Betancourt and Volbor Terminate Pacific Rubiales Voting Agreement- No Longer Acting Jointly and in Concert

PUNTA PACIFICA, PANAMA--(Marketwired - July 31, 2015) - Leopoldo Alejandro Betancourt Lopez ("Betancourt") announced today that Betancourt and Volbor Trading Ltd. ("Volbor") have mutually agreed to terminate Volbor's participation in the previously disclosed voting agreement allowing O'Hara Administration Co., S.A. to vote the common shares ("Common Shares") in the capital of Pacific Rubiales Energy Corp. (the "Company") owned by Volbor and certain other holders of Common Shares and are no longer acting jointly or in concert with respect to the Company. Volbor owns 5,960,000 Common Shares, representing approximately 1.89% of the issued and outstanding Common Shares.

Immediately following the termination of Volbor's participation in the voting agreement, Betancourt, through his affiliates, owned 56,286,900 Common Shares, representing approximately 17.81% of the issued and outstanding Common Shares and has the right to vote a further 792,810 Common Shares under the voting agreement. As a result, Betancourt owns or exercises control and direction over 57,079,710 Common Shares, representing approximately 18.06% of the issued and outstanding Common Shares.

Betancourt and his joint actors will review their options and share ownership position as circumstances continue to evolve and taking into account market conditions and other relevant factors in the future and may acquire additional Common Shares. While Betancourt and his joint actors have no current intention of proposing a transaction to acquire the Company, they may reconsider doing so if circumstances change.

An Early Warning Report reflecting the termination of Volbor's participation in the voting agreement has now been filed, a copy of which is available on SEDAR at www.sedar.com.