Pacific Rubiales Energy Announces More Exploration Success and Operational Update at Quifa Block

    TORONTO, Sept. 8 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today a new oil discovery at its Quifa-7 well, located in Prospect
"H" within the Quifa Block, the Llanos Basin of Colombia. The company also
provided an update on the operational activity in the block.
    The Quifa-7 exploratory well found the top of the reservoir, the
Carbonera basal sands, at 2,857 feet measured depth (MD), or 2,206 feet true
vertical depth below sea level (TVDSS) and the oil water contact (OWC) at
2,896 feet MD or 2,245 feet TVDSS for a total oil column of 39 feet from the
OWC to the crest of the structure. Preliminary petrophysical evaluation of the
data from the well indicates a net pay zone of 24 feet and 30% average
porosity. This result, along with the pressure and production regime measured
at the Quifa-5 and Quifa-8 wells recently drilled at Prospect "E", suggests
that prospects "H" and "E" are possibly connected as a single oil reservoir.
The company is now planning to test the well and to complete it as a vertical
oil producer.

    Operational Update
    The Quifa-8 well, recently drilled as an appraisal well to the Quifa 5
discovery in Prospect "E", was perforated for commingled production-testing of
two pay zones in the Carbonera basal sands at 3,048 - 3,056 and 2,978 - 2,958
feet MD. After the first four days of testing, the well showed an average
production of 100 barrels per day of 13.7 degrees API oil, slightly lighter
than the 12.5 degrees API oil produced in the contiguous Rubiales field. This
production level is similar to those reported from other vertical oil producer
wells at the Rubiales field.
    Well I-9ST2, drilled in Prospect "I" in the southwest part of the Quifa
Block, has a mechanical problem, and will initiate its production test after a
work over, scheduled for next month. (Refer to the drill results of the I-9
ST-2 well in the same Prospect "I" in the company's press release dated July
27, 2009).
    The Quifa Block is an Association Contract with Ecopetrol, S.A. in which
Meta Petroleum (a wholly-owned subsidiary of Pacific Rubiales) holds a 60%
working interest and Ecopetrol S.A. holds a 40% working interest.

    Pacific Rubiales, a Canadian-based company and producer of natural gas
and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil
operator which operates the Quifa block 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 34,000 barrels of oil
equivalent per day, with working interests in 32 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 April 1,
2009 filed on SEDAR at 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;
Ms. Belinda Labatte, (647) 428-7035

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Pacific Rubiales Energy Corp.

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