Pacific Rubiales Announces Reserves for Year-End 2008
Mar 3, 2009

    TORONTO, March 3 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) is
pleased to announce its reserve data, as of December 31, 2008, as evaluated by
the company's independent reserves evaluator Petrotech Engineering Ltd.
    Ronald Pantin, Chief Executive Officer, commented: "The growth in our
proven reserves, as well as the increase in certainty of the whole resource
base, is a direct result of our sustained technical focus and superior
regional knowledge. It reinforces our belief in the long term value and
production potential of these fields."Summary of Reserves

    (rounded to next significant digit)

    2007 Reserves valued at WTI: US$90/barrel
    2008 Reserves valued at WTI: US$40/barrel

                   Reserves at    Reserves at    Reserves at    Reserves at
                  Dec. 31, 2007  Dec. 31, 2007  Dec. 31, 2008  Dec. 31, 2008
    Reserve          100%(1)       Gross(2)         100%(1)        Gross(2)
    Category(1)       (Mboe)         (Mboe)          (Mboe)         (Mboe)
    Proved (P1)         214            136             373            204

    Probable (P2)       159             84              87             41
    Total Proved +
     Probable (P1+P2)   374            221             459            245

    (1) Refers to the totality of the reserve in the blocks
    (2) "Gross" refers to the company's reserves before deduction of
        royaltiesThe reserve data in 2007 and 2008 have been determined in accordance with
National Instrument 51-101 "Standards of Disclosure for Oil and Gas
Activities" and the Canadian Oil and Gas (COGE) Handbook by Petrotech
Engineering Ltd., an independent qualified reserve evaluator. The company will
file its Statement of Reserve Data in compliance with National Instrument
51-101 in conjunction with the filing of its year-end financial statements,
which are expected to be filed by the company on or about March 26, 2009.
    The reserve estimates in this release are based on forecast prices (based
on NYMEX's WTI oil price futures) and costs and are estimates only. The
increase in size and certainty of the reserves occurred even with a $50/barrel
decrease in the WTI price used to evaluate them, as compared to the 2007
report. Actual reserves on the company's properties may be greater or less
than those calculated. Under the National Instrument 51-101 guidelines, proved
reserves are reserves that have a 90% chance of being exceeded at the reported
    Proved reserves, by definition, are conservative. Nine times out of ten
actual reserves will be greater than the proved estimate. Proved plus probable
reserves are defined as those reserves that have a 50% probability of being
exceeded at the reported level. They are the best estimate, or the most
realistic case. It is equally likely that the actual reserves will be higher
or lower than the estimate.

    Pacific Rubiales, a Canadian-based company and producer of natural gas
and heavy crude oil, owns 100 percent of Meta Petroleum Limited, 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 March
28, 2008 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;
Belinda Labatte, (647) 436-2152