Pacific Rubiales Announces Credit Approval for a US$200 Million Debt Facility for Rubiales - Monterrey Oil Pipeline



    TORONTO, Feb. 12 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) is
pleased to announce that Oleoducto de los Llanos Orientales S.A. (ODL), a
special purpose vehicle owned indirectly 65% by Ecopetrol S.A. and 35% by
Pacific Rubiales, has received credit approval for a US$200 million debt
facility, in Colombian Pesos equivalent, to be provided by Grupo Aval, a
Colombian banking group led by Banco de Bogota. This facility will ensure
funding for the completion of Phase I of the ODL pipeline project, with only a
further US$100 million required to complete Phase II. Financing of Phase II is
presently being arranged by Ecopetrol and Pacific Rubiales via other sources.
    Phase I of the project, which will ultimately connect the Rubiales field
to the Monterrey station, is expected to be operational in the third quarter
of 2009. Phase I will see the Rubiales field connected to the main Colombian
oil transportation network, significantly reducing the sponsors' costs of
transportation and allowing early pumping of Rubiales' production, even before
the main pumping facilities of Phase II are completed. ODL has been able to
create this two-phased approach to utilizing the pipeline through the use of
early pumping capacity that ODL is locating and putting in place. This early
utilization of the pipeline, in conjunction with the rescaling of the trucking
currently used by the company to transport its crude, will set the foundation
for ramping up the field to a production of up to 100,000 bopd in the last
quarter of 2009. Current production is approximately 55,000 bopd. Phase II of
the construction of the ODL pipeline will see the pipeline reaching full
capacity (160,000 bopd) by the beginning of 2010. As of this date, the
sponsors of the project, Ecopetrol and Pacific Rubiales, have provided funding
to the project in excess of the required equity contribution level and,
accordingly, no further equity contributions by the sponsors are anticipated
at this time.

    Pacific Rubiales, a Canadian-based company and producer of natural gas
and heavy crude oil, owns 100 percent of Meta Petroleum Corp., 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 32,000
barrels of oil equivalent per day, with working interests in 34 blocks in
Colombia and Peru.
    Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

    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 www.sedar.com. 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, (416) 362-7735;
Belinda Labatte, (647) 436-2152

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Pacific Rubiales Energy Corp.

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