NEWSROOM

TORONTO, Nov. 9 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) announced today another successful well at the Quifa Block, located in the Llanos Basin of Colombia. The Quifa-12 well, drilled as an appraisal well of the Quifa-8 and Quifa-5 discoveries on Prospect "E", found the top of the Carbonera basal sands at 3,693 feet measured depth (MD), or 2,255 feet true vertical depth at sub-sea level (TVDSS) and the oil-water contact (OWC) at 3,774 feet MD, or 2,310 feet TVDSS, resulting in an oil column of 55 feet at the well. Preliminary petrophysical evaluation of the well indicates a net pay zone of 40 feet with 32% average porosity. The Quifa-12 well was drilled at a distance of 2.3 kilometers from the Quifa-5 well and 1.5 kilometers from the Quifa-8 well in Prospect "E" (refer to the drill results of the Quifa-5 and Quifa-8 wells, in the company's press releases dated November 26, 2008 and August 26, 2009, respectively).

The Quifa-12 well results are expected to incorporate new reserves to the block, and confirms the continuation of Prospect "E" between those two discovery wells, resulting in an average net pay of 35 feet for the three wells. The average OWC from Quifa-5, Quifa-8 and Quifa-12 wells is calculated at 2,312 feet TVDSS. This is 22 feet deeper than the deepest closing contour of prospect E and confirms that the oil entrapments are larger than the individual prospects and that they are connected to a much larger reservoir. Consequently, the new drainage area for prospect E is estimated at a minimum of 4,800 acres, 1,600 acres larger than the original 3,200 acres reported on November 26, 2008. The company is now planning to test the well and complete it as a vertical hole producer.

Operational update and appraisal drilling campaign

Updated average production for the Quifa-5, Quifa-7, Quifa-8 and Quifa-10 wells is summarized in the table below.

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    Well                                Production period       Average bopd
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    Quifa-5                                      164 days                170
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    Quifa-7                                       45 days                178
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    Quifa-8                                       36 days                229
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    Quifa-10                                      23 days                222
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The Quifa 9 well is currently suspended pending a build-up test. Previously the well has produced an average of 220 bopd.

The appraisal drilling campaign is now on schedule and the following will be drilled in the next two months: Quifa-11 well on prospect H, Quifa-13 well on Prospect D, and Quifa-14, Quifa-17 and Quifa-18 wells on prospect E.

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 43,000 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.

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