Pacific Rubiales Provides Operational Update



    TORONTO, March 24 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PEG)
announced today the completion of the La Creciente A-4 (LCA-4) well and that
it has set a new production record of over 30,000 barrels of oil per day at
the Rubiales field.

    La Creciente

    The La Creciente A-4 (LCA-4) well has been completed and is expected to
add approximately 30 million standard cubic feet of gas per day when connected
to the existing production facilities at La Creciente. LCA-4 was drilled to a
Measured Depth (MD) of 12,530 feet or 10,874 feet True Vertical Depth at
Sub-Sea level (TVD). The top of the reservoir in the Cienaga de Oro Formation
was encountered at 11,803 feet MD or 10,429 feet TVD. The petrophysical
evaluation indicates a water gas contact at a MD of 11,978 feet or 10,540 feet
TVD.
    As result of this evaluation, 122 feet of net reservoir sandstones have
been identified, with a net to gross ratio of 88.5%, average porosity of 15%
and an average water saturation of 38.5%. The formation pressure recorded at
the reservoir was 6,600 pounds per square inches (psi), which is only 75 psi
lower than the pressure registered at the same depth on Prospect "A". The
company is now cementing the production liner in order to complete the well at
the 10,852 to 11,902 feet MD interval. With similar production behavior to
LCA-3, it is expected that this well will produce approximately 30 million
standard cubic feet of gas per day with a 1/2 inch choke and consequently it
will not be tested, but rather completed as a producing well, and be connected
to the existing production facilities at the La Creciente field.
    The La Creciente A-2 side track well (LCA-2ST) has reached 8,012 feet MD
where a 95/8-inch casing has been cemented. The company has resumed drilling
to reach the top of Cienaga de Oro at a planned MD of 11,480 feet or 10,292
feet TVD. This well will test a newly-identified compartment located within
the same structure of Prospect "A".

    Rubiales Field

    At the Rubiales field, the company has reached a new production record of
30,253 barrels of oil per day. The company has also completed its
200 kilometer 2D seismic acquisition program on the Quifa Block and is
presently shooting 249 square kilometers of 3D seismic covering the Rubiales
and Piriri producing fields.

    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
19,050 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: Ronald Pantin, Chief Executive Officer, or Jose
Francisco Arata, President, (416) 362-7735

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Pacific Rubiales Energy Corp.

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