Wireline evaluation program confirms oil discovery in the Kangaroo-1 exploration well, Karoon blocks, offshore Santos Basin, Brazil

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TORONTO, Jan. 30, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA: PREB) announced today that a wireline evaluation
program has confirmed the previously announced light oil discovery in
the Kangaroo-1 exploration well on block S-M-1101, in the Santos basin,
offshore Brazil. The well was drilled as part of an agreement
announced by the Company on September 18, 2012, as a minimum work
commitment for both the S-M-1101 and S-M-1165 blocks, where the Company
holds a 35% participating interest (subject to approval by Brazil's
Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP)).

As announced in an operational update news release today by the operator
of the blocks, Karoon Gas Australia Ltd. (ASX: KAR), (see Karoon
website: www.karoongas.com.au), the wireline evaluation of the Eocene
discovery zone in the
Kangaroo-1 well, including petrophysical logs, core samples, fluid
samples and flow tests all conducted on wireline, is nearing
completion.

The wireline data confirms a 25 meter (gross) light oil column sitting
above a well-defined oil water contact in the well. Multiple oil
samples measuring 42 degree API were recovered to surface from two
separate intervals in the zone. Petrophysical well logs indicate
porosities in the 25 to 32% range, and permeabilities of 100 to 300
millidarcies have been determined from pressure flow tests. Multiple
wireline core samples collected across the zone and to be analyzed in a
laboratory will provide additional measurements of the reservoir zone's
porosity and permeability characteristics.

"Although not the primary objective, this is an exciting discovery in
our first exploration well drilled on the Karoon blocks in Brazil",
commented Ronald Pantin, Chief Executive Officer of Pacific Rubiales.
"At this stage we believe that the wireline testing and evaluation
indicates that the Kangaroo-1 Eocene reservoir is of good quality, has
the potential to flow light oil at commercial rates, and we feel very
comfortable that this is a significant discovery. We are proceeding
with plans to drill an appraisal well to further delineate the extent
of the Kangaroo reservoir. In addition, the discovery of an oil
bearing reservoir and an effective trap in the Eocene de-risks other
undrilled Eocene structures identified on the Karoon blocks."

When the current wireline operations are completed, the operator will
relocate the rig to drill the Emu-1 exploration well to evaluate blocks
S-M-1102 and S-M-1037, where the Company also holds a 35% participating
interest (also subject to approval by the ANP).

Karoon is currently working to acquire a second rig to drill an
appraisal well (Kangaroo-2) at a more optimal up-dip location for full
reservoir and production testing of the discovery. The appraisal well
would expect to penetrate a larger hydrocarbon column at the crest of
the structure where the gross reservoir section could be as thick as
350 meters and contain sandstone packages with better petrophysical
characteristics.

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.

Christopher (Chris) LeGallais

Sr. Vice President, Investor Relations

+1 (647) 295-3700

Roberto Puente

Sr. Manager, Investor Relations

+57 (1) 511-2298

Javier Rodriguez

Manager, Investor Relations

+57 (1) 511-2319