Pacific Rubiales announces annual and special meeting voting results

TORONTO, May 29, 2014 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) today held its annual and special meeting of shareholders (the "Meeting"), where each of the twelve nominees proposed as directors and listed on the Company's management proxy circular dated April 25, 2014 were elected as directors. A total of 225,982,373 common shares were voted in respect of the election of directors at the Meeting, representing 72.05% of the votes attaching to all outstanding common shares. The directors achieved an average approval vote of 93.80% from shareholders.

Miguel Rodriguez, Lead Independent Director of the Company, commented:

"We are very pleased with the overwhelming support received from our shareholders.  Since inception, Pacific Rubiales has been committed to delivering superior returns to our shareholder while also being mindful of their concerns. Our management team has dedicated time to meeting with our shareholders and as a result we have made significant improvements to our corporate governance over the course of the last three years.

"Although our Stock Option Plan was approved by 59% of shareholders, we are pleased to advise shareholders that the Company will be moving away from this form of compensation and towards a deferred share unit plan as a way to better align our compensation with the interests of our shareholders."

The detailed results of the vote are set out below:

Nominee Outcome of vote Voted Voted (%)
José Francisco Arata Approved 182,006,386 Voted
8,609,204 Withheld
95.48%
4.52%
Miguel de la Campa Approved 172,682,324 Voted
17,933,266 Withheld
90.59%
9.41%
German Efromovich Approved 175,581,644 Voted
15,033,946 Withheld
92.11%
7.89%
Serafino Iacono Approved 174,158,602 Voted
16,456,988 Withheld
91.37%
8.63%
Augusto Lopez Approved 181,997,988 Voted
8,617,602 Withheld
95.48%
4.52%
Hernan Martinez Approved 173,306,742 Voted
17,308,848 Withheld
90.92%
9.08%
Dennis Mills Approved 184,113,265 Voted
6,502,325 Withheld
96.59%
3.41%
Ronald Pantin Approved 178,743,981 Voted
11,871,609 Withheld
93.77%
6.23%
Victor Rivera Approved 185,673,623 Voted
4,941,967 Withheld
97.41%
2.59%
Miguel Rodriguez Approved 174,835,364 Voted
15,780,226 Withheld
91.72%
8.28%
Francisco Solé Approved 182,033,145 Voted
8,582,445 Withheld
95.50%
4.50%
Neil Woodyer Approved 180,456,467 Voted
10,159,123 Withheld
94.67%
5.33%

Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.

SOURCE Pacific Rubiales Energy Corp.

PDF available at: http://stream1.newswire.ca/media/2014/05/29/20140529_C7581_DOC_EN_40900.pdf

For further information:


Christopher (Chris) LeGallais
Sr. Vice President, Investor Relations
+1 (647) 295-3700

Roberto Puente
Sr. Manager, Investor Relations
+57 (1) 511-2298

Kate Stark
Manager, Investor Relations
+1 (416) 362-7735