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              Where Great Ideas
              Become Reality…

August 2009
                                        Forward-looking statements

All monetary amounts in U.S. dollars unless otherwise stated

 This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws
concerning the business, operations and financial performance and condition of Pacific Rubiales Energy Corp. Forward-looking statements and
forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and
gas projects of Pacific Rubiales; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development
potential of the properties of Pacific Rubiales; the future price of oil and natural gas; the estimation of oil and gas reserves; the realization of oil and
gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency
exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,”
“believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking
statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of
assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of
Pacific Rubiales and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and
gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and
expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated,
acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those
risk factors discussed or referred to in the annual Management’s Discussion and Analysis and Annual Information Form for Pacific Rubiales filed
with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com. Although Pacific Rubiales has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Pacific Rubiales undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or
opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they
involve estimates of the oil and gas that will be encountered if the property is developed. Comparative market information is as of a date prior to
the date of this presentation.

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

A track record of solid execution


                 Increased average gross production from 24,784 bopd
                 (Dec„ 2007) to 76,016 boepd (July 15, 2009) + 200%


                 Increased gross 2P reserves 25% and P1 net reserves
                 50% from ‟07 to „08

                 Acquired Kappa Energy Holdings – strengthened L&M


                 Completed financing of ODL pipeline ($200 million) -
                 Secured $250m in line of credit

                 Increased revenues 7x and EBITDA 6x from „07 to „08

Paving the way to the future…


                                Complete phase I of ODL pipeline by
                                August 2009
                                Complete CPF1 by IV trim 2009
                                100 KBD

                                Ongoing R & D to increase secondary
                                recoveries at the Rubiales field – STAR
                                Development of Llanomulsion as a cost
                                saving transport technology


                                Focus on Quifa – Low Risk/High Pay-Off

                     Strong resource base
418.1 mmboe         Gross total reserves (mmboe)            458.9 mmboe


         Dec-07                                             Dec-08
                  Net reserves (before royalties) (mmboe)

Rubiales Field has continued to respond to investment and know-how …

               ODL: pathway to the future

               Pipeline 88% advanced @
                        July 2009

                                                                                  RIVER CROSSING
                                               Double the Volume, Half of the Cost

                                                                                  Transportation Cost ($/Bbl)
                  Rubiales Production (kbod)


              Projected average gross production

                 Production forecast (2009-2011E)


boe per day


                Prod. Fin de Año

2009 capital plan: $379m total¹ - a stepping stone to the future

Development                                                          Production
Drilling: $106.6m                                                    facilities: $195.9m
• Rubiales: $68.7m
• Light & medium
  oil: $37.8m

 • 92 development
 • 8 appraisal wells
 • 7 injection wells
 • 7 exploration wells

Exploration: $76.5m
• Seismic: $39.5m
• Drilling: $29m
• Studies: $9m

                          2009 production goal: 55,000 boepd (net)

 ¹ Excludes pipeline financing

               Major exploration portfolio – a significant upside

                                             +13 million
                                                  (net) acres of
                                               prospective blocks
                                             96 prospects and leads

                                                               2800 MMBL
                                                               1500 BSCF

                          Historical record: 76.5% success ratio
1 Mean   Success Volume (company estimate)
Exploration inventory
               Producing Assets                                                   Asset          Ownership                Product
                                                                                                        100%              Oil & Gas
  Asset               Ownership               Product                             Guama
                                                                                  Quifa           60%           40%       H Oil
  Piriri               50%          50%       H Oil
                                                                                  Jagüeyes              100%              L&H Oil
  Rubiales            40%         60%         H Oil
                             100%                                                 Arauca TEA          95%            5%   L Oil
  La Creciente                                Gas
                            91%           9% H Oil                                Tacacho TEA           100%              L Oil
                                                                                  CP1                   100%              H Oil
  Rio Ceibas        27%      50%       23% M Oil
                                                                                  CP6             50%          50%        H Oil
  Puli                 50%          50%       L&M Oil
                                                                                  Alicante        55%          45%        H Oil
  Moriche                  80%          20% L Oil
                                                                                  Cicuco                100%              L Oil
  Abanico           25%      50%       25% M Oil & Gas
                                                                                  Buganviles     49%           51%        L&M Oil
  Chipalo                    100%             H Oil
                                                                                  Arrendajo     32.5%       67.5%         L&M Oil
         Exploration & Development                                                Guasimo               100%              L Oil

  Asset               Ownership               Product                             Topoyaco       50%           50%        L Oil

  La Creciente               100%             Gas                                 Alhucema       50%           50%        M Oil

  Moriche                  80%          20% L Oil                                 CPO1                  100%              Oil

  Abanico           25%      50%       25% M Oil & Gas                            CPO12         40%      30% 30%          Oil

  Las Quinchas         50%          50%       L&M Oil                             CPO14          62.5%         37.5%      Oil

  Chipalo              50%          50%       H Oil                               SSJN3                 100%              Oil

                                                                                  SSJN7          50%           50%        Oil & Gas
 Free Traders Group               Petrobras           Geoconsult
                                                                                  CR1             60%           40%       Oil & Gas
 Pacific Rubiales Energy          Ecopetrol            Interoil
                                                                                  135                   100%              L&H Oil
 Cimarrona                         Alange             CEPSA
                                                                                  137                   100%              L&H Oil
  Talisman                         Others             ONGC VIDESH
                                                                                  138                   100%              L&H Oil

Exploration priorities - 2009

                            Lower Magdalena Valley and
                            Cesar Rancheria Basins

                            Upper and Middle
                            Magdalena Valley Basins

          Basin            Block            Well             2009
                                                         Q1 Q2 Q3         Q4
 Upper Magdalena Valley   Abanico       Abanico-20

 Lower Magdalena Valley   Guama         Sainero-1              Constr.

 Llanos                   Arrendajo     Mirla Negra-1

 Llanos                   Rubiales      Rb-150, 220,
                          (appraisal)   221.,222 & 224                                          Llanos Basin
 Llanos                   Quifa         Quifa-I-9              Drilling

 Llanos                   Quifa         Quifa-D-1
                                                                                 Putumayo Basin

 Llanos                   Quifa         Quifa-7 (H)                                       Completed Drilling activity

                                                                                          Current drilling activity
 Llanos                   Quifa         Quifa-8 (E)
                                                                                          Programmed drilling activity
 Llanos                   Quifa         Quifa-6 (A)

                                                                                  Note: shooting seismic in Peru in Q 4

                                                                               completed activity 1st semester           12
           Rubiales field – the core of a huge regional potential

                         STOIIP: 3201 mmbbls

December 2007

                      STOIIP: 4172.39 mmbbls

                                                                      growth in
                                                                     oil in place
                                   PRE‟s Llanos Exploratory Blocks
                                  Mean Success Volume: 529 mmbbls1
December 2008                           (Net Before Royalties)
                                                                     1   Management Estimate

                       The upside of technology – STAR
STAR: Synchronized Thermal Additional Recovery
   • Based on “Fire Flood” - It may increase recovery from 15% to 50%
   • On April 7th 2009, PRE and Ecopetrol signed Memorandum of Understanding (“MOU”)
     to evaluate the technology as a pilot project
   • If the pilot project is successful, the binding MOU provides the framework for an
     additional production contract for the economic duration of the field

                                     Pump                     Air Compressor
                   Producer                    Injector                         Producer

                                                             Oil         Gases
                                                          Displaced   (N2+CO2+CO)
      Top of the

     PRE Unique                                                                          PRE Unique
      Concept                                                                             Concept

                     Air Zone   Air and                   Coke
                                          Combustion                   Steam        Hot Water
                                Steam                     Zone

Robust financials reflecting the business plan objectives
                              2008    2009 E   2010 E   2011 E              2012 E
         WTI/BBL                96        49       60       70                  80
Net Production Assumptions
         (boepd)             21,013   39,355   62,019   74,544              77,647

          REVENUES             578      782     1,520   2,197                2,653

             OPEX               91       91      150     157                   156

  OPERATING ACTIVITIES         272      293      484     693                   956

            CAPEX              281      379      342     391                   294

    OPEN CREDIT LINES          162      200         -      -                      -

     BEGINNING CASH            141       90      156     299                   534

       CLOSING CASH             90      156      299     534                 1,130

            EBITDA             301      366      630     997                 1,284
 Management estimates                                           N-B units in MM US$

                            Corporate structure

• Issued and Outstanding Shares: ~211 million

• Fully Diluted Shares: ~289 million
   • Warrants outstanding    44.8 million
   • Options outstanding     15.1 million
   • Convertible Debentures 18.5 million

• Year Lo-Hi Share price C$1.86 – C$13.65

• Common Shares, Warrants and Convertible Debentures listed on

Year to date liquidity
                         Average daily shares traded (Jan 2, 2009 – June 22, 2009)
   000s shares traded per day

           by month

                                          Jan    Feb     Mar     Apr     May     Jun

                                 Average year to date volume: 1.82 million shares/day

                                Shares owned by Management (as of March 27, 2009): 16.02%

                           Board of directors and management

                       Experienced management with proven track record

                        Board                                                 Management
Miguel de la Campa      Executive Director & Co-Chairman   Carlos Perez          Chief Financial Officer
Serafino Iacono         Executive Director & Co-Chairman
                                                           Peter Volk            General Counsel & Secretary
Ronald Pantin           Executive Director & CEO
                                                           Eduardo Lima          Senior VP Project Development
Jose Francisco Arata    Executive Director & President
                                                           Luis Andres Rojas     Senior VP Production
German Efromovich       Director
Neil Woodyer            Director                           Marino Ostos          Senior VP New Areas
Augusto Lopez           Director                           Jairo Lugo            Senior VP Exploration
Miguel Rodriguez        Director                           Daniel Loureiro       Senior VP Geosciences
John Zaozirny           Director                           Luis A. Pacheco       Senior VP Planning & IT
Jose Efromovich         Director                           William Mauco         Senior VP Trading
                                                           Nelson Lee            Senior VP Finance
                                                           Camilo Valencia       VP Metapetroleum
                                                           Antonio Jimenez       VP PSE
                                                           Pedro L. Barrios      VP Transport & Supply
                                                           Nelson Contreras      VP Exploration Projects
                                                           Ms. Leyda Vargas      VP Human Resources
                                                           Federico Restrepo     VP Administration

Thanks !