NEWSROOM

TORONTO, Dec. 1 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) announced today that RiskMetrics Group recommends that shareholders vote FOR the resolution to approve the repricing of common share purchase warrants at its Special Meeting of Shareholders, to be held on December 14, 2009. RiskMetrics is North America's leading independent proxy and corporate governance advisory firm, retained by investment funds for financial research and analysis, risk management and governance services.

The Special Meeting was called to allow shareholders to approve an incentive for the early exercise of the publicly-traded common share purchase warrants. The incentive consists of a $1.50 reduction in the current exercise of warrants to those warrantholders who agree to the early exercise of their warrants during a 30-day period.

"We are pleased that RiskMetrics shares our view that the proposed warrant exercise price reduction is a means of capitalizing on the premium trading price of the warrants. The proceeds from the early exercise will go towards our planned capital needs and meet our growth strategy," said Mr. Ronald Pantin, Chief Executive Officer.

Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil operator which operates the Quifa block in the Llanos Basin in association with Ecopetrol S.A., the Colombian national oil company. The company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia as well as in other areas in Colombia and northern Peru. Pacific Rubiales has a current net production of 48,667 barrels of oil equivalent per day (after royalties), with working interests in 32 blocks in Colombia and Peru.

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 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 April 1, 2009 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.

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