TORONTO, Dec. 31, 2012 /PRNewswire/ – C&C Energia Ltd. (C&C Energia) is pleased
to announce that today Pacific Rubiales Energy Corp. (TSX: PRE; BVC:
PREC; BOVESPA: PREB) (Pacific Rubiales) closed the acquisition of C&C
Energia by way of plan of arrangement (the Arrangement).

With the completion of the Arrangement, Pacific Rubiales has acquired
all of the issued and outstanding shares of C&C Energia and each share
of C&C Energia has been exchanged for 0.3528 common shares of Pacific
Rubiales, Cdn.$0.001 cash and one common share of a new exploration
company, Platino Energy Corp. (TSXV: PZE).

The shares of C&C Energia are expected to be delisted from the Toronto
Stock Exchange on or about January 3, 2013.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements and information
concerning the anticipated date of the delisting of the shares of C&C
Energia from the Toronto Stock Exchange. C&C Energia has provided this
anticipated date in reliance on certain assumptions that it believes
are reasonable at this time, including assumptions as to the timing of
receipt of the necessary regulatory approvals. This date may change
for a number of reasons, including the inability to secure necessary
regulatory approvals in the time assumed or the need for additional
time to secure such approvals. Accordingly, readers should not place
undue reliance on the forward-looking statements and information
contained in this press release concerning the time for the delisting
of the shares of C&C Energia from the Toronto Stock Exchange.

SOURCE Pacific Rubiales Energy Corp.