July 6, 2011

Standard & Poor’s upgrades corporate credit rating on Pacific Rubiales for improved financial profile

TORONTO, July 6, 2011 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC) is pleased to announce that today Standard & Poor's Ratings
Services raised its corporate credit rating on Pacific Rubiales to BB
from BB-. At the same time, it raised the rating on Pacific Rubiales'
$450 million senior unsecured notes due 2016 to BB. Standard and Poor's
reported that the stable outlook reflects their view that Pacific
Rubiales will continue to generate strong financial performance and
that the Company's positioning will allow it to continue executing its
growth strategies.

The full report can be viewed at:  http://www.pacificrubiales.com.co/doc/Research_Update_Pacific_Rubiales_Energy_Corp_Upgraded_Jul_05_2011.pdf

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 focused 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 45 blocks in Colombia, Peru and Guatemala.

The Company's common shares trade on the Toronto Stock Exchange and La
Bolsa de Valores de Colombia under the ticker symbols PRE and PREC,

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 Statements

This press 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 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 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.

SOURCE Pacific Rubiales Energy Corp.