NEWSROOM

TORONTO, Oct. 6, 2011 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC) announced today that it has filed before the Comissao de Valores Mobiliarios (the "CVM"), the Brazilian regulatory entity in charge of supervising public issuers, and the Brazilian stock exchange called BM&FBOVESPA S.A. - Bolsa de Valores Mercadorias e Futuros (the "BM&FBOVESPA") the documentation required for the trading on BM&FBOVESPA of Brazilian Depositary Receipts (the "BDRs") representing the Company's common shares. Once the CVM and BM&FBOVESPA have reviewed and approved the documentation, the BDRs will be ready to be listed on the BM&FBOVESPA. Listing on the BM&FBOVESPA will qualify as a secondary listing, and the Company's primary exchange will continue to be the Toronto Stock Exchange.

While the Company is already listed in Canada and Colombia, this additional listing will enable the Company to expand its qualified investor base in a country with tremendous potential for access to capital. The Company does not anticipate making an offering in conjunction with this listing and therefore there will be no dilution to existing shareholders nor will it affect their existing rights.

Ronald Pantin, Chief Executive Officer, commented: "We are excited by the opportunity afforded by this listing in the biggest market in Latin America, broadening our shareholder base and creating a stronger foothold in the region."

The listing on the BM&FBOVESPA will be subject to the Brazilian 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 Brazilian regulations, as applicable to foreign investors. Pacific Rubiales has appointed Itau Corretora de Valores S.A. ("Itau") as the depositary institution responsible for issuing the BDRs and maintaining shareholder records. Itau will also manage 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 Rubiales and Piriri oil fields 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 working interests in 45 blocks in Colombia, Peru and Guatemala.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE and PREC, respectively.

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, 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 11, 2011 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.