Pacific Rubiales provides update on oil discovery in the Bilby-1 exploration well, Karoon blocks, offshore Santos Basin, Brazil

 Pacific Rubiales provides update on oil discovery in the Bilby-1 exploration
              well, Karoon blocks, offshore Santos Basin, Brazil

PR Newswire

TORONTO, May 13, 2013

TORONTO, May 13, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp.  (TSX:PRE; 
BVC: PREC; BOVESPA: PREB) provided today an update on the oil discovery in the
Bilby-1 exploration well,  drilling on  block S-M-1166, in  the Santos  Basin, 
offshore Brazil.

The Bilby-1 well was drilled as part of an agreement announced by the  Company 
on September 18, 2012, as a  minimum work commitment for five offshore  blocks 
(S-M-1101, S-M-1102, S-M-1037, S-M-1165 and S-M-1166), where the Company holds
a 35% participating interest (subject to approval by Brazil's Agência Nacional
do Petróleo, Gás Natural e Biocombustíveis ("ANP")).

As announced in an update by the operator of the blocks, Karoon Gas  Australia 
Ltd. (ASX: KAR) (see www.karoongas.com.au), the potential size of the  earlier 
announced oil discovery in the Bilby-1  well has been expanded, with a  proven 
oil column of 320 metres (1,050 feet), confirmed by wireline pressure data and
sampling of  oil from  the identified  reservoir interval.  One of  seven  oil 
samples recovered  indicates  the presence  of  33°  API quality  oil  in  the 
reservoir.

The net oil bearing reservoir based  on petrophysical logs is estimated to  be 
70 metres (230 feet) with porosities  up to 23%. The confirmed  stratigraphic 
extent of the  oil bearing reservoirs  now includes interbedded  sands in  the 
Eocene, Paleocene and Maastrichtian (Late Cretaceous) age rocks.

The Bilby-1 well is  positioned approximately 150 metres  (492 feet) down  dip 
from the  trap crest  as indicated  on seismic  data, creating  potential  for 
additional prospectivity higher in the structure.

Ronald  Pantin,  Chief  Executive  Officer  of  Pacific  Rubiales   commented: 
"Although we are in  early exploration stages in  Brazil, we are pleased  with 
the results to date and our  partnership with Karoon. Further appraisal  wells 
will be required, but it is encouraging to have discovered oil trapped in  two 
separate structures, in  the earlier drilled  Kangaroo-1 well and  now in  the 
Bilby-1 exploration well."

With the  wireline  testing of  the  discovery  now completed  the  well  will 
continue drilling ahead  as planned  to an  expected measured  depth of  4,573 
metres (approximately 15,000 feet), to  test additional targets in the  deeper 
Santonian (Cretaceous) interval.

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 news 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, Guatemala or  Peru; 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 news  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
 
Press spacebar to pause and continue. Press esc to stop.