O'Hara to Take Action to Oppose Proposed Acquisition of Pacific Rubiales; Condition to Offer Cannot Be Satisfied

PUNTA PACIFICA, PANAMA--(Marketwired - May 21, 2015) - O'Hara Administration Co., S.A. ("O'Hara") announced today that it and its joint actors are extremely disappointed by the proposed transaction to acquire Pacific Rubiales Energy Corp. ("Pacific Rubiales"). O'Hara and its joint actors are the largest shareholders of Pacific Rubiales and were not consulted as to the proposed terms of the acquisition.

O'Hara believes the acquisition is not in the best interest of the Pacific Rubiales shareholders. The terms agreed to by the board significantly undervalue Pacific Rubiales and are designed to deter a higher offer for Pacific Rubiales. The offer by ALFA, S.A.B. de C.V., Harbour Energy Ltd. and Harbour Energy, L.P. is an opportunistic bid that does not reflect the long-term potential of Pacific Rubiales, and represents a 73% discount to the 12-month high for the Pacific Rubiales shares. O'Hara strongly believes it and the other shareholders would benefit significantly from Pacific Rubiales remaining independent.

O'Hara and its joint actors intend to vote against the transaction and will be withholding their votes in favour of the directors at the upcoming shareholder meeting. O'Hara intends to solicit proxies against the arrangement. O'Hara is considering all other alternatives available to it, including acquiring additional shares and a broader proxy solicitation. O'Hara and its joint actors also intend to exercise dissent rights in respect of their shares. As a result, the condition to the acquisition that holders of not more than 5 percent of the common shares exercise dissent rights cannot be satisfied.