O'Hara Administration Co., S.A. Announces Filing of Early Warning Report Relating to Pacific Rubiales Energy Corp.

PUNTA PACIFICA, PANAMA--(Marketwired - April 21, 2015) - O'Hara Administration Co., S.A. (the "Offeror") announced today that it has filed an Early Warning Report as required by National Instrument 62-103 in relation to its beneficial ownership of common shares (the "Common Shares") of Pacific Rubiales Energy Corp. (the "Company").

On April 17, 2015, IPC Investments Corp., who may be considered to be acting jointly or in concert with the Offeror, acquired beneficial ownership of 1,000,000 Common Shares through the facilities of the Toronto Stock Exchange at a price of $3.91 per Common Share, representing approximately 0.32% of the issued and outstanding Common Shares.

Immediately after the transaction, the Offeror had beneficial ownership of 4,000,000 Common Shares, representing approximately 1.27% of the issued and outstanding Common Shares. IPC Investments Corp., an affiliate of the Offeror, who may be considered to be acting jointly or in concert with the Offeror, had beneficial ownership of 3,001,000 Common Shares, representing 0.95% of the issued and outstanding Common Shares. Telmaven Overseas Inc., an affiliate of the Offeror, who may also be considered to be acting jointly or in concert with the Offeror, had beneficial ownership of 25,517,700 Common Shares, representing 8.07% of the issued and outstanding Common Shares.

On an aggregate basis, the Offeror, IPC Investments Corp. and Telmaven Overseas Inc. now have beneficial ownership of 32,581,700 Common Shares, representing approximately 10.29% of the issued and outstanding Common Shares.

The Offeror, IPC Investments Corp. and Telmaven Overseas Inc. acquired the Common Shares for investment purposes only and not for the purpose of exercising control or direction over the Company. Each of the Offeror, IPC Investments Corp. and Telmaven Overseas Inc. will review their holdings from time to time and may continue to acquire and/or dispose of additional securities of the Company according to market conditions and other relevant factors in the future.

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