09/02/2010 - Pacific Rubiales Energy announces further exploration success at Quifa Block

TORONTO, Feb. 9 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC:

PREC) announced today a new oil discovery at the Quifa-6 well, on Prospect
"A", and another successful appraisal well on Prospect "E" (Quifa-18), within
the Quifa Block located in the Llanos Basin of Colombia.
    The Quifa-6 well was drilled in Prospect "A", in the northwestern part of
the Quifa block, approximately 25 km from the discoveries made on prospects
D, E, H and I. The well found the top of the Carbonera basal sands at 3,378
feet measured depth (MD), or 2,732 feet true vertical depth at sub-sea level
(TVDSS), and the oil water contact (OWC) at 3,404 feet MD, or 2,758 feet
TVDSS, resulting in an oil column of 26 feet gross at the well. The
petrophysical evaluation of the well indicates a net pay zone of 16 feet with
30% average porosity. The Quifa-6 well was drilled at the southwestern flank
of prospect "A", thereby confirming the OWC at the deepest closing contour of
the structure, or 2,758 feet TVDSS. The crest of the structure, located 8 km
to the northeast, is mapped at 2,680 feet TVDSS and implies a maximum of 78
feet of hydrocarbon column measured from the crest to the OWC. The company is
presently planning to test the well and complete it as a vertical hole
producer.
    The average hydrocarbon column for all of Prospect "A" is 35 feet. The
structure at Prospect A is very well defined with 9 seismic profiles,
allowing for an excellent control of the mapped structure. The structural
trap has an area of approximately 8,000 acres, with an elongation of close to
16 km in the southwest-northeast direction and 2 km crosswise. The company
regards this as a very important discovery because it indicates that the
petroleum system works perfectly in the northern reaches of the Quifa block
and it opens new and exciting opportunities for Prospects F, G, and Q. These
are located on the same trend and are next in the drilling sequence planned
for the first quarter of 2010.
    The Quifa 18 well was drilled as the fourth appraisal well for the
discovery well Quifa-5 on Prospect "E". The well found the top of the
Carbonera basal sands at 3,002 feet TVD, or 2,257 feet TVDSS and the OWC at
3,060 feet TVD, or 2,315 feet TVDSS, resulting in an oil column of 58 feet at
the well. The petrophysical evaluation of the well logs indicates a net pay
zone of 49 feet (the thickest continuous reservoir section found on prospect
"E" and in the Quifa block to date), with 33% average porosity (also the best
porosity found in the Quifa Block). The Quifa-18 well was drilled as a
deviated well from the Quifa-5 surface location, slanted 61 degrees and 872m
to the northeast. The results of this well, along with the results of the
Quifa-5 (discovery well) and Quifa-8, Quifa-12, Quifa-17 and Quifa 14
appraisal wells confirm a total prospect area of 4,815 acres and an average
net pay of 33 feet for prospect "E" (refer to the results reported for the
Quifa-5, Quifa-8, Quifa-12, Quifa-17 and Quifa-14 wells in the company's
press releases dated November 26, 2008, August 26, 2009, November 9, 2009,
December 9, 2009, and January 25, 2010, respectively). This well finishes the
appraisal campaign for prospect E. The company is now planning to complete
the well as a highly deviated-hole producer.
    In addition to the wells to be drilled in Prospects "F", "G" and "Q", and
as a result of this campaign, the Company is also planning to drill 2
additional wells in prospects "K" and "L", and 3 appraisal wells in prospects
"H" and "D", for a total of 8 exploratory wells to be drilled during the
first two quarters of 2010.
    Mr. Ronald Pantin, Chief Executive Officer, commented: "The results of
these new exploration wells are a further confirmation of our vision for
Quifa and underline our belief in the potential of the blocks around
Rubiales."

    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 Quifa Block 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 a current net production of over 53,022 barrels of
oil equivalent per day (after royalties), with working interests in 32 blocks
in Colombia and Peru.

    Information in this press release expressed in barrels of oil equivalent
(boes) is derived by converting natural gas to oil in the ratio of six
thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. 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 April
1, 2009 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.

%SEDAR: 00007953E
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director; Mr. Jose Francisco Arata, President and Director, (416) 362-7735

 Ms. Belinda Labatte, (647) 428-7035