Pacific Rubiales Clarifies Effect of Consolidation on Warrants
May 8, 2008

    TORONTO, May 8 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG) wishes to
clarify that, in conjunction with the consolidation of its outstanding common
shares on a one-for-six basis effective the opening of the market on Friday,
May 9, 2008, the outstanding amount of company's listed warrants (PEG.WT) and
their exercise price of $1.30 will remain the same. What will change as a
result of the consolidation is that each warrant will now entitle the holder
thereof to acquire one-sixth of a share; in other words, the consolidation
will be effected by a holder needing six warrants in order to acquire one
    The company intends to apply to the TSX to consolidate the warrants on
the same basis of the shares so that each warrant will be entitled to acquire
one share at an exercise price of $7.80. The company will inform the market if
the application is accepted by the TSX.

    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

For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)