NEWSROOM

    VANCOUVER, Aug. 2 /CNW/ - Petro Rubiales Energy Corp. (the "Company" or
"Petro Rubiales") announced today the completion of well RB64 located within
the Rubiales Oil Field, Llanos Basin, Columbia, yielding record production of
3,600 barrels per day (b/d). The vertical depth of well RB64 is 2,628 feet
with 1,200 feet of horizontal drilling section. In addition, production from
the Rubiales Oil Field has been increased from 17,000 to 21,000 (b/d).
    Commenting on the increased oil production, Mr. Ronald Pantin, President
and Chief Executive Officer, stated "this is part of our new long-term
strategic plan to become the leading heavy crude oil producer in the Llanos
Basin, we are encouraged by our rapid progress".
    The drilling plan for the second half of the year has been increased from
8 to 18 wells which include 8 horizontal and 10 appraisal wells. A new 3D
seismic program in the Rubiales and Piriri Concessions has been designed and
is being implemented. At the Quifa Concession, a 2D seismic exploration
campaign has commenced.

    Petro Rubiales, a Canadian-based company and producer of heavy crude oil,
acquired a 75 percent interest in Rubiales Holdings Limited, owner of 100
percent of Meta Petroleum Limited, a Colombian oil and gas operator which
operates the Rubiales and Piriri oil fields in the Llanos Basin in association
with Ecopetrol S.A. the Colombian, state-owned oil company. The Company is
focused on identifying attractive opportunities primarily within the eastern
Llanos Basin of Colombia.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.