fluid samples. Additional evaluation of the oil zone is ongoing, and the well
is expected to continue drilling to a total depth of approximately 15,050 feet
during May 2013.

First Quarter 2013 Conference call Details

The Company  has  scheduled a  telephone  conference call  for  investors  and 
analysts on  Thursday, May  9, 2013  at  8:00 a.m.  (Bogotá time),  9:00  a.m. 
(Toronto time) and 10:00 a.m. (Rio  de Janeiro time) to discuss the  Company's 
first  quarter  results.  Participants  will  include  Ronald  Pantin,  Chief 
Executive Officer, José  Francisco Arata, President,  and selected members  of 
senior management.  Pacific Rubiales  expects to  release its  first  quarter 
results on Wednesday, May 8, 2013, after market close.

The live  conference  call will  be  conducted in  English  with  simultaneous 
Spanish translation. The Company  will post a  presentation on the  Company's 
website prior to the call, which can be accessed at www.pacificrubiales.com.

Analysts and interested investors are invited to participate using the dial-in
numbers as follows:

Participant Number (International/Local):      (647) 427-7450
Participant Number (Toll free Colombia):       01-800-518-0661
Participant Number (Toll free North America):  (888) 231-8191
Conference ID (English Participants):         40205504
Conference ID (Spanish Participants):         40208313

The conference  call  will be  webcast,  which  can be  accessed  through  the 
following                                                                link: 
http://www.pacificrubiales.com.co/investor-relations/webcast.html.

A replay of the call will be available until 23:59 pm (Toronto time), May  23, 
2013, which can be accessed as follows:

Encore Toll Free Dial-in Number:    1-855-859-2056
Local Dial-in-Number:             (416)-849-0833
Encore ID (English Participants):  40205504
Encore ID (Spanish Participants):  40208313

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.

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 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.

Resources

Readers should  give  attention to  the  estimates of  individual  classes  of 
resources and appreciate  the differing probabilities  of recovery  associated 
with each  class.  Estimates  of remaining  recoverable  resources  (unrisked) 
include Prospective Resources that  have not been adjusted  for risk based  on 
the chance of discovery or the chance of development and Contingent  Resources 
that have not been adjusted for risk based on the chance of development. It is
not an estimate of volumes that may be recovered. Actual recovery is likely to
be less and may be substantially less or zero.

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.  In   addition,  the  following  mutually   exclusive 
Classification of Resources were used:

  *Low Estimate - This is considered to be a conservative estimate of the
    quantity that will actually be recovered from the accumulation. This term
    reflects a P90 confidence level where there is a 90% chance that a
    successful discovery will be equal to more than this resources estimate.

  *Best Estimate - This is considered to be the best estimate of the quantity
    that will actually be recovered from the accumulation. This term is a
    measure of central tendency of the uncertainty distribution and in this
    case reflects a 50% confidence level where there is a 50% chance that the
    successful discovery will be equal to or more than this resources
    estimate.

  *High Estimate - This is considered to be an optimistic estimate of the
    quantity that will actually be recovered from the accumulation. This term
    reflects a P10 confidence level where there is a 10% chance that the
    successful discovery will be equal to or more than this resources
    estimate.

Contingent Resources  are those  quantities of  petroleum estimated,  as of  a 
given date,  to  be potentially  recoverable  from known  accumulations  using 
established technology  or technology  under development,  but which  are  not 
currently considered  to  be  commercially  recoverable due  to  one  or  more 
contingencies. Contingent Resources have  an associated chance of  development 
(economic, regulatory, market and facility, corporate commitment or  political 
risks).  The  estimates  herein  have  not  been  risked  for  the  chance  of 
development. There  is no  certainty  that the  Contingent Resources  will  be 
developed and, if they are developed, there  is no certainty as to the  timing 
of such development  or that  it will be  commercially viable  to produce  any 
portion of the Contingent Resources.

In this news release total volumes  of resources have been expressed for  high 
case estimates, low case estimates and best case estimates for both Contingent
and Prospective  Resources.  These  total  volumes  are  arithmetic  sums  of 
multiple estimates of Contingent  and Prospective Resources,  as the case  may 
be, which statistical principles indicate may be misleading as to volumes that
may actually be recovered. Readers should  give attention to the estimates  of 
individual classes of resources and appreciate the differing probabilities  of 
recovery associated with each class as explained in this section.

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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