Betancourt Lopez Announces Increase in Ownership Position of Pacific Rubiales Energy Corp.

PUNTA PACIFICA, PANAMA--(Marketwired - June 3, 2015) - Leopoldo Alejandro Betancourt Lopez ("Betancourt") announced today that Calborn International Limited, an affiliate of Betancourt, has acquired, by way of private agreement, 9,000,000 common shares ("Common Shares") of Pacific Rubiales Energy Corp. (the "Company"), representing approximately 2.85% of the issued and outstanding Common Shares, for an aggregate purchase price of $56,610,000 or $6.29 per Common Share.

Immediately after the transaction, Betancourt, through his affiliates, owned 55,886,900 Common Shares, representing approximately 17.68% of the issued and outstanding Common Shares. Betancourt has the right to vote a further 6,752,810 Common Shares through a voting agreement entered into with his joint actors. As a result, Betancourt owns and exercises control and direction over 62,639,710 Common Shares, representing approximately 19.82% of the issued and outstanding Common Shares.

Betancourt and his joint actors oppose the proposed acquisition of the issued and outstanding Common Shares by ALFA, S.A.B. de C.V. and Harbour Energy Ltd. In opposing the proposed acquisition, Betancourt and his joint actors may take any and all actions they consider advisable, including acquiring additional Common Shares, communicating with other shareholders, soliciting proxies and retaining their own financial, legal and proxy solicitation advisors. While Betancourt and his joint actors have no current intention of proposing their own transaction, they may reconsider doing so if circumstances change. The above-referenced acquisition was entered into in furtherance of Betancourt's opposition to the proposed acquisition.

An Early Warning Report reflecting the above-noted acquisitions of Common Shares has now been filed, a copy of which is available on SEDAR at www.sedar.com.