TSX:PRE

November 2009

Where Great Ideas Become Reality

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All monetary amounts 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, 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 annual Management’s Discussion and Analysis and 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.

Forward-looking statements

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Corporate history

A history of strategic acquisitions to create the leading E&P company in Colombia

2004 2007 2008 2009

Pacific Stratus founded

Petro Rubiales acquires Rubiales Holdings and Meta Petroleum, who operate the Rubiales field

Merger of Pacific Stratus Energy and Petro Rubiales Energy Corp.

Acquisition of Kappa Energy Holdings for US$168 million

Pacific Rubiales Energy operating as a fully integrated company with oil and gas assets in production, and significant exploration potential

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Leading South American E&P company

Top operator of Colombian production

By the end of 2009, will be the 2nd largest producer in Colombia

Only independent company in South America with track record in strategic marketing operations for full commercial flexibility

The premier independent E&P company in South America

(1) As per Wood Mackenzie and company disclosure(2) As per the Agencia Nacional de Hidrocarburos; listed by operator and may not include farm-out agreements and other specific block contracts

Colombia Production (1)

Colombia Acreage (2)

Largest independent producer in Colombia

2nd largest exploration portfolio in Colombia

Legacy acreage acquired before “land rush”

High-quality acreage position

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Current asset base

Significant existing asset base with large exploration potential

Strong 2P reserves

2P reserves of 266 mmboe – June 2009

Current production of 105,000 boe/d (gross operated) and 43,000 boe/d (net of working interest and royalties)

A total of 32 blocks – Approximately 13m acres

7 producing blocks in Colombia

22 exploration blocks in Colombia

3 exploration blocks in Peru

Core asset: Rubiales / Piriri field (heavy oil)

Currently producing 90 mbbl/d gross, 32 mbbl/d net

Expected to reach 170 mbbl/d (gross field) end 2010

La Creciente producing field (natural gas)

Currently delivering 54 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 operated)

~16 mmboe of 2P reserves (gross of royalties, net of working interest)

Production

Exploration

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Rubiales field: main producing asset and the key to the Llanos

Rubiales field trend continues into the surrounding Quifa / CPO 14 blocks

Significant STOIIP – 4.2 bnbbls (1)

– Grown from 2.7 bnbbls through technical work

– Rubiales (40% WI) and Piriri (50% WI) contracts expire at the end of May 2016

– Pacific Rubiales is operator – Ecopetrol partner

Conservative recovery factor

– Approximately 15% in December 2008 reserve report

– 182 mmbbl of 2P reserves (gross of royalties, net of working interest) as at June 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

– Quifa and CPO 14 are a continuation of the Rubiales geological trend

– New contracts with lower royalties and a longer term

(1) Management estimate (2) Petrotech Engineering

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ODL pipeline: pathway to the future

ODL pipeline is highly strategic

– Only infrastructure in place in Southern Llanos Basin – a key heavy oil basin in Colombia

– Special Purpose Vehicle – Ecopetrol (65%) / 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

• Potential to add compression for expansion to 300,000 bbl/d

– Reduces transportation costs from $15/bbl to $7/bbl

Timeline

– Completed on time and on budget, meeting market expectations

– Pipeline is 100% complete / Pumping Station 90% complete

– Inaugurated on September 14, 2009

ODL pipeline is crucial to the future development of the Rubiales and Quifa fields and other exploration activity in the Llanos Basin

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Significant value from STAR(1) pilot project

Based on “Fire Flood” technology

– Potential to increase recoveries from 10% to 40%

– Potential to triple company’s reserve base

Signed binding MOU with Ecopetrol

– Enhanced recovery extends economic life of field beyond 2030

In-house expertise using this technology in analogous fields (Miga and Morichal in Venezuela)

Initial laboratory tests in Calgary were successful

(1) STAR: Synchronized Thermal Additional Recovery

Signed binding MOU – potential to triple reserves at Rubiales

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Significant production potential at low cost

5 wells drilled with potential to produce over 120 mmcf/d

Current production of 54 mmcf/d with plans to increase to 90 mmcf/d by early 2010

Reserves of 455 bcf based on OGIP of nearly 600 bcf (1)

US$0.10/mcf operating costs

Current facilities to provide platform for growth

Pipeline / expansion / additional compression needed for expansion

Take or pay contracts

Production contracted for 2 year take or pay basis

Evaluating longer term options (CNG/LNG)

Substantial resource upside

Additional resource upside of over 1 tcf of OGIP (2)

8 identified prospects

La Creciente: gas in place to support substantial development plan

La Creciente has the ability to deliver 120 mmcf/d through enhanced infrastructure

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Proven Prospects

Exploration Prospects

(1) Petrotech Engineering (2) Mean Success Volume (company estimate)

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6 other producing properties: portfolio of light/medium production

5,800 bbl/d of light / medium crude with significant upside opportunities

Multiple properties with various working interests

Rio Ceibas, Puli, Moriche, Abanico, Las Quinchas and Guaduas

Current production of ~5,800 bbl/d (gross operated)

~16 mmboe of 2P reserves (gross of royalties, net of working interest)

Significant growth through drilling

Illustrated through recent success at Abanico (900 bbl/d of medium crude)

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Major oil and gas prospects

Significant exploration spending in 2009 / 2010 to exploit near / long-term exploration opportunities

(1) Mean Success Volume (company estimate)

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

Capital budget for exploration

2009 spending of US$77 million

Includes US$29 million for drilling wells and US$40 million for seismic and US$9 million for studies

13 successful explor/appr wells during 2009

2010 budget of US$191 million

Includes US$96 million for drilling wells and US$95 million on seismic

36 wells targeting 405 mmboe of mean un-risked resource

6,000 km 2D equivalent seismic

Historical drilling success of 84%

22 discoveries out of 26 since 2006

13 million (net) acres of

prospective blocks96 prospects and leads

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Exploration priorities for 2009

Successful drilling campaign in 2009 YTD

– Abanico 20 - well successfully tested 900 bbl/d of medium grade crude in Q2

Focus on Quifa Block

– Recent results at Quifa confirm Rubiales field extension and provide confidence for further drilling plans for Quifa Block

– 6 exploration wells drilled (successful)

– Low risk / high payoff

– Synergies with the Rubiales infrastructure

– Additional drilling campaign at Quifa

– 6 appraisal and 3 exploratory wells by end of 2009

– 3 exploratory wells to be drilled on prospects "A", "B" and "C"

– six appraisal wells to be spudded on prospects "D", "E" and "H”

– 20 explor/appr wells during 2010

Other major highlights of the remaining 2009 exploration program

– Reinterpretation of seismic on Arauca Block; setting up drilling activity in 2010

– Initial seismic program in Peru

Multi-faceted exploration program with Quifa being the key focus for 2H 2009

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Summary financial forecast(1)

Substantial free cash flow generated from core business

In US$ millions 2009 E 2010 E 2011 E 2012 E

WTI / bbl 62 62 70 70

Net Production (boe/d) (yr average) 35,000 68,300 93,800 104,000

Revenue 767 1,548 2,454 2,774

EBITDA 391 793 1,365 1,555

Net Cash Flow Operating Activities 166 700 1,266 1,293

Capex 415 853 560 483

Free Cash Flow 43 (139) 529 1,289

(1) Management estimates

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Capital structure

US$250 million corporate debt facility– Syndicated May 2009– Senior secured revolving credit facility with a 4-year term– Underwritten by BNP Paribas, Calyon, Banco Davivienda, West LB and Bancolombia– Currently drawn (net of cash) US$90 million on this facility

C$240 million public convertible debenture– Issued August 2008– Coupon of 8%– Conversion price of C$13.00

Shares outstanding – fully diluted– 213.6 million basic shares outstanding (before incentive for early warrant exercise, which will convert approximately

44.3 million warrants to shares)– 44.3 million warrants exercisable at C$7.80 per share will represent proceeds of C$ 279 m (net after incentive and

fees)– 17.7 million options (exercisable at C$1.92 - C$8.46 per share)

Well–capitalized with the financial capacity to exploit growth opportunities

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A world class E&P company with demonstrated successLargest resource base of any independent South American producer

– 266 mmboe of 2P reserves (net working interest, gross of royalties) as at June 2009

– Will become 2nd largest producer in Colombia by the end of 2009

Rubiales field is one of the largest onshore heavy oil fields in South America

– 4.2 billion barrels of original oil in place

– 504 million barrels of 3P reserves (gross field, primary recovery)

– Over 200 million barrels of working 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 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 2008

2nd largest exploration portfolio in Colombia and top-10 position in Peru

– Strong track record of exploration success (84% - 22 out of 26 since 2006)

– ~100 prospects and leads (3 billion barrels of oil equivalent)

– Approximately 13 million net acres of exploration land

Targeting 105,000 boe/d (net or working interest and royalties) and over US$1 billion EBITDA by 2012

– Over US$1.7 billion in free cash flow expected between 2010 and 2012

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Thank you