TORONTO, Dec. 31, 2012 /PRNewswire/ - C&C Energia Ltd. (C&C Energia) is pleased to announce that today Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) (Pacific Rubiales) closed the acquisition of C&C Energia by way of plan of arrangement (the Arrangement).

With the completion of the Arrangement, Pacific Rubiales has acquired all of the issued and outstanding shares of C&C Energia and each share of C&C Energia has been exchanged for 0.3528 common shares of Pacific Rubiales, Cdn.$0.001 cash and one common share of a new exploration company, Platino Energy Corp. (TSXV: PZE).

The shares of C&C Energia are expected to be delisted from the Toronto Stock Exchange on or about January 3, 2013.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements and information concerning the anticipated date of the delisting of the shares of C&C Energia from the Toronto Stock Exchange.  C&C Energia has provided this anticipated date in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of the necessary regulatory approvals.  This date may change for a number of reasons, including the inability to secure necessary regulatory approvals in the time assumed or the need for additional time to secure such approvals.  Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning the time for the delisting of the shares of C&C Energia from the Toronto Stock Exchange.

SOURCE Pacific Rubiales Energy Corp.