Pacific Rubiales announces drilling update
Jul 2, 2009

    TORONTO, July 2 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today results from its ongoing exploration program at the Rubiales
field and at the Quifa Block. Three new wells have been drilled at Rubiales
and the Quifa I-9 exploration well has been spudded.


    The three new appraisal wells, identified as RUB-221, RUB-222 and
RUB-224, were drilled in the southwestern area of the Rubiales Block in the
"Buffer Zone" (a 5 km strip that surrounds the Rubiales and Piriri commercial
fields). Two of the wells were drilled at 60 meters and 1300 meters from the
Quifa contract boundary. The petrophysical evaluation of the wells indicates a
net pay zone of 20, 33 and 22 feet respectively, with porosities in the range
of 30%. The wells were completed as vertical producers and they are presently
under production test evaluation. The positive results of these wells, in
conjunction with the results of the wells RUB-51 and RUB-52 drilled during
2008 in the same area (see news release dated September 9, 2008), enables the
company to request the declaration of commercial potential of this portion of
the block. This would allow for the extension of the existing Rubiales field
towards the Quifa Block.


    On July 2nd the company spudded the Quifa I-9 well on the boundary
between the Quifa and the Rubiales blocks, which will deviate 1400 meters
horizontally to the top of the reservoir. The well will be drilled with an
initial angle of 80 degrees in a westerly direction and it will reach a final
incline of 45 degrees to reach the target at a measured depth of 2701 feet (or
2035 feet TVDSS). This exploration well is located on Prospect "I", which the
company believes to be the geological extension of the Rubiales reservoir
toward the southwest. The company forecasts it will take approximately fifteen
days to reach the final depth and evaluate the well. Prospect "I" is the third
prospect to be drilled on the Quifa block, after the successful results
obtained on prospects "D" and "E", drilled during 2008.
    The Quifa Block is an exploratory block that almost completely surrounds
the Rubiales/Piriri Field. The company holds a 60% interest in this block in
association with Ecopetrol (40%). The Quifa contract gives Pacific Rubiales
the right to develop any discovery until 2031. This block has an area three
times larger than the Rubiales field, and in addition to the prospects named
above, has six other prospects that have been identified. These other
prospects will be drilled during the 2009-2010 exploration campaign.
    Jose Francisco Arata, the company's President, stated: "The results
announced today reinforce our belief in the expansion of the Rubiales
commercial area and confirm the extension of the producing reservoir toward
the Quifa block."
    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 of approximately 34,000
barrels of oil equivalent per day, with working interests in 34 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 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

For further information:
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director; Mr. Jose Francisco Arata, President and Director, (416) 362-7735;
Ms. Belinda Labatte, (647) 428-7035