CALGARY, ALBERTA--(Marketwired - Nov. 4, 2013) - Petrominerales (TSX:PMG)(BVC:PMGC) is pleased to announce we have obtained an Interim Order of the Court of Queen's Bench of Alberta providing for, among other things, the holding of a meeting of the shareholders of Petrominerales ("Petrominerales Shareholders") to approve the previously announced arrangement under the Business Corporations Act (Alberta) (the "Arrangement") involving Petrominerales, 1774501 Alberta Ltd. ("ResourceCo"), and Pacific Rubiales Energy Corp. ("Pacific Rubiales").

A special meeting of the Petrominerales Shareholders will be held in respect of the Arrangement at 9:00 a.m. (MST) on November 27, 2013 in the Royal Room at The Metropolitan Centre, 333 - 4 Avenue SW, Calgary, Alberta. Petrominerales has mailed an Information Circular and Proxy Statement regarding the meeting to the Petrominerales Shareholders, which is also available for viewing electronically under Petrominerales' profile on SEDAR at www.sedar.com and which has also been posted to SIMEV in Colombia.

Pursuant to the Arrangement, Pacific Rubiales will acquire all of the issued and outstanding common shares of Petrominerales and each Petrominerales Shareholder (other than a dissenting Shareholder) will receive one common share of ResourceCo, as a distribution from Petrominerales, as well as C$11.00 in exchange for each Petrominerales Share held.

Completion of the Arrangement is subject to certain conditions, including the approval of the Petrominerales Shareholders, the final approval of the Court of Queens' Bench of Alberta and receipt of all applicable customary regulatory approvals. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, Petrominerales anticipates that the Arrangement will become effective on or about November 28, 2013.

The Board of Directors has received a written opinion from TD Securities Inc., dated September 29, 2013 which states that the consideration to be received by Petrominerales' Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the Petrominerales Shareholders. Petrominerales' Board of Directors has unanimously determined that the Arrangement is in the best interest of Petrominerales and is fair to the Petrominerales Shareholders. The Board of Directors unanimously recommends that the Petrominerales Shareholders vote to approve the Arrangement at the meeting.

ResourceCo

As set out in detail in the Information Circular, ResourceCo is a newly formed company that is currently a wholly-owned subsidiary of Petrominerales. Prior to closing of the Arrangement, C$100 million in cash (subject to adjustment, including adjustment to approximately C$91 million upon Petrominerales concluding the purchase of certain interests in Brazil for the benefit of ResourceCo) and all of Petrominerales' assets in Brazil will be transferred to ResourceCo. The C$100 million cash to be transferred to ResourceCo is in addition to Petrominerales' capital and operating budget of US$18 million respecting the Brazilian assets to be transferred to ResourceCo for the period prior to the completion of the Arrangement.

Following completion of the Arrangement, ResourceCo will be a resource company engaged in the exploration for, and the acquisition, development and production of, hydrocarbons in the Recôncavo, Tucano, Camamu- Almada and Sergipe-Alagoas basins onshore Brazil. ResourceCo's assets consist of interests in three producing fields and 12 exploration blocks comprising 120,013 gross acres onshore Brazil. ResourceCo intends to develop producing hydrocarbons by appraising and developing existing discoveries and exploring in areas considered by management to be prospective for hydrocarbon resources. ResourceCo's primary target in the Recôncavo Basin is the Gomo member of the Candeias Formation, which is both a mature source rock for the basin and contains prospective reservoir sands.

Petrominerales Ltd.is an international oil and gas company operating in Latin America since 2002. Our high-quality land base and multi-year inventory of exploration and development opportunities in Colombia, Perú and Brazil provide long-term growth potential for years to come.

Forward-Looking Statements and Cautionary Language. Certain information provided in this press release constitutes forward

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