Investor Presentation October 2010

1. TSX: PRE BVC: PREC Investor Presentation October 2010

2. CONTENT October 2010 4. Corporate History 5. A Privileged Position 7. Properties Colombia & Perú 8. Current Asset Base • Rubiales Field • Focus on Quifa • La Creciente 12. ODL Pipeline 13. Capital Structure 14. 2010 Capital Program 15. Share Price Performance 17. Key Areas 18. STAR Project 19. Major Oil & Gas Prospects 20. CPE - 6 21. 2010 Exploration Drilling Program 22. Social Responsibility 23. Summary Forecast 24. A World Class E&P Company All monetary amounts are in U.S. dollars unless otherwise stated. This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Pacific Rubiales Energy Corp. Forward-looking statements and forward-looking information include, but are not limited to “Pacific Rubiales”, statements with respect to estimated production and reserve life of the various oil and gas projects of Pacific Rubiales; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development potential of the properties of Pacific Rubiales; the future price of oil and natural gas; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Pacific Rubiales and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated, acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed or referred to in the August 10, 2010 Management’s Discussion and Analysis and Mar 15, 2010 Annual Information Form for Pacific Rubiales filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com.  Although Pacific Rubiales has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Pacific Rubiales undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.  The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this presentation. Boe may be misleading, particularly if used in isolation.  A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The management estimates of resources presented herein are arithmetic sums of multiple estimates of remaining recoverable resources (unrisked), which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class. Estimates of remaining recoverable resources (unrisked) include prospective resources that have not been adjusted for risk based on the chance of discovery or the chance of development and contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. Actual recovery is likely to be less and may be substantially less or zero.”

3. WHERE DO WE COME FROM?

4. CORPORATE HISTORY 9x growth in exit production in less than four years 2009 Pacific Rubiales Energy operating as a fully integrated company with producing oil and gas assets and significant exploration potential. 140,190 boepd (Exit 2009) 2008 Merger of Pacific Stratus Energy & Petro Rubiales Energy Corp. Acquisition of Kappa Energy. 61,105boepd 2007 Petro Rubiales acquires MetaPetroleum, who operates the Rubiales field. 24,784 boepd 2004 Pacific Stratus Energy founded Increase gross Increase operated production to 225,000 boepd (exit 2010)

5. A PRIVILEGED POSITION Operated Oil Production bopd (2010) Colombia Acreage As per Ministry of Energy and Mines statistics June 2010 (does not include gas volumes) As per the Agencia Nacional de Hidrocarburos; listed by operator and may not include farm-out agreements and other specific block contracts June 10 Dec 09 2nd largest exploration portfolio in Colombia Legacy acreage acquired before “land rush” High-quality acreage position Leading South American E & P company Fastest Growing producer in Colombia 2nd largest producer in Colombia As of Oct 18, 2010 Production: 152 kboed

6. TODAY

7. ATTRACTIVE MIXTURE OF PROPERTIES IN COLOMBIA, PERÚ & GUATEMALA * * Guatemala Blocks Announced on Oct 18, 2010

8. CURRENT ASSET BASE Significant existing asset base with large exploration potential • 2P reserves of 280.6 mmboe* • • 74% crude and 26% gas • 7 Producing blocks in Colombia • • 28 Exploration blocks in Colombia • • 3 Exploration blocks in Peru • 2 Exploration blocks in Guatemala • Core Asset: Rubiales and Quifa Fields (Heavy Oil) • Currently producing 135,000 bbl/d gross, 47,250 bbl/d net • Expected to reach 225,000 bbl/d (gross) by end 2010 • La Creciente producing field • (Natural Gas) • Currently delivering 65 mmcf/d • (gross field) • Ultimate capacity of 120 mmcf/d • (gross field) • 6 other producing fields (Light & Medium Oil) • ~6,000 bbl/d of production (gross) • ~14 mmboe of 2P reserves (gross of • royalties, net of working interest)* • * Petrotech Engineering, Production Figurescurrent as of August 9, 2010 A total of 40 Blocks More than 13 Million Acres

9. Rubiales Field Main Producing asset and key to the Llanos Basin Significant STOIIP – 4.2 bnbbl(1) Grown from 2.7 bnbbl trough technical work Pacific Rubiales is operator, Ecopetrol partner Conservative recovery factor Approximately 15% in December 2009 reserve report (2) 198 mmbbl of 2P reserves (gross of royalties, net of working interest) as at December 2009 (2) Next leg of growth through low-risk development Over 400 development wells planned through 2014 on Rubiales Low-risk exploration from Quifa and CPO 14, CPO 12 and CPE 6 These blocks are a continuation of the Rubiales geological trend New contracts with lower royalties and a longer term (sliding scale 6-20% depending on production) (1) Management estimate (2) Petrotech Engineering ReservesReport Increase operated production to 170,000 boepd (exit 2010)

10. Focus on Quifa The Next Frontier Successful drilling Drilled 13 exploratory and appraisal wells to date with discoveries on prospects A, F, K, L and Q; successful appraisal of prospects D, E & H The 2P reserve certification for prospects D west, E and H reached 83 mmbbl In the northern Quifa area, 3 wells on prospects “A”, “F” and “Q”, confirmed the presence of a hydrocarbon column incorporating a total of 150 mmbbl of net certified resources Commerciality • Approved commerciality for Quifa southwest • Target of 30,000 bbl/d by the end of 2010 • Target of 60,000 bbl/d by the end of 2011 Further exploration 9exploration/appraisal wells during Q3/Q4 2010 US$43.4 million exploration budget for exploration on Quifa in 2010 (1) Source: Petrotech Engineering Reserves Report, 2010 Certified resources at Quifa North estimated at approximately 251 mmbbl(1)

11. La Creciente Gas in place to support substantial development A La Creciente A La Creciente A-South A’ Significant production potential at low cost 5 wells drilled with potential to produce over 120 mmcf/d Current production of 61.7 mmcf/d Reserves of 432.8 bcf based on OGIP of nearly 600 bcf(1) US$0.30/mcf operating costs Take or pay contracts 60 mmbtu/d production contracted on 2 year take or pay basis Evaluating export options (CNG to the Caribbean markets as a substitute for liquids in electricity generation and automotive uses) 20% of production being sold at a premium due to seasonal electricity demand (El Niño) Current facilities to provide platform for growth Pipeline/expansion/additional compression needed for expansion Substantial resource upside Additional resource of over 1 tcf of OGIP (2) 8 identified prospects (1) Petrotech Engineering (2) Mean Success Volume (company estimate) La Creciente has the ability to deliver 120 mmcf/d through enhanced infrastructure

12. ODL PIPELINE Crucial to the future development of the Rubiales and Quifa fields • ODL pipeline secures access for • Rubiales/Quifa oil • Only infrastructure in place in southern • Llanos Basin, a key heavy oil basin in Colombia • ODL is a Special Purpose Vehicle jointly owned by Ecopetrol (65%) and Pacific • Rubiales (35%) • Indefinite term with ability to take 3rd party oil • Benefits of ODL pipeline • Allows the Rubiales field to produce to its potential • • 170,000 bbl/d capacity – for transport to end markets • Reduces transportation costs from US$15/bbl to approximately US$7/bbl • Timeline • Completed on time and on budget, meeting market expectations • Pipeline and pumping station 100% complete • Inaugurated on September 14, 2009 • Expansion to 240,000 bbl/d by December 2010 and to 330,000 bbl/d due by April 2011 Potential to add compression for expansion to 330,000 bbl/d

13. CAPITAL STRUCTURE Shares outstanding : 265.7 million basic shares Senior Unsecured Notes: US$450 million Convertible Debenture: C$240 million Line of Credit: Revolving US$250 million • Offered in November 2009, due 2016 • Rate of 8.75% for net proceeds of US$442 million • Use of proceeds: repay the full US$250 million RBL debt facility; capital expansion program • Issued August 2008 • Coupon of 8% • Conversion price ofC$13.00 • Obtained April 2010 • Use of proceeds: support short and medium term revolving credit needs of the company in the ordinary course of business • As of January 20, 2010, 44.3 million warrants exercised in the earlywarrant exercisetransaction at C$6.30 per share represented gross proceeds of C$273 million (net after incentive and fees) representing a 98% take-up rate • 23 million options (exercisable at C$2.22 – C$24.4 per share) Well–capitalized with the financial capacity to exploit growth opportunities

14. 2010 CAPITAL PROGRAM Fully financed US$858 million capital program Production Facilities: US$434.8 million Development Drilling: US$162.2 million Exploration: US$236.4 million STAR Pilot Project: US$25 million US$318.1 million: Increase Rubiales field capacity to 170,000 boepd US$65.5 million: Buildproduction facility at Quifa (initial capacity of 30,000 boepd) US$20 million: Upgrade L&M and natural gas facilities US$31.2 million:Llanomulsion, Transportationoptimization and IT projects US$94.7 million: Acquire 6,000 km of seismic US$116.3 million: Drill 52 exploration/appraisal wells, of which US$43.4 million will be dedicated to drill 20 new wells at Quifa The 2010 campaign is targeting 607 million boe of mean un-risked resources (net) US$25.4 million technological studies US$96 million: Drill 113 producing wells at the field (41 vertical, 62 horizontal and 10 injector wells) US$53.2 million: Drill 42 producing wells at Quifa (1 vertical and 35 horizontal) US$13 million: Increase L&M production to 11,000 boepd by end 2010 Advance the STAR pilot project to Phase III: on-site testing at Rubiales Increase Gross production to 225,000 boepd and double net production to 95,000 boepd (exit 2010)

15. SHARE PRICE PERFORMANCE Pacific Rubiales is the first foreign company to be listed on the Bolsa de Valores de Colombia (“BVC”) CAN$ * COP$* Share Price $32.86 COP$58,420 Market Cap $8.76b COP$17,2b 52 WeekHigh $33.05 COP$58,880 52 Week Low $11.62 COP$26,210 Share Price (C$) Volume 30% -40% Volume in TSX Average Volume (# Shares) 2.07 million * C$1=COP$ 1,959 * Listed since Dec 2009 +1199% Increase (Jan. 2009 to Present)

16. LOOKING AHEAD

17. KEY AREAS For future accelerated growth: track record of success Focus on Quifa Focus on Rubiales Focus on STAR Currently producing over 128,000 bbl/d from Rubiales field Completed Phase I (lab testing) Pilot project in process Announced commerciality in southwest portion Our progress Drilling 42 producing wells Drilling 20 exploration wells Buildingproduction facilities (CPF Quifa) Investing $25 million to advance on-site testing leading to technical and economic agreement (Phase II) Drilling 113 producing wells CPF2 build increasing capacity to 170,000 bbl/d 2010 Activities Maximize production to full capacity Generates cash flow to drive future growth ODL built: unconstrained access to markets Better royalty scale Extends economic life of Rubiales field past 2016 Value Creation

18. STAR PROJECT Synchronized Thermal Additional Recovery Uses existing PacificRubiales wellconfiguration to sweep oil into producing wells Potential to increase recoveries from 10% to 40% Potential to triple company’s reserve base Signed binding MOU withEcopetrol Enhanced recovery extends economic life of field beyond 2030 Phase I completed – April 2010 In-house expertise using this technology in analogous fields (Miga and Morichal in Venezuela) Initial laboratory tests in Calgary were successful, pilot project starting at the end of 2010 H1 H2 H4 V1 H3 Signed binding MOU potential to triple reserves at Rubiales Fields

19. MAJOR OIL & GAS PROSPECTS Large identified prospect base • Over 2.8 bnbbl(1) of oil resource • 1.5 tcf(1) of gas resource • Current inventory of 1,400 seismic lines Financed Capital budget for exploration of US$236.4 million • 52 wells targeting 604 mmboe of mean un-risked resource (net) • 6,000 km 2D equivalent seismic Historical drilling success of 80% (45 discoveries out of 56since 2006) Exploration Highlights • During 2010 the company drilled 16 exploratory and appraisal wells • Initiation of seismic programs on Peru, CPO-1, CPO-12 and CPE-6, Guama and La Creciente. (1) Mean Success Volume (company estimate) 13 million (net) acres of prospective blocks 126 prospects and leads Quifa La Creciente Discoveries on prospects A,F, K, L and Q as well as successfully appraising prospects D, E and H Seismic reprocessing and inversion allowed the identification of a large prospect that holds more than 1 Tcfg in yet to find resources. Rubiales Moriche Successful well Rb-372 on Rubiales Successful well Mauritia east allowed the current productionof the field to approximate 500 boepd. CPE-6 New exploratory success at its Guairuro-1 and Guairuro-2 stratigraphic wells

20. CPE - 6 Theoil bearing sandstones in the northern part of the block were interpreted to represent the same play found on Rubiales and Quifa. On July 12 the company announced new exploratory success at its Guairuro-1 stratigraphic well, located on the large Gairuro stratigraphic trap. The results from the Guairuro-1, 2 & 3 Wells confirm the presence of hydrocarbons in the region and reinforce the exploratory potential of the CPE-6 Block. TheCompany recently acquired 678 km of 2D seismic lines focused on the northern part of the block where the stratigraphic trap was identified. Using this seismic the company is drilling 6 stratigraphic wells during 2010. Preliminary exploration resultsimply large potential resources

21. 2010 EXPLORATION DRILLING PROGRAM 2010 2011 ACTIVITY PROSPECT JUL AUG SEP OCT NOV DEC JAN FEB QUIFA A5 (A) A QUIFA A7 (A) A QUIFA 29X (EX) P QUIFA F6 (EX) F QUIFA QUIFA Q2 (EX) Q QUIFA F9 (A) F QUIFA F10 (A) F QUIFA Q1 (A) Q QUIFA Q5 (A) Q GUAMA Guama-1X ARAUCA ART-1x, ARP-1X GUADUAS Guaduas-1X LACRECIENTE La Creciente-AS BUGANVILES Buganviles-1A, 2A y 3A ABANICO Gecko-1, AB-N-1 TOPOYACO Top-1X, Top-2X CPE-6A CPE-6B CPE-6C CPE-6 CPE-6D CPE-6E CPE-6F CPO-1 CPO-1X (EX) Exploratory Well (A) Advanced Well (E) Stratigraphic Well

22. SOCIAL RESPONSIBILITY Making a difference through continued community invesment • Committed to building a foundation for the future through social and environmental responsibility, safe working conditions and ongoing R&D development. • A commitment to education • Rubiales School • Scholarships for university education • Biotechnology laboratory • Mobile toy library • Training successful entrepreneurs • A commitment to strengthening community institutions • Improving housing for indigenous communities near the • company’s operations • Supporting local tourism and sports festivals • Institutional support forinfrastructure • Donation of a municipal health centre and an ambulance • Mobile medical units • Supporting the monitoring committee on the investment of royalties for the • Sucre Department • Road maintenance and infrastructure Visit The Corporate Sustainability Report at www.pacificrubiales.com

23. SUMMARY FORECAST In US$ millions WTI US$/bbl 2009 R 69 2010 E 75 2011 E 70 2012 E 80 Net production (boe/d) (yr average) 35,374 69,302 103,258 114,660 Revenue 639 1,852 2,408 2,931 EBITDA 275.5 1,051 1,333 1,485 Net Cash Flow Operating Activities 111 923 1,053 1,060 CAPEX 350 858 560 525 Net Cash Flow Financial Activities 549 0 0 0 Closing Cash 439 213 535 1,070 Substantial free cash flow generated from core business

24. A WORLD CLASS E&P COMPANY • Largest resource base of any independent South American producer • 280.6 mmboe of 2P reserves (net working interest, gross of • royalties) as of December 2009 • 2nd largest producer inColombia • Rubiales field is one of the largest onshore heavy oil fields in South America • 4.2 billion barrels of original oil in place • 545 million barrels of 3P reserves (gross field, primary recovery) • Over 200 million barrels ofworking interest reserves to Pacific Rubiales • Enhanced recovery to increase reserve base from current estimate in Rubiales field (10% - 40% incremental recovery) • Field capacity of 170,000 bbl/d gross production by end of 2010 • Track record of successful execution by a highly competent management and technical team • 400% increase in production over 24 months at Rubiales • La Creciente taken from discovery to ~60 mmcf/d in 15 months • Drilled more exploration wells than any other independent Colombian producer in 2009 • 2nd largest exploration portfolio in Colombia and top-10 position in Peru • Strong track record of exploration success (83% - 44 out of 53 since 2006) • Management estimates of ~100 prospects and leads (3 billion barrels of oil equivalent) • Approximately 13 million net acres of exploration land • Targeting 105,000 boe/d (net of working interest and royalties) and over US$1.5 billion EBITDA by 2012 • Over US$1.7 billion in free cash flow expected between 2010 and 2012