Pacific Rubiales announces successful oil flow from two wells drilled in the CPE-6 heavy oil block, Eastern Llanos Basin,

 Pacific Rubiales announces successful oil flow from two wells drilled in the
            CPE-6 heavy oil block, Eastern Llanos Basin, Colombia

PR Newswire

TORONTO, Dec. 23, 2013

TORONTO, Dec. 23, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX:PRE)
(BVC: PREC)  (BOVESPA: PREB)  announced today  the successful  results of  the 
first production  tests in  the  CPE-6-1X exploration  well and  the  CPE-6-H2 
appraisal well, two new  wells drilled during December  in the CPE-6 Block  in 
the Eastern Llanos Basin, onshore Colombia. 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) (NYSE:TLM)  holds 
the remaining 50% working interest.

The CPE-6-1X vertical exploration well was  drilled to a total depth of  3,318 
feet MD in the Hamaca prospect, targeting the Basal Sand Unit of the Carbonera
Formation, a  unit that  has  shown a  significant  hydrocarbon column  in  12 
stratigraphic wells drilled in the block by the Company and its partner  since 
2010. The petrophysical evaluation of the well indicates a total of 50 feet of
net pay averaging 30% porosity  across a gross interval  of 90 feet. The  well 
was cased and completed in the net pay interval and tested at an average  flow 
rate of 222 bbl/d of 10.8°  API oil with a 15%  water cut, tested over a  five 
day period.

The CPE-6-H2 vertical  appraisal well was  drilled to a  total depth of  3,485 
feet MD, targeting the Basal Sand Unit of the Carbonera Formation. The well is
located four kilometers northeast of the CPE-6-1X well and is also drilled  in 
the Hamaca  prospect. The  petrophysical evaluation  of the  well indicates  a 
total of 34.5 feet of net pay  averaging 29% porosity across a gross  interval 
of 80 feet.  The well  was cased  and completed in  the net  pay interval  and 
tested at an average flow rate of 213 bbl/d of 10.9° API oil with a 12%  water 
cut, tested over a three day period.

Both wells were completed using an open-hole gravel pack technique. No thermal
stimulation was  required  and  both  wells  responded  well  to  the  use  of 
submersible pump lift. The CPE-6-1X well fulfils the commitments for the first
exploration phase of the CPE-6 E&P contract.

Ronald Pantin, the Company's Chief Executive Officer, commented:

"These are very  good results,  both wells exceed  the production  rate of  an 
average vertical well in the Rubiales Field, and fully endorse our  confidence 
in the oil potential of the CPE-6 Block and the repeatable scalable nature  of 
the heavy oil  resource play  in Colombia.  From our  extensive experience  in 
operating and  developing the  neighbouring Rubiales  and Quifa  SW heavy  oil 
fields, we find that horizontal wells typically flow at up to six to ten times
the rate of a vertical well.

"We have now established our first two producing wells on the CPE-6 Block. The
Company will be  moving a third  rig into the  CPE-6 Block in  early 2014  and 
plans to drill 16 development wells  and nine exploration and appraisal  wells 
during the year. We are in the process of moving modular production  equipment 
into the  block  to  accommodate  the  expected  early  production.  In  early 
November, the Company  was granted  the global environmental  license for  the 
CPE-6 Block  which  allows  us  to drill  200  wells  (including  exploration, 
appraisal, development and injection wells) on 40 pads and also build  surface 
facilities for future field development expansion.

"Over the past six years, Pacific  Rubiales has been the leading explorer  and 
developer of heavy  oil reserves  and production  in Colombia  with its  giant 
Rubiales and Quifa  oil field  developments, and  has established  one of  the 
largest acreage positions along  Colombia heavy oil  resource trend. With  its 
50% and 100% respective working interests in the CPE-6 and Rio Ariari  blocks, 
both located southwest of the Rubiales/Quifa SW fields along Colombia's  heavy 
oil resource trend, the Company now has  a clear path to replace the  Rubiales 
Field production by 2016."

At year-end 2012, the Company booked  certified net 2P reserves of 44.5  MMbbl 
associated with the  Basal Sand Unit  in the Hamaca  prospect, located in  the 
north central  portion of  the CPE-6  Block, and  additional working  interest 
gross best case Prospective Resources of  137.1 MMbbl for this unit. The  2012 
certification does not include an evaluation  of the overlying C-7 sand  where 
additional potential  oil pay  has been  identified on  petrophysical logs  in 
wells drilled in the block.

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
Petrominerales Ltd, which owns light and heavy oil assets in Colombia and  oil 
and gas assets in Peru, 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.

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.

Reserves and Resources

The reserves associated with the CPE-6 Block 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 CPE-6  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

The Prospective Resources associated  with the CPE-6  block 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 
Block Prospective Resources are provided in the following table below:

                      CPE-6 Block Prospective Resources
Prospect & Leads     Low Case Gross      Best Case Gross     High Case Gross
                        Unrisked            Unrisked            Unrisked
                       Prospective         Prospective         Prospective
                        Resources           Resources           Resources
Hamaca Prospect            6.0                55.2                151.5
(MMbbl)
Two Leads (MMbbl)          4.9                81.9                290.6
Total (MMbbl)             10.9                137.1               442.1

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. 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.

In this news release total volumes  of resources have been expressed for  high 
case estimates, low  case estimates  and best case  estimates for  Prospective 
Resources. These total volumes are  arithmetic sums of multiple estimates  of 
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.
      Million Tons LNG      One million tons of LNG (Liquefied Natural Gas) is
                                          equivalent to 48 Bcf or 1.36 billion
                                                            m3 of natural gas.
        Net Production  Company working interest production after deduction of
                                                                    royalties.
Total Field Production    100% of total field production before accounting for
                                      working interest and royalty deductions.
      Gross Production Company working interest production before deduction of
                                                                    royalties.
                   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.

PDF available at:
http://stream1.newswire.ca/media/2013/12/23/20131223_C6405_DOC_EN_35229.pdf

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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