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Pacific Rubiales receives environmental licences for the CPE-6 and Guama E&P blocks, allowing for the advancement of exploration



 Pacific Rubiales receives environmental licences for the CPE-6 and Guama E&P
blocks, allowing for the advancement of exploration and development activities

PR Newswire

TORONTO, Nov. 4, 2013

TORONTO, Nov. 4, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp.  (TSX: PRE) 
(BVC: PREC) (BOVESPA: PREB)  is pleased to announce  that it has received  the 
environmental licences from the  Colombian environmental authority,  Autoridad 
Nacional de Licencias  Ambientales ("ANLA"), required  to advance its  planned 
exploration and development activities in both the CPE-6 and Guama E&P blocks,
located in Colombia.

The CPE-6 E&P block covers an area of approximately 593 thousand acres in  the 
southern Llanos Basin  and lies  along the  heavy oil  trend approximately  70 
kilometers southwest of  the Company's  operated Rubiales/Quifa  SW giant  oil 
field complex. Pacific Rubiales has a 50% working interest and is operator  of 
the block. Talisman (Colombia) Oil and Gas Ltd., a wholly owned subsidiary  of 
Talisman Energy Inc. (TSX: TLM) holds the remaining 50% working interest.

There have been twelve stratigraphic wells  drilled on the CPE-6 block by  the 
Company and its partner, plus an  additional four wells previously drilled  in 
the area, which confirm  the presence of a  significant hydrocarbon column  in 
the Hamaca prospect.  At year-end 2012,  the Company booked  certified net  2P 
reserves of 44.5 MMbbl (57.1 MMbbl gross) associated with the Hamaca  prospect 
and working interest  gross best  case Prospective Resources  of 137.1  MMbbl, 
associated with the  Hamaca prospect  and two  additional leads  in the  CPE-6 
block  (see   additional  information   provided  below   in:  "Reserves   and 
Resources").

The Guama block  covers an  area of approximately  184 thousand  acres in  the 
Lower Magdalena  Valley  Basin,  approximately  100  kilometers  east  of  the 
Company's La  Creciente  natural  gas  field  in  northern  Colombia.  Pacific 
Rubiales has a 100% working interest and is operator of the block.

The Company has made  a number of significant  natural gas discoveries on  the 
block. At year-end 2012, the Company booked certified net 2P reserves of  34.2 
MMboe (36.5  MMboe gross)  and working  interest gross  best case  Prospective 
Resources of  97.3  MMboe  in  the Guama  block  (see  additional  information 
provided below in: "Reserves and Resources").

Ronald Pantin, Chief Executive Officer of the Company, commented:

"We are pleased that  the Colombian environmental  authority has granted  this 
licence which  will  provide such  an  important  source of  revenue  for  the 
Company, our partner  and for Colombia,  in the form  of royalties, taxes  and 
spin-off economic activity. We would like to again recognize the efforts  that 
the ANLA has  made to  improve and streamline  the licensing  process for  oil 
producers in Colombia and we look forward to working with them in the future.

"Receiving the environmental licence for the  CPE-6 block is important to  the 
Company and  our partner  as it  will  allow us  to continue  our  exploration 
activities, production test wells, and advance the block to first  production, 
expected next year. This block represents the first major step out for us from
the Rubiales/Quifa SW field area  and illustrates the repeatable and  scalable 
nature of the Company's heavy oil strategy in Colombia, while also  supporting 
the Company's plans  to significantly  increase its production  over the  next 
four years.

"It  is  important  to  understand  that  the  CPE-6  licence  is  a   'global 
environmental licence' which will allow for exploration and future development
on the  block. For  the  remainder of  2013 the  Company  plans to  drill  one 
exploration well  and  obtain  production  flow  tests  from  existing  wells. 
Following this  into 2014,  the Company  plans to  drill up  to 19  additional 
wells, including two exploration wells and 17 appraisal and development wells.
The Company  and our  partner will  begin activities  as soon  as  logistical, 
partner and permit approvals allow.

"The Guama environmental  licence allows  us to  advance this  block into  its 
development phase. It provides the Company  with authorization to drill up  to 
20 development wells and  the construction of  production facilities. We  have 
already made a number  of important exploration discoveries  on the block  and 
expect it will provide additional natural gas feedstock for our strategic  LNG 
export project, which is advancing to  commercial start-up at the end of  next 
year."

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;  the 
impact of environmental, aboriginal or other claims and the delays such claims
may cause in the expected development plans of the Company 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.

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.

Reserves and Resources

The reserves associated  with the  CPE-6 and  Guama blocks  were certified  by 
Petrotech in a report dated February,  28, 2013, effective December 31,  2012, 
entitled "Evaluation of  the Proved  & Probable Reserves  of Pacific  Rubiales 
Energy Corp.  in  16  Blocks  in  Colombia and  1  Block  Offshore,  Peru  for 
Year-Ending 2012". For further information, see the Company's Form 51-101 F1 -
Statement of Reserves Data  And Other Oil and  Gas Information as of  December 
31, 2012 dated March 13, 2013. Additional details on the Guama block  reserves 
are provided in the following table below:

CPE 6 Block 2P Reserves
Reserve Type      Gross Net
Heavy Oil (MMbbl) 57.1  44.5

Guama Block 2P Reserves
Reserve Type                Gross  Net
Natural Gas Liquids (MMbbl) 11.5  10.8
Natural Gas (Bcf)           142.5 133.4
Equivalent (MMBoe)          36.5  34.2

The Prospective Resources associated with the CPE-6 block (all heavy oil)  and 
Guama block (natural gas liquids and natural gas) were certified by  Petrotech 
in a report dated April 2, 2013, with an effective date of September 30, 2012,
entitled "Resource  Evaluation of  the Interests  of Pacific  Rubiales  Energy 
Corp. in 32 Exploration  & Production Blocks  in Colombia, Guatemala,  Guyana, 
Papua New Guinea, Peru and Brazil". Additional details on the CPE-6 and  Guama 
blocks Prospective Resources are provided in the following tables below:

CPE-6 Block Prospective Resources
Prospect & Leads          Best Case Gross
                        Unrisked Prospective
                             Resources
Hamaca Prospect (MMbbl)         55.2
Two Leads (MMbbl)               81.9
Total                          137.1

Guama Block Prospective Resources
Leads     Resource Type               Best Case Gross Unrisked
                                       Prospective Resources
Six       Natural Gas Liquids (MMbbl)           18.6
Prospects Natural Gas (Bcf)                    448.5
          Total Equivalent (MMboe)              97.3

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.
MMcf   Million cubic feet.
MMcf/d Million cubic feet per day.
Tcf    Trillion cubic feet.
WTI    West Texas Intermediate Crude Oil.

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

Kate Stark
Manager, Investor Relations
+1 (416) 362-7735
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