Pacific Rubiales Announces La Creciente A-2 ST3 Reaches Final Depth



    TORONTO, June 23 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG)
announced today that the La Creciente A-2 ST3 well has reached the total depth
of 12,645 feet Measured Depth or 10,972 feet True Vertical Depth at Sub-Sea
(TVDSS). The top of the reservoir Cienaga de Oro was encountered at
10,354 feet TVDSS, 51 feet higher than LCA-1, and the basement at
10,843 TVDSS.
    The petrophysical evaluation indicates a water-gas contact at
10,531 TVDSS, 176 feet below the top of the reservoir. As result of this
evaluation, 155 feet of net reservoir sandstones have been identified, with a
net to gross ratio of 82%, with an average porosity of 16.7%. The formation
pressure recorded at the top of the reservoir was 6,465 pounds per square
inches, similar to the pressure registered on the other wells located at
Prospect "A". The petrophysics and reservoir characteristics suggest that this
well could have the same production potential as the LCA-1, LCA-3 and LCA-4
wells.
    The Ciénaga de Oro Formation consists of 508 feet of well-sorted coarse
to fine grain sandstones (upper unit) and an interbedded sequence of silts,
shales and fine grain sandstones (middle and lower units). The Ciénaga de Oro
was logged using resistivity, gamma ray and density Logging While Drilling
(LWD) tools. The company is preparing the borehole to run wireline logs and
then cement the production liner in order to commence the production testing
shortly thereafter.
    Commenting on these results Ronald Pantin, the company's CEO stated, "We
are pleased with the positive results of this well because it will increase
the production potential of the La Creciente Block to 100-110 million cubic
feet per day, confirming our long term strategy for managing our reserves of
natural gas".

    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.

    This document contains statements about expected or anticipated future
events and financial results that are forward-looking in nature and as a
result, are subject to certain risks and uncertainties, such as general
economic, market and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic factors
and conditions, the uncertainties resulting from potential delays or changes
in plans, the occurrence of unexpected events, and the Company's capability to
execute and implement its future plans. Actual results may differ materially
from those projected by management. For such statements, we claim the safe
harbour for forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995.

    %SEDAR: 00007953E




For further information:

For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director, (604) 688-9180; Mr. Jose Francisco Arata, President and Director,
(416) 362-7735

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Pacific Rubiales Energy Corp.

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