Pacific Rubiales Energy Completes US$450M 8.75 Per Cent Senior Note Offering

Pacific Rubiales Energy Corp. completed an offering on November 10, 2009, of US$450 million principal amount of 8.750 per cent senior notes due 2016 concurrently in the US and Canada. The notes are guaranteed by certain wholly owned subsidiaries of Pacific Rubiales and have been listed on the Luxembourg Stock Exchange for trading on the Euro MTF market. The initial purchasers were Banc of America Securities LLC, Citigroup Global Markets Inc., BNP Paribas Securities Corp., RBC Capital Markets Corporation and GMP Securities L.P.

Pacific Rubiales, an oil and natural gas company with assets located primarily in Colombia and Peru, is the successor entity formed by the amalgamation of Petro Rubiales Energy Corp. and Pacific Stratus International Energy, Ltd. in 2008.

Pacific Rubiales was represented in-house by general counsel Peter Volk and associate general counsel Anthony Zaidi and in the US by Proskauer Rose LLP with a team that consisted of Carlos Martinez, Lisa Sergi, Mercedes E. Fernandez-Moscol and Maria Guzman Favela. In Canada, Pacific Rubiales was represented by Gregory T. Chu Law Corp. and Macleod Dixon LLP with a team that consisted of Richard Lachcik, Michael Sabusco (corporate and securities); Edward Heakes (tax) and Jorge Neher and Natalija Vojvodic (Caracas office).

The initial purchasers were represented in the US by Skadden, Arps, Slate, Meagher & Flom LLP, with a team that consisted of Andrea Nicolas, Hugo Triaca, Jose Berrueta, Erin Curtiss, Ron Kovalski (corporate and securities) and Katherine Bristor (tax) and in Canada by Davies Ward Phillips & Vineberg LLP, with a team that consisted of Patricia Olasker, Brett Seifred, Conrad Druzeta, Anthony Spadaro (corporate and securities) and Raj Juneja (tax).