Pacific Rubiales Announces Credit Approval for Additional US$50 Million Commitment as Part of up to US$250 Million Senior Secured Revolving Credit Facility



    TORONTO, May 21 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today that it has received credit approval for an additional
commitment of US$50 million from Bancolombia Panama S.A. under a previously
announced senior secured revolving credit facility of up to US$250 million.
This brings total commitments under the facility to US$230 million. Subject to
the completion of required documentation, the company expects close on this
additional commitment on or about May 28, 2009. The company has specified that
it will only utilize that portion of the facility which it needs to meet its
2009 capital expenditure budget.
    The facility is a senior secured revolving credit facility maturing on
June 30, 2013, and bears interest at LIBOR plus 5.50%. The company will pay
commitment fees of 1.50% on the unutilized portion of any outstanding
commitments under the facility. Subject to customary acceleration events set
out in the credit agreement executed among the parties, or unless terminated
earlier by the company without penalty, repayment of outstanding principal on
the facility will be made in equal quarterly installments following the second
anniversary of the closing date.
    The company is being advised on the financing by Endeavour Financial
International Corporation.

    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 34,000
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
31, 2009 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;
Ms. Belinda Labatte, (647) 436-2152

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Pacific Rubiales Energy Corp.

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