Pacific Rubiales Updates on Senior Revolving Credit Facility

Pacific Rubiales announced the engagement of Banc of America Securities LLC as lead arranger for an up to US $200 million two year syndicated senior unsecured credit facility. The syndicate for the facility is expected to be composed of both international and local Colombian lenders. Closing is expected to occur on or before March 31, 2010. The facility will replace existing smaller facilities currently available to the company and will be utilized to support short and medium term revolving credit needs of the company as they may arise in the ordinary course of business. The company does not expect to fully draw down the facility during the 2010 financial year.

The facility will be subject to completion of syndication and all required documentation. Pricing of the facility will depend on the rating assigned to the company's senior debt securities by Standard & Poor's Ratings Group and Fitch Inc. The company will pay commitment fees on the unutilized portion of any outstanding commitments under the facility and regular spread over any disbursed amounts.

Subject to customary acceleration events set out in the credit agreement to be executed between the parties, or unless terminated earlier by the company without penalty, repayment of outstanding principal on the facility will be made in full on the second anniversary of the closing date.