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

PUNTA PACIFICA, PANAMA--(Marketwired - May 7, 2015) - O'Hara Administration Co., S.A. ("O'Hara") 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 May 5, 2015, Agency Partner Corp., who may be considered to be acting jointly or in concert with O'Hara, acquired beneficial ownership of 770,000 Common Shares at a price of $4.93 per Common Share, representing approximately 0.24% of the issued and outstanding Common Shares. Immediately following the acquisition, O'Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O'Hara, held beneficial ownership of 38,150,200 Common Shares, representing approximately 12.07% of the issued and outstanding Common Shares.

On May 6, 2015, Agency Partner Corp., who may be considered to be acting jointly or in concert with O'Hara, acquired beneficial ownership of 6,000,000 Common Shares at a price of $6.25 per Common Share, representing approximately 1.90% of the issued and outstanding Common Shares. Immediately following the acquisition, O'Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O'Hara, held beneficial ownership of 46,650,200 Common Shares, representing approximately 14.76% of the issued and outstanding Common Shares.

On May 7, 2015, IPC Investment Corp., who may be considered to be acting jointly or in concert with O'Hara, acquired beneficial ownership of 1,000,000 Common Shares at a price of $6.21 per Common Share, representing approximately 0.32% of the issued and outstanding Common Shares. Immediately following the acquisition, O'Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O'Hara, held beneficial ownership of 51,110,900 Common Shares, representing approximately 16.17% of the issued and outstanding Common Shares.

Also on May 7, 2015, Adar Macro Fund, who may be considered to be acting jointly or in concert with O'Hara, acquired beneficial ownership of 9,000,000 Common Shares at a price of $6.29 per Common Share, representing approximately 2.85% of the issued and outstanding Common Shares. Immediately following the acquisition, O'Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O'Hara, held beneficial ownership of 60,110,900 Common Shares, representing approximately 19.02% of the issued and outstanding Common Shares.

O'Hara now has 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 O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 4,001,000 Common Shares, representing 1.27% of the issued and outstanding Common Shares. Telmaven Overseas Inc., an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 29,535,900 Common Shares, representing 9.34% of the issued and outstanding Common Shares. Volbor Trading Ltd., an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 4,960,000 Common Shares, representing 1.57% of the issued and outstanding Common Shares. Memphis Investment Limited, an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 230,000 Common Shares, representing 0.07% of the issued and outstanding Common Shares. Agency Partner Corp., an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 8,350,000 Common Shares, representing 2.64% of the issued and outstanding Common Shares. Orlando Alvarado, an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 37,000 Common Shares, representing 0.01% of the issued and outstanding Common Shares. Fundación Nemone, an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 24,000 Common Shares, representing 0.01% of the issued and outstanding Common Shares. Adar Macro Fund, an affiliate of O'Hara, who may be considered to be acting jointly or in concert with O'Hara, now has beneficial ownership of 9,000,000 Common Shares, representing 2.85% of the issued and outstanding Common Shares.

On an aggregate basis, O'Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund have beneficial ownership of 60,137,900 Common Shares, representing approximately 19.03% of the issued and outstanding Common Shares.

O'Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund acquired the Common Shares for investment purposes only and not for the purpose of exercising control or direction over the Company. Each of O'Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund 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 acquisitions of Common Shares has now been filed, a copy of which is available on SEDAR at www.sedar.com.