NEWSROOM

    TORONTO, Sept. 10 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today that it has filed before the Superintendencia Financiera de
Colombia ("Superfinanciera"), the Colombian regulatory entity in charge of
supervising public issuers, the necessary documentation for the registration
of its shares at the National Registry for Securities and Issuers (the
Registro Nacional de Valores y Emisores in Colombia "RNVE"). Once the
Superfinanciera has reviewed and approved the documentation, the company will
be ready to be listed in the Colombian Stock Exchange (BVC). Listing at the
BVC will qualify as a secondary listing, and the company's primary exchange
will remain the Toronto Stock Exchange.
    This step is an important milestone in the objective that the company has
set itself of becoming the first foreign issuer to have listed its ordinary
shares at the BVC. The dual listings will enable the company to expand its
institutional and retail investor base in the country where it has the
majority of its operations and where the capital markets are rapidly growing
within the Andean region. The company does not anticipate making an offering
in conjunction with these listings and therefore there will be no dilution to
existing shareholders.
    Ronald Pantin, Chief Executive Officer, commented: "We believe that this
listing will broaden our shareholder base and offer new liquidity to the
stock. It will also create opportunities for pension funds and individual
shareholders in Colombia to invest in a company whose operations support the
local economy."
    The listing on the BVC will be subject to the local regulations
applicable to foreign issuers. All reporting and disclosure regulations,
including corporate governance, voting rights and proxy voting will be in
accordance with Canadian and Colombian regulations, as applicable to foreign
investors. Pacific Rubiales will appoint an administrative agent in Colombia
to maintain shareholder records and this agent will be responsible for
dividend payments and all other matters regarding shareholder rights.

    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 approximately 34,000 barrels of oil
equivalent per day, with working interests in 32 blocks in Colombia and Peru.

    Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 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.

    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.

    %SEDAR: 00007953E