Pacific Rubiales Announces Reserves Growth in 2008



    TORONTO, Feb. 11 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) is
pleased to announce that it has received a Statement of Reserve Data for the
Rubiales-Piriri and Quifa Blocks.
    Ronald Pantin, Chief Executive Officer, commented: "The growth in our
proven reserves is a direct result of our successful 2008 appraisal and
exploration drilling campaign, and it reinforces our belief in the long term
value and production potential of these fields."

    
    Rubiales-Piriri Block
    ---------------------
    
    In the Rubiales-Piriri Blocks, the company's gross total proved reserve
is 114.3 million barrels (MMbbl) of heavy oil for December 2008. This
represents an increase of 82.3% of the proved reserve of 62.7 MMbbl of heavy
oil for December 2007. The proved reserve is based on a production level of
100,000 barrels of heavy oil per day in the Rubiales Field, which is the level
approved by Ecopetrol S.A. for 2009.
    With the completion of the 2008 development drilling, the company's gross
probable reserve of 58.2 MMbbl of heavy oil in 2007 has been moved to the
proved reserve category. The gross reserve is the company's share of the
reserve before deduction of royalty payments. The company's working interest
is 40% in the Rubiales Block and 50% in the Piriri Block. In 2008, the
Rubiales Field produced 13,474,838 barrels of heavy oil before fuel
consumption. The Company's gross share was 6,079,344 barrels before royalty
and 4,863,475 barrels after royalty. Please refer to Summary of Reserves table
below.

    
    Quifa Block
    -----------
    With the discovery of the Quifa 5 Well, the company's gross total proved
reserve at Quifa is 1.5 MMbbl and probable reserve is 1.3 MMbbl of heavy oil.
Additional exploration and appraisal wells are scheduled for the 2009 work
program. The company's working interest is 60%. Please refer to Summary of
Reserves table below.

    Summary of Reserves
    -------------------

    (rounded to next significant digit)

    -------------------------------------------------------------------------
    Total company
    Working Interest
    Heavy Oil Reserves                      2007 Year-End      2008 Year-End
    -------------------------------------------------------------------------
    Proved Reserves (P1)
    -------------------------------------------------------------------------
    Rubiales-Piriri Blocks
    -------------------------------------------------------------------------
      Gross                                    62.7 MMbbl        114.3 MMbbl
    -------------------------------------------------------------------------
      Net (after royalties)(1)                 50.2 MMbbl         91.4 MMbbl
    -------------------------------------------------------------------------
    Quifa Block(2)
    -------------------------------------------------------------------------
      Gross                                             0          1.5 MMbbl
    -------------------------------------------------------------------------
      Net (after royalties)(1)                          0          1.4 MMbbl
    -------------------------------------------------------------------------
    (1) Net refers to production after deduction of royalty
    (2) Quifa Block did not have a reserve statement at 2007 year-end.
    

    The reserve data in 2007 and 2008 have been determined in accordance with
National Instrument 51-101 "Standards of Disclosure for Oil and Gas
Activities" and the Canadian Oil and Gas (COGE) Handbook by Petrotech
Engineering Ltd., an independent qualified reserve evaluator.
    The reserve estimates in this release are based on forecast prices and
costs and are estimates only. Actual reserves on the company's properties may
be greater or less than those calculated. Under the National Instrument 51-101
guidelines, proved reserves are reserves that have a 90% chance of being
exceeded at the reported level.
    Proved reserves, by definition, are conservative. Nine times out of ten
actual reserves will be greater than the proved estimate. Proved plus probable
reserves are defined as those reserves that have a 50% probability of being
exceeded at the reported level. They are the best estimate, or the most
realistic case. It is equally likely that the actual reserves will be higher
or lower than the estimate.

    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
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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