Maurel & Prom Concludes a Strategic Alliance With Pacific Rubiales Energy

PARIS, March 31, 2011 /PRNewswire-FirstCall/ — Maurel & Prom announces
the acquisition by Pacific Rubiales Energy of 50% of its interests in the
blocks Sabanero (M&P 100%), Muisca (M&P 100%), SSJN-9 (M&P 50%), CPO-17 (M&P
50%) and COR-15 (M&P 100%).

Pacific Rubiales Energy with its strong growth dynamics and expertise in
production and treatment of heavy crudes has been selected by the Group as
strategic partner for the valorization of the resources of the Group in
Colombia, particularly those of the Sabanero block.

This acquisition in the aforementioned blocks is subject to the following
terms:

1. Reimbursement to Maurel & Prom of the past cost on the aforementioned
blocks for a cash consideration of US$63.2m as of December, 31st 2010
(estimated at US$65.4m as of March, 2011).

2. Pacific Rubiales Energy to undertake a full carry obligation on the
exploration activities for the Sabanero Block, with reimbursement by means of
free cash flow derived from future hydrocarbon production. Pacific Rubiales
Energy will also secure the financing required by Maurel & Prom to execute
its portion of the development activities in such Block.

3. Pacific Rubiales Energy to undertake a full carry obligation of up to
US$120m for exploration activities in the SSJN-9, CPO-17 and Muisca Blocks.

4. Pacific Rubiales Energy to undertake a full carry obligation on the
exploration activities for the COR-15 Block, with reimbursement by means of
the free cash flow derived from future hydrocarbon production. Pacific
Rubiales Energy will also secure the financing required by Maurel & Prom to
execute its portion of development activities in such Block.

5. Pacific Rubiales Energy will provide access to its existing and future
transport infrastructure and capacity, under the best commercial terms.

6. The parties agree that they will jointly pursue on a 50%/50% basis any
hydrocarbon rights in an area of mutual interest immediately surrounding the
Sabanero Block.

This agreement may be subject to legal and regulatory approvals of ANH
and contractual approvals with the partners in Colombia.

For Maurel & Prom, this alliance with Pacific Rubiales Energy should
allow for a faster monetization of the hydrocarbons resources already
identified on the Blocks, more specifically Sabanero.

This association allows the Group to finance its operations for
delineation, development and start of production, as well as an aggressive
exploration program with a strategic partner with a remarkable expertise in
the production of heavy crude in Colombia.

For more information: http://www.maureletprom.fr

This document may contain forward-looking statements regarding the
financial position, results, business and industrial strategy of Maurel &
Prom. By nature, forward-looking statements contain risks and uncertainties
to the extent that they are based on events or circumstances that may or may
not happen in the future. These projections are based on assumptions we
believe to be reasonable, but which may prove to be incorrect and which
depend on a number of risk factors such as, fluctuations in crude oil prices,
changes in exchange rates, uncertainties related to the valuation of our oil
reserves, actual rates of oil production and the related costs, operational
problems, political stability, legislative or regulatory reforms, or even
wars, terrorism and sabotage.

           Maurel & Prom is listed on Euronext Paris - Compartment A -
   CAC(R) Mid 60 - SBF120(R) - CAC(R) Mid & &Small - CAC(R) All-Tradable -
   CAC(R) All-Share ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

                                  Next meeting:

    31/3/2011 Net income 2010 (after close of trading)

    1/4/2011 Analyst presentation (10 am)

    12/5/2011 General Meeting (10 am)

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SOURCE Maurel & Prom