NEWSROOM

TORONTO, Dec. 18 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC) announced today that it has received approval from the Superintendencia Financiera de Colombia ("Superfinanciera"), the Colombian regulatory entity in charge of supervising public issuers, for the listing of its shares on La Bolsa de Valores de Colombia (the "BVC", or the "Colombian Stock Exchange"). Pacific Rubiales is the first international company to have its shares listed on the exchange. Shares will be freely traded beginning the week of December 21 under the symbol PREC.

Mr. Ronald Pantin, Chief Executive Officer, commented: "This news is the perfect culmination of a record breaking year for us. We are the first international company listed on the Colombian Stock Exchange and we are proud to be in this position. We will be fully engaged in the Colombian capital market and are looking forward to being a significant participant in its growth and development. This development will expand the company's shareholder base and enable it to access capital in the region if needed."

The process for the listing of the company's shares on the BVC started nine months ago (see press release dated September 10, 2009) and involved the participation and close collaboration of a number of entities, including the Banco de la Republica (Colombian Central Bank), the Ministry of Finance, Deceval (Clearing Agent), and La Bolsa de Valores de Colombia. Citivalores and Brigard & Urrutia served as advisors throughout the process. Their collective efforts and commitment to the process is what made the listing of the company's shares possible in a relatively short time frame.

The listing does not involve the issuance of new common shares of the company or any other securities or derivatives, such as ADRs, as it was structured solely to allow the common shares of the company that are currently issued and outstanding, and trading on the Toronto Stock Exchange, to be tradeable by investors through the facilities of the BVC. Other than enabling investors to buy and sell shares in Colombian Pesos, the listing will not result in any changes to the rights and entitlements of holders of the company's shares, irrespective of whether they purchase their shares through the TSX or the BVC.

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 49,500 barrels of oil equivalent per day (after royalties), with working interests in 32 blocks in Colombia and Peru.

Information in this press release expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. 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.

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