NEWSROOM

    TORONTO, June 2 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG) today
announced that effective the opening of the market on Tuesday, June 3, 2008,
its outstanding listed warrants (PEG.WT) will be consolidated on a one-for-six
basis, with the result that each consolidated warrant will now entitle its
holder to acquire one share of the company at an exercise price equal to six
times its original exercise price, or $7.80. No fractional warrants will be
issued. Any fractional warrants resulting from the consolidation will be
rounded up to the next whole number of warrants.
    The company's outstanding common shares and employee stock options were
previously consolidated on May 9, 2008. There will be no change in the
company's trading symbol as a result of the consolidation.

    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.

    %SEDAR: 00007953E