Last updated on April 19, 2014 at 13:20 EDT

Pacific Rubiales Energy Updates on Colombian Tax Authority Inspection to Bogota Offices

November 4, 2011

TORONTO, Nov. 4, 2011 /PRNewswire/ – Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC) announced today that on Thursday, November 3, 2011, the
Colombian Tax Authority (the “DIAN“) visited its offices in Bogota within the context of its legal duty to
inspect companies operating in Colombia.

The inspection team from the DIAN was welcomed by the Company in
accordance with the spirit of transparency. The DIAN was afforded full
access to any relevant information.

According to the public declarations of the Director of the DIAN (Diario
La República, November 4, 2011), this visit is a normal occurrence, and
is being conducted within the context of a general investigation of the
Company’s contractors and service providers. As such, it is not a
direct investigation of the Company.

This type of investigation is a routine procedure and is a normal
occurrence in Colombia. The Company is therefore confident that there
is no reason for concern arising from this official visit and the
Company looks forward to continuous collaboration with the Colombian

The Company would like to reiterate that its audited financial
statements are publicly available according to the laws of Canada and
Colombia and it is in full compliance with its continuous disclosure

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 Rubiales and Piriri oil
fields in the Llanos Basin in association with Ecopetrol, S.A., the
Colombian national oil company. The Company is foc
used 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 working interests in 46 blocks in Colombia,
Peru and Guatemala.

The Company’s Shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE and
PREC, respectively.

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 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 Information

This news release contains forward-looking information. All information,
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) is forward-looking
information. This forward-looking information reflects the current
expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking information is 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 10,
2011 on SEDAR at www.sedar.com. Any forward-looking information 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 information, 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 information are reasonable, forward-looking information
is not a guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent uncertainty

SOURCE Pacific Rubiales Energy Corp.

Source: PR Newswire