Pacific Rubiales Declares Cash Dividend

Pacific Rubiales announced a cash dividend in the aggregate amount of US $25,000,000 which translates to US $0.093 per common share. The dividend is payable on June 30, 2011 to shareholders of record as of June 17, 2011. The ex-dividend date is June 15, 2011. For shareholder trading on the Colombian stock exchange, the peso equivalency shall be calculated based on the exchange rate as certified by the "Superintendencia Financiera de Colombia" (the "SFC") on the date of monetization and will be published on the SIMEV website at the proper time.

Subject to approval from the Board of Directors, the Company expects to pay a dividend on a quarterly basis, with such decision being determined based on funds from operations, earnings, financial requirements, commodity price levels, legal requirements and other conditions existing in the future. This policy will continue to be reviewed by the Board of Directors, as needed, from time to time. Future dividends on Pacific Rubiales common shares are not guaranteed.