TORONTO, April 29, 2013 /PRNewswire/ – Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA: PREB) announced today that it has filed a Notice of
Intention with the Toronto Stock Exchange (the “TSX”) to commence a
normal course issuer bid. Under the bid, which is subject to acceptance
by the TSX, the Company will have the right to purchase up to a maximum
of 31,075,887 common shares in the capital of the Company (the “Common
Shares”) through the standard facilities of the exchanges on which the
Common Shares are listed. This amount represents 10% of the public
float (the issued and outstanding Common Shares not held by insiders)
of the Company as of April 26, 2013, determined in accordance with the
applicable rules of the TSX.

There were a total of 322,853,070 Common Shares issued and outstanding
as of April 26, 2013. Management of the Company intends to purchase up
to 31,075,887 Common Shares and will determine the timing of any such
purchases, subject to compliance with applicable TSX rules. Daily
purchases will be limited to 240,239 Common Shares, other than block
purchase exceptions. Purchases made pursuant to the bid will be made in
the open market through the standard facilities of the exchanges on
which the Common Shares are listed and the price that the Company will
pay for any such Common Shares will be the market price at the time of
the acquisition. All purchases will be made in accordance with the
requirements of the TSX, La Bolsa de Valores de Colombia (the Colombian
Stock Exchange) (the “BVC”) and Brazil’s Bolsa de Valores Mercadorias e
Futuros (the “BOVESPA”).

The Company is proposing to commence the bid on May 1, 2013, and have it
remain open until the earlier of April 30, 2014 or the date on which
the Company has purchased the maximum number of Common Shares permitted
under the bid. The Company has not purchased any Common Shares during
the previous year pursuant to any issuer bid.

The Company intends to make the bid because it believes: (i) that the
Common Shares may be undervalued from time to time in relation to its
current and future business prospects; and (ii) that Common Shares may
become available during the period of the bid at prices that would make
the purchase of such Common Shares an appropriate use of available
funds and in the best interests of the Company and its shareholders.
Upon purchase, the common shares will not be automatically cancelled
and a portion of the purchased Common Shares may be held by the
Company’s pension fund administrator under a portfolio of oil & gas and
mining investments.

Pacific Rubiales, a Canadian company and producer of natural gas and
crude oil, owns 100% of Meta Petroleum Corp., which operates the
Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and
100% of Pacific Stratus Energy Colombia Corp., which operates the La
Creciente natural gas field in the northwestern area of Colombia.
Pacific Rubiales has also acquired 100% of PetroMagdalena Energy Corp.,
which owns light oil assets in Colombia, and 100% of C&C Energia Ltd.,
which owns light oil assets in the Llanos Basin. In addition, the
Company has a diversified portfolio of assets beyond Colombia, which
includes producing and exploration assets in Peru, Guatemala, Brazil,
Guyana and Papua New Guinea.

The Company’s common shares trade on the Toronto Stock Exchange and La
Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on
Brazil’s Bolsa de Valores Mercadorias e Futuros under the ticker
symbols PRE, PREC, and PREB, respectively.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This news 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, Guatemala 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 14, 2012 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.

In addition, reported production levels may not be reflective of
sustainable production rates and future production rates may differ
materially from the production rates reflected in this news release due
to, among other factors, difficulties or interruptions encountered
during the production of hydrocarbons.

Translation

This news release was prepared in the English language and subsequently
translated into Spanish and Portuguese. In the case of any differences
between the English version and its translated counterparts, the
English document should be treated as the governing version.

SOURCE Pacific Rubiales Energy Corp.