Mr. Christopher LeGallais reports

PACIFIC RUBIALES ANNOUNCES PRICING OF U.S. $750-MILLION 5.625% SENIOR UNSECURED NOTES OFFERING

Pacific Rubiales Energy Corp. has priced an offering of $750-million (U.S.) in senior unsecured notes due 2025 at a coupon rate of 5.625 per cent, with closing expected to occur on Sept. 19, 2014.

Substantially all of the net proceeds from the sale of the notes will be used by the company to pay down short-term debt, including working capital loans and credit facilities. The notes have been assigned ratings of BB plus by Fitch Ratings and Standard & Poor's Corp., and Ba2 by Moody's Investors Services. The notes were placed through Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead managers and joint bookrunners. The notes were placed with qualified institutional buyers in the United States pursuant to the registration exemptions provided by Rule 144A of the Securities Act of 1933, and on a private placement basis in certain provinces of Canada, as well as internationally as permitted by applicable securities laws in such jurisdictions.

Ronald Pantin, the company's chief executive officer, commented: "We are very pleased with the success of this offering, which will replace short-term debt with longer-term debt. This is part of our corporate debt liability management strategy aimed at reducing interest rates and increasing the term to maturity of the company's long-term debt. The order book for the offering was multiple times oversubscribed with broad participation from over 125 investors in the United States, Canada, Latin America, Europe and Asia, which demonstrates the continued confidence of international investors in Pacific Rubiales, its business strategy and future prospects."

The company has applied to admit the notes for listing on the official list of the Luxembourg Stock Exchange and to trade the notes on its Euro MTF market.

We seek Safe Harbor.