NEWSROOM

    TORONTO, Aug. 26 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG)
announced today that it had filed with the Canadian Securities Administrators
a business acquisition report relating to its acquisition of Pacific Stratus
Energy Ltd. on January 23, 2008. The business acquisition report was filed
pursuant to Multilateral Instrument 51-102 and is available at www.sedar.com
and on the company's website.
    In addition, the company announced that it has also re-filed its
consolidated financial statements for the quarter ended June 30, 2008. The
only change from the financial statements previously released by the company
on August 14, 2008 is that the statements have now been reviewed by the
company's auditors; no changes to the statements or the notes to the
statements have been made as a result of this review. The re-filed
consolidated financial statements are available at www.sedar.com and on the
company's website.

    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 current net production of approximately
22,500 barrels of oil equivalent per day, with working interests in the
Rubiales, Piriri and Quifa concessions and the Caguan, Dindal, Rio Seco, Puli
B, La Creciente, Moriche, Guama, Arauca, Tacacho and Jagueyes blocks in
Colombia and blocks 135, 137 and 138 in Peru.

    %SEDAR: 00007953E