NEWSROOM

TORONTO, Nov. 24 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) announced today that it has reached a production level of 117,784 barrels of oil equivalent per day (boepd) of gross operated production, equivalent to 48,667.7 boepd net after royalties in all its assets in Colombia. This new production level is an increase of over 17,000 boepd from the level announced on October 22, 2009.

Rubiales Field

The company has achieved gross production of 100,319 barrels of oil per day (bopd) at the Rubiales/Piriri field (excluding Quifa), in the Los Llanos Orientales basin. This milestone comes as a result of the following: the ODL pipeline, inaugurated in September, which removed the transportation limitation and secondly the expansion of production and treatment facilities, as well as the drilling plan being executed. This is framed within a business plan that aims to reach a plateau of 170,000 bopd by the end of 2010.

La Creciente

In addition, the company has announced that La Creciente Natural Gas field, in the northern part of Colombia, has reached its current operational gross production goal of 60 mmscfpd, which until now had been curtailed by some scheduled and unscheduled maintenance work. Volumes have been increased at a time when internal market demand has strengthened.

Quifa Block

As part of the appraisal drilling campaign in the block, a second appraisal well was drilled in prospect "H". The Quifa-11 well found the top of the Carbonera basal sands at 2,862 feet measured depth (MD), or 2,207 feet true vertical depth at sub-sea level (TVDSS) and the oil water contact at 2,891 feet MD, or 2,236 feet TVDSS, resulting in an oil column of 29 feet gross at the well. Preliminary petrophysical evaluation of the well indicates a net pay zone of 12 feet with 32% average porosity. The Quifa-11 well was drilled southwest of prospect "H" at a distance of 1.1 km from the Quifa-7 well and 2.2 km from the Quifa-10 well (refer to drill results of the Quifa-7 and Quifa-10, in the company's press release dated September 8 and October 13, 2009, respectively). The company is presently planning to test the well and complete it as a producer. The Quifa-11 well confirms the extension of Prospect "H" to the southwest, resulting in an average net pay of 37 feet for the three wells. The average OWC from Quifa-7, Quifa-10 and Quifa-11 wells is calculated at 2,251 feet TVDSS and the drainage area for prospect "H" is estimated at a minimum of 4,780 acres.

Abanico Field

Abanico 34 was drilled from October 9 to October 26, 2009 in the northeastern part of the Abanico oilfield, about 200 meters northward from the exploratory well Abanico 20, announced in a press release on June 11, 2009. The Abanico 34 well found the Upper Member of Guadalupe Formation at 2735 feet measured depth (MD) or 1660 feet true vertical depth at sub-sea level (TVDSS), and the Lower Guadalupe Member at 2819 feet measured depth (MD), or 1742 feet true vertical depth at sub-sea level (TVDSS), about 70 feet above the top of the Lower Guadalupe Member in the Abanico 20 well, with a gross thickness of 179 vertical feet, 63 feet thicker than the Abanico 20 well.

Two intervals have been determined for a selective test in Lower Guadalupe sandstones. The first interval has tested (between 2926 and 2970 feet MD) 275 bopd and 0.5% BSW. The second interval, between 2820 and 2908 feet MD, has tested 220 bopd and 0.5% BSW. This well extends the accumulation of the field to the northeast beyond the drainage area of the well Abanico 20, which tested an oil production of 901 bopd of 22.5 degrees API oil and 4.7% BSW in natural flow. Pacific Rubiales has a 50% working interest in the non-commercial area of the Abanico Block, where this well is located, and which was acquired by the company in the Kappa Resources acquisition in 2008. The results of the Abanico 20 and Abanico 34 wells will support the possible extension to the north of the commercial area of the Abanico Field.

Mr. Ronald Pantin, Chief Executive Officer, commented: "Reaching these milestones are the result of very hard work all across the company, management and operations team on the field. The results confirm our conviction in the growth strategy which the company has been pursuing since acquiring the Rubiales field in mid 2007 and discovering La Creciente. We were able to achieve this goal by leveraging the strength of our technical knowledge with a focus on low-cost and rapid production growth."

A breakdown of production is below:

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    PRODUCT                                 GROSS       NET (after royalties)
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    Heavy Oil                         101,377bopd              36,954.7 bopd
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    Light/Medium Oil                   5,881 bopd                 1,907 bopd
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    Natural Gas           60 mmscfd (10,526 boepd)  55.9 mmscfd (9,806 boepd)
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    Total                           117,784 boepd             48,667.7 boepd
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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 a current net production 48,667 of oil equivalent per day (after royalties), 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.

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