Pacific Rubiales Announces Results at La Creciente A-2 ST3 Well
Jul 15, 2008

    TORONTO, July 15 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG)
announced today that test results from the La Creciente A-2 ST3 well (LCA-2
ST3) in the Cienaga de Oro reservoir indicate a production potential of
29.2 million cubic feet per day using a half inch choke.
    The maximum static pressure recorded at the well head of LCA-2 ST3 is
5,512 pounds per square inch (psi) which is 182 psi higher than that recorded
at the LCA-1 well in May 2008. The static reservoir pressure recorded at
11,226 feet true vertical depth is 6,655 psi.
    Comparisons of these pressure levels with those recorded at LCA-1 and
LCA-3 after several months of production, suggest that this well may be
located in a separate compartment within Prospect A and might correspond with
Compartment 2 previously defined with the isopach sandstone trends at the
reservoir level. This interpretation will be tested through further pressure
and interference tests planned on all producing wells located in Prospect A.
    The company is now preparing to conduct further production tests of an
additional 14 foot, potentially producing interval located in the upper zone
of the Porquero Formation at 6,482 to 6,496 feet measured depth (6,246 to
6,260 true vertical depth). This is a new pay zone represented by the
limestones at the top of the Porquero formation. This interval has 13%
porosity and exhibited gas shows while drilling the limestones. The structure
at this horizon is fully covered with 3D seismic and displays a well defined
four-way closure map. If the test results indicate commercial gas production,
it will open an important new exploration target in the La Creciente 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
21,000 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.

    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; Mr. Manfred
Kruger, Vice President, Investor Relations; (416) 362-7735