NEWSROOM

    TORONTO, Nov. 26 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today the discovery of oil at its QUIFA-5 well drilled on Prospect
"E" at the Quifa Block, located in the Llanos Basin of Colombia.
    The well found the top of the basal sandstones at a depth of 2,246 feet
true vertical depth sub-sea (TVDSS) (2,291 feet measured depth (MD)) and the
oil-water contact at 2,311 feet TVDSS (3,056 feet MD), resulting in an oil
column of 65 feet at the well. However, as the crest of the structure at
Prospect E is at 2,240 feet TVDSS, the resulting total column for the
structure is 71 gross feet. Preliminary petrophysical evaluation of the data
at the well indicates a net pay zone of 25 feet with porosities over 32%. The
resulting drainage area for Prospect E has been estimated at a minimum of
3,200 acres since the deepest closing contour of 2,285 feet at the prospect is
26 feet above the measured oil-water contact. This deeper oil-water contact
may indicate spill from this trap updip to the adjacent prospects "H" and "I".
The possibility that these prospects are connected is important, because it
may indicate a much larger discovery that could be a continuation from the
Rubiales reservoir. The company is now planning to test the well and complete
it as a vertical hole producer.
    The Quifa Block is an exploratory block that almost completely surrounds
the Rubiales Field in which the company holds a 60% interest in association
with Ecopetrol (40%). The Quifa contract gives Pacific Rubiales the right to
develop any discovery until 2031. This block is three times larger than the
Rubiales field and has seven additional prospects that have been identified
with the interpretation of the recently completed seismic campaign.
    Ronald Pantin, the company's Chief Executive Officer, stated "This well
should add new reserves that can be developed using the production
infrastructure that we are building in the Rubiales field and reinforces our
optimism about the exploration potential of the other prospects in the Quifa
Block."

    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
30,000 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 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.

    %SEDAR: 00007953E