Pacific Rubiales Increases Reserves at Rubiales-Piriri Field



    TORONTO, March 3 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG) today
announced that it has received a Statement of Reserves Data and Other Oil and
Gas Information for the Rubiales-Piriri Field, which estimates gross working
interest proved plus probable (P2) reserves to be 270.7 million barrels
(MMbbl) of heavy oil, representing an increase of approximately 47.5 per cent
over the quantities estimated by Petrotech Engineering Ltd. in May 2007. The
gross working interest proved (P1) reserves have been estimated at 137.7 MMbbl
from the 24.5 MMbbl reported in May, 2007, representing an increase of 462 per
cent.
    Commenting on these results Ronald Pantin, Chief Executive Officer, said
"This is the result of a very successful appraisal and exploration drilling
campaign that the company has undertaken and reinforces our belief in the
value of these fields."
    The Petrotech Report was prepared for the company using assumptions and
methodology guidelines outlined in the Canadian Oil and Gas Evaluation
Handbook and in accordance with National Instrument 51-101. The following
table summarizes selected reserves information:

    
                                  May 2007         December 2007
                                   MMbbls              MMbbls

    PROVED (P1)                     24.5               137.7
    PROBABLE (P2)                  159.0               133.0
                                   -----               -----
    TOTAL P1 + P2                  183.5               270.7
    

    The reserves shown are for comparative purposes only, and are estimates
only. Actual reserves on the company's properties may be greater or less than
those calculated.
    The report has been prepared in compliance with National Instrument
51-101 "Standards of Disclosure for Oil and Gas Activities" and is based upon
the 2007 year-end reserve evaluation report prepared by Petrotech, independent
oil and natural gas reservoir engineers based in Burnaby, British Columbia,
that evaluates the reserves of the Rubiales-Piriri Field as at December 31,
2007.
    The reserve estimates in this release are based on forecast prices and
costs. 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
17,500 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.

    Forward-looking statements: 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, (416) 362-7735; or Mr. Jose Francisco Arata, President and Director,
(416) 362-7735

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Pacific Rubiales Energy Corp.

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