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Pacific Rubiales confirms oil discovery on the Karoon blocks, offshore Brazil

Friday, Jan 25, 2013

TORONTO, Jan. 24, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) confirmed today the discovery of light oil at the Kangaroo-1 exploration well drilling on block S-M-1101, in the Santos basin, offshore Brazil.  The well was drilled as part of an agreement announced by the Company on September 18, 2012, as a minimum work commitment for both the S-M-1101 and S-M-1165 blocks, where the Company holds a 35% participating interest (subject to approval by Brazil's Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP)).

As announced by the operator of the blocks, Karoon Gas Australia Ltd. (ASX: KAR), (see Karoon website: www.karoongas.com.au), the Kangaroo-1 well has been drilled to a depth of 3,049 meters and the presence of a light oil column has been confirmed by mudlog, wireline petrophysical and MDT pressure data in Eocene aged rocks.  A gross column of 25 meters and an oil / water contact is established from pressure data interpretation.

The well intersected the Eocene reservoir section 300 metres down dip from the trap crest as interpreted on seismic mapping by Karoon.  A potential gross hydrocarbon column of approximately 350 metres is estimated by Karoon for the entire trip.

As this was not the primary target at the Kangaroo-1 well, the discovery of oil in the Eocene reservoir at the Kangaroo-1 well provides additional information with respect to other potential prospects within the Karoon blocks.  Also, the well exhibited good oil shows at the base of the Miocene aged carbonate layers, but these are still under a detail evaluation to determine their potential.

A wireline program is currently underway with full results expected in the coming days.  A drill stem test program will be assessed on completion of the wireline evaluation.  The full evaluation program for the well is expected to continue through February.  Pacific Rubiales expects to issue an additional news release providing further technical details relating to these drill results.

SOURCE Pacific Rubiales Energy Corp.

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