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PetroMagdalena Energy Corp. Obtains Interim Court Order For Arrangement With Pacific Rubiales Energy Corp.

TORONTO, June 25, 2012 /PRNewswire/ - PetroMagdalena Energy Corp. (TSX-V: PMD) today announced that it has obtained an interim order of the Supreme Court of British Columbia authorizing the holding of the Company's special meeting of holders of common shares and holders of common share purchase warrants.

At the meeting, shareholders and warrantholders of the Company will be asked to consider and, if thought advisable, approve a special resolution approving a plan of arrangement (the "Arrangement") involving PetroMagdalena, the shareholders, warrantholders and 0942183 B.C. Ltd., a wholly owned subsidiary of Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) to be carried out pursuant to the arrangement agreement previously executed and announced by the Company on June 5, 2012.

The board of directors of PetroMagdalena recommends that the holders of shares and warrants of the Company vote FOR the special resolution approving the Arrangement.

The meeting will be held at the Trump International Hotel and Tower, at 325 Bay Street, Toronto, Ontario, Canada on July 23, 2012 at 2:00 p.m. ( Toronto time). Meeting materials, including a Notice of Special Meeting and Management Information Circular, are to be mailed the week of June 25, 2012 to share and warrant holders of record as at the close of business on June 18, 2012.  For online users, the meeting materials have been filed electronically and are currently available under PetroMagdalena's profile on SEDAR at www.sedar.com as well as on the Company's website at www.petromagdalena.com.

The Arrangement is subject to, among other things, the affirmative vote of at least 66⅔% of the votes cast by the holders of the Company's shares and warrants, voting as a single class, present in person or represented by proxy at the meeting and at least a majority of the votes cast by the Company's shareholders present in person or represented by proxy at the meeting, excluding votes cast by those persons whose votes must be excluded pursuant to applicable Canadian securities laws.

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