Pacific Rubiales to Invest in Guyana

Pacific Rubiales has agreed to purchase 58,720,000 common shares in the capital of CGX Energy at a price of C$0.70 per common share for an aggregate investment of C$41,104,000. CGX is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana/Suriname Basin, an area that is ranked second in the world for oil and gas prospectively by the United States Geological Service.

Ronald Pantin, Chief Executive Officer, commented, "We are excited about this investment as it represents a step forward into offshore opportunities in one of the most prospective areas in the world."

This investment is being made pursuant to CGX's recently announced bought deal financing through a syndicate of underwriters led by Cormark Securities Inc. and including GMP Securities L.P., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., Jennings Capital Inc. and Toll Cross Securities Inc. whereby CGX has agreed to issue 114,300,000 common shares at a price of $0.70 per Common Share.

The Company does not currently hold any common shares or other securities of CGX. Following completion of the offering, Pacific Rubiales will hold approximately 19% of the outstanding common shares (18% if an over-allotment option is exercised in full). In addition, the Company has agreed not to make any offers to purchase outstanding common shares or other securities of CGX for a period of 12 months without the prior consent of the board of directors of CGX.