Pacific Rubiales Energy Corp. has entered into a three year Memorandum of Understanding and Cooperation (the "MOU") with Mexico's state oil company, Petróleos Mexicanos and its subsidiary entities (Pemex) establishing the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water projects, revitalization of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.

The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.

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