Mr. Frederick Kozak reports

PACIFIC RUBIALES CONFIRMS OFFER AND EXCLUSIVE DISCUSSIONS

Pacific Rubiales Energy Corp. has entered into exclusive discussions in respect of an offer from Alfa SAB de CV and Harbour Energy Ltd., whereby they would acquire all of the issued and outstanding common shares in the capital of the company not owned by Alfa for a price of $6.50 per share, subject to completion of definitive documentation and final board approvals. The company's board has constituted a special committee, composed of independent directors, which has engaged an independent financial adviser to deliver a formal valuation in accordance with applicable Canadian securities laws.

Together, Alfa and Harbour Energy have completed technical, financial and legal due diligence. Alfa and Harbour Energy have agreed with the company to work toward completion of definitive documentation expeditiously. The contemplated transaction would be subject to a number of conditions, and there can be no assurance that any transaction will be completed. Alfa currently holds 59,897,800 common shares, representing approximately 18.95 per cent of the issued and outstanding common shares.

Pacific Rubiales, Alfa and Harbour Energy do not intend to provide further updates, except as required by applicable laws.

About Alfa

Alfa is one of the largest and most successful corporate entities in Mexico. Alfa is the largest independent producer of aluminum engine components for the automotive industry in the world and one of the world's largest producers of polyester (PTA, PET and fibres). In addition, it leads the Mexican market in petrochemicals such as polypropylene, expandable polystyrene and caprolactam. Alfa is the leading maker of cold cuts in North America and Europe, and of cheese in Mexico, as well as in information technologies and communication services for the business segment in Mexico. Alfa has participated in the hydrocarbon industry in the United States since 2006. In 2014, Alfa's consolidated revenue was over $17-billion, and earnings before interest, taxes, depreciation and amortization were approximately $2-billion. Alfa's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange.

About Harbour Energy

Harbour Energy is a permanent capital energy company formed by EIG Global Energy Partners and the Noble Group to own and operate a portfolio of high-quality upstream and mid-stream energy assets globally. EIG specializes in private investments in energy and energy-related infrastructure on a global basis and had $14.2-billion under management as of Dec. 31, 2014. During its 33-year history, EIG has invested over $16.4-billion in the sector through more than 290 projects or companies in 34 countries on six continents. Noble manages a portfolio of global supply chains covering a range of energy and other commodity products from over 140 locations and employing more than 70 nationalities. Noble was ranked No. 76 in the 2014 Fortune Global 500.

We seek Safe Harbor.