Pacific Rubiales Energy Corp. says that the FOB well-head contract prices for the first round natural gas sales, totaling 35 million cubic feet per day, have increased by 33%, effective February 1st, 2008. The new average FOB well-head contract price has increased from US$3.72 per million BTU to US$4.95 per million BTU in accordance with the price escalation clauses contained in those contracts.

Mr. Jose Francisco Arata, President of Pacific Rubiales, stated "We are delighted with the improving price environment of the Colombian natural gas market and expect further improvement for future additional gas sales of roughly 20 million cubic feet per day starting July 1st, 2008, when the expansion of the gas pipeline's capacity will be completed."

Tags: Pacific Rubiales Energy Corp.