TSX: PRE BVC: PREC WHERE TALENT AND ... DRILLING AND SEISMIC PROGRAM FOR 2011 AMBAR-3 S JASPE-3 S JASPE-2 D ZIRCON-1 S EXPLORATORIOS (5) E DELINEADORES (15) D Quifa N 3D (resguardos)

WHERE TALENTAND KNOWLEDGE

MEET OPPORTUNITY

APRIL 2011

TSX: PREBVC: PREC

VALUE GENERATION THROUGH GROWTH

2

2007

24,784

2008

61,355

2009

122,000

220,000**

2010

Daily gross operated oil production: barrels of oil equivalent per day (boe/d)End of the year

11x growth in exit production within five years

The Company produced over 25% of oil in Colombia in 2010 *

265,000 E

2011 E

•Based on 864,000 boepd in Colombia•** Production capacity

Background

EXPLORATION CAMPAIGN 2005 -2010

• 985 km2 3D Seismic

• 2,217 km 2D Seismic

• 15,423 km Aeromagnetogravimetric Data

• 1,900 km Stress Data(SFD)

• 2,000 km2 Hyperspectral Images

• 68 Wells:

• 26 exploratory

• 30 appraisal

• 12 stratigraphic• Total Investment: US$307 Million (Net)

• 56 successful wells out of 68 drilled

• 80% success rate

Discovery Cost: 1.37 $/bbl 3

PROPERTIES IN COLOMBIA

4

LLANOS BASIN

1. ARAUCA2. LLANOS-73. CORDILLERA-244. LLANOS-555. CPE-16. ARRENDAJO7. CPO-18. CPO-149. CPO-1210. CPE-6

LOWER MAGDALENA BASIN

11. CR-112. SSJN-313. SSJN-714. GUAMA15. CICUCO

CAGUAN & PUTUMAYOBASIN

16. TOPOYACO17. CAGUAN-618. PUTUMAYO-919. TERECAY20. CAGUAN-521. TACACHO

LLANOS BASIN

22. PIRIRI23. RUBIALES24. MORICHE

UPPER & MIDDLE MAGDALENA BASIN

25. LAS QUINCHAS26. DINDAL27. RIO SECO28. PULI29. GUASIMO30. CAGUAN

UPPER & MIDDLE MAGDALENA BASIN

31. BUGANVILES32. ABANICO33. CHIPALO

LOWER MAGDALENA BASIN

34. LA CRECIENTE

LLANOS BASIN

35. QUIFA

3 Countries; 45 Blocks (33 exploratory assets)

Map of Properties

PROPERTIES IN PERÚ & GUATEMALA

5

GUATEMALAPETEN BASIN

36. A-737. A-7

PERÚMARAÑON & UCAYALI BASIN

38. 13739. 13540. 138

GUATEMALA PERÚ

Over 11 Million Acres (net)

Map of Properties

Expanding reserve life through knowledge

6

Reserve (net 2P) growthof 12.8% in 2009

Source: Petrotech Engineering Reserves Report, 2010

280.5mmboe

316.4 mmboe

Dic 2009

Feb 2011

POES: 7.000 MMbblsPOES: 3.886,1 MMbbls

Uses existing Pacific Rubiales well configuration to sweep oil into producing wells

• Potential to increase recoveries from 10% to 40%

Signed binding MOU with Ecopetrol

• Enhanced recovery extends economic life of field beyond 2030

• Phase I completed – April 2010. Equipment for pilot project in transit to the field.

STAR is a proprietary technology based on the company’s in-house experience.

Potential to triple company’s reserve base

H1H2

H3

H4V1

7

STAR technology –A significant potential for Colombian reserves increase Synchronized Thermal Additional Recovery

Infrastructure & Projects

LA CRECIENTEGas in place to support substantial development

8Current Production of 66 mmcf/d

Significant production potential at low cost

5 wells drilled (2006-2009) with potential to produce over 120 mmcf/d

Reserves of 432.8 bcf based on OGIP of nearly 600 bcf (1)

US$0.30/mcf operating costs

Take or pay contracts

60 mmbtu/d production contracted for 2 year take or pay basis

Substantial resource upside

Additional resource upside 8 new prospects identified

LNG and CNG export to the Caribbean

Evaluating export options (CNG to the Caribbean and central American markets as a substitute for liquids in electricity generation and automotive uses)

(1) Petrotech Engineering

Sea NG - Coselles

Small Scale LNG - INDOX

FOCUS ON BEST BALANCE REWARD/RISK

Quifa. Advance environmental licensing. Infill drilling. Reserve certification. 3D seismic

CPE-6. Migrate to E&P contract. Advance licensing. Infill drilling. 3D seismic. Reserve Certification

CPO-1 and CPO-12. 3D seismic, Bring forward 2011 drilling. High potential

La Creciente. Drill Apamate-1 and 2, 2Q 2011. Additional potential in prospects B, G and DW. Certify reserves

Putumayo. Advance licensing in Tacacho-Terecay. Drill Topoyaco-3 in prospect D.

9

COLOMBIAN GEOLOGICAL BASINS

LLANOS NORTE

LLANOS SUR

VALLE INF MAGDALENA – CESAR RANCHERIA

CAGUAN - PUTUMAYO10

EXPLORATION CAMPAIGN 2010 -2015

0

50

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0

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2011 2012 2013 2014 2015

Num

bero

f Wel

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Drilling

NET MMUS$N

et In

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S$M

)

• 216 wells

• 9,252 km 2D Seismic

• 4,016 km2 3D Seismic

• Net Investment US$1,587 M

• Discovery cost (projected) 2.05 US$/bbl

0

50

100

150

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0

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1.000

1.500

2.000

2.500

3.000

3.500

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2011 2012 2013 2014 2015

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Seismic Lines

2D 3D NET MMUS$

Net

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NET US$M

11

NET US$M

EXPLORATION DRILLING AND SEISMIC PROGRAM FOR 2011

AMBAR-3 S

JASPE-3 S

JASPE-2 D

ZIRCON-1 S

EXPLORATORIOS (5) E

DELINEADORES (15) D

Quifa N 3D (resguardos) 400 km2

Quifa Desarrollo 3D 280 Km2

GUAIRURO-5 S

GUAIRURO-6 S

ESTRATIGRAFICO (8) E

EXPLORATORIO (1) E

DELINEADOR (11) D

CPE6 366 km2

CPO-1 CPO-1X E

CPO-12-1X E

CPO12 300 km2

ARRENDAJO AR-1X E

TOPOYACO TOPOYACO-3 E

GUAMA GUAMA-1X E

APAMATE-1X E

LCD-DW1 E

ART-1X E

ARP-1X E

GUADUAS CAPIRA-1X E

BUGANVILES VENCEJO-1X E

GECKO-1 E

ABANICO-N-1 E

SSJN3 SSJN3 (suspendido

388km) 112 km

CR1 CR1 319 km

SSJJN7 SSJJN7 332 km

CPE1 CPE1 500 km

Terecay Terecay 528 km

Peru Lote 138 Peru Lote 138 555 km

Peru Lote 135 Peru Lote 135 704 km Esperando permisos Ambientales PeruGuatemala Guatemala 300 km2 Esperando aprobacion del MEM Guatemala

Type of wells: Adquisición Sismica

CPO-12

2D3D

QUIFA

E: Exploratorio

D: Delineador

S: Estratigrafico

MARZO ABRIL

ABANICO

ARAUCA

LA CRECIENTE

CPE-6

MAYO JUNIO JULIO AGOSTO SEPTIEMBRE OCTUBRE NOVIEMBRE DICIEMBREBLOQUE POZO TIPO DE POZO

2011ENERO FEBRERO

12

13

ODL PIPELINE

Currently the pipeline transports 170,000 barrels per day, with a projected figure for the year 2011 of 340,000 barrels per day.

OCENSA

Acquired access to Ocensa pipeline for 160 mboe for a 10 yr period beginning Feb 1, 2010.

BICENTENARIO PIPELINE (OBC)

The Oleoducto Bicentenario will be the largest of its kind in Colombia and will be developed in four phases that are expected to be finalized by December 2012.

The Company has committed to participate in 32,8%, acquiring the right to access approximately 40,000 bbl/day of transportation capacity by the end of 2011.

CARTAGENA OIL TERMINAL

An alternative oil exportation port to the Caribbean. Capacity of aframax and in the future VLCCs, subject to the expansion of the Varadero channel.

SECURING MARKET ACCESS

Tumaco

Rubiales

Cartagena

Coveñas

Monterrey

ODLPipeline

TRANSANDINOPipeline

OAMPipeline

GUADUAS-DORADAPipeline

ODCPipeline

OCENSAPipeline

BICENTENARIOPipeline

CAÑO LIMÓN-COVEÑASPipeline

Phase 1

Phase 2-3

Tumaco

The OBC and the COT will debottleneck the Colombian pipeline and port system

Infrastructure & Projects

OCENSA Pipeline

CARTAGENAOil terminal

14

2011 CAPITAL PROGRAMOver US$1.1 billion capital program

Exploration $340 MM

Development Drilling $139 MM

Production Facilities $438 MM

• Exploration across 26 blocks

• Start of operations in Peru and Colombia

• 20 exploratory wells1; 36 Appraisal wells2, 3 stratigraphic wells3

• 539 km of 2D seismic and 440 km2 of 3D seismic planned for 2011

• STAR

• IT

• Transport and port projects

• To increase production capacity

• CPE-6

• Quifa and Rubiales

• Oleoducto Bicentenario de Colombia (“OBC”)

• CPE-6

• Quifa expanding capacity from 60 k boepd to 100 k boepd

CAPITAL STRUCTUREOther Projects

$204 MM

EXPLORATION DRILLING PROJECTS FACILITIES

US$ MM

Exploration 340

Drilling 139

STAR/SPV* 204

Facilities 438

* Equity in OBC and PetroElectrica de los llanos

1 1 LC 1, 1 Guama, 1 Guaduas, 2 Arauca, 4 CPE-6, 1 CPO-1, 1 CPO-12, 5 Quifa, 1 Buganviles, 1 Abanico, 1 Topoyaco & 1 Guatemala2 1 Guama, 16 CPE-6, 2 CPO-12, 15 quifa, 1 Buganviles & 1 Abanico3 1 CPE-6 & 2 Quifa

Financial

Ranked #1 in the IGBC*with the 24.2% of participation, index for the first Quarter 2011

1. C$1=COP$ 1,864, As of Jan 31, 20112. Daily Traded Volume

TSXCAN$

BVC COP$1

Share Price

Market Cap

52 Week High

52 Week Low

MarchAverage Volume 2

$ 26.90 COP$ 51,660

COP$13.29b

COP$67,000

COP$30,000

$7.135

$ 35.67

$ 18.80

2.86million shares

As of March 31, 2011

15

SHARE PRICE PERFORMANCE

*The IGBC is the general index of the Colombian stock exchange.

Financial

2.08million shares

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PRE Volume PRE Price

Canada Office333 Bay Street, Suite 1100

Toronto, CanadaMSH 2R2

PBX: +416 362-7735Fax: +416 360-7783

Corporate OfficeCarrera 11A No. 94 - 45

Torre OXO - Piso 9Bogotá D.C., ColombiaPBX: +57 1 756 0080Fax: +57 1 756 0203

Colombia Technical OfficeCalle 95 No. 13 - 35

Bogotá D.C., ColombiaPBX: +57 1 628 3970Fax: +57 1 256 6085