Pacific Rubiales Announces Re-Filing of Business Acquisition Report



    TORONTO, Sept. 22 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today that it had re-filed with the Canadian Securities
Administrators a business acquisition report relating to its acquisition of
Pacific Stratus Energy Ltd. on January 23, 2008. The business acquisition
report, dated August 22, 2008 and originally filed by the company on August
26, 2008, inadvertently attached draft, rather than the final, financial
statements of Pacific Stratus; the re-filed business acquisition report, dated
September 22, 2008, contains the final financial statements.
    The changes from the Pacific Stratus financial statements previously
included by the company in the business acquisition report filed on August 26,
2008 are:

    
    -   a decrease in loss and diluted loss per share for Pacific Stratus for
        the comparative year 2006 to $0.20 from $0.23;
    -   changes to the components of Pacific Stratus's consolidated
        statements of cash flows for 2006 and 2007;
    -   wording changes to line items in Pacific Stratus's consolidated
        statements of shareholders' equity and accumulated other
        comprehensive loss and the consolidated statements of cash flows; and
    -   changes to Note 2 - Significant accounting policies, Note 6 -
        Property, plant and equipment, net, Note 7 - Assets retirement
        obligations and Note 11 - Segmented information.
    

    No changes have been made to the pro forma consolidated statement of
operations for the year ended December 31, 2007, attached as Schedule B to the
business acquisition report, as a result of the changes listed above.
    The re-filed business acquisition report was filed pursuant to
Multilateral Instrument 51-102 and is available at www.sedar.com and on the
company's website.

    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
26,000 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, Jagueyes, Abanico, Alhucema,
Arrendajo, Cerrito, Chipalo, Cicuco, Guasimo, Buganviles, Las Quinchas, CP-1
and CP-6 blocks in Colombia and blocks 135, 137 and 138 in 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.

    %SEDAR: 00007953E




For further information:

For further information: Mr. Peter Volk, General Counsel & Secretary,
(416) 362-7735

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Pacific Rubiales Energy Corp.

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