Maurel & Prom Concludes a Strategic Alliance With Pacific Rubiales Energy

PARIS, March 31, 2011 - Maurel & Prom announces the acquisition by Pacific Rubiales
Energy of 50% of its interests in the blocks Sabanero (M&P 100%), Muisca (M&P
100%), SSJN-9 (M&P 50%), CPO-17 (M&P 50%) and COR-15 (M&P 100%).

Pacific Rubiales Energy with its strong growth dynamics and
expertise in production and treatment of heavy crudes has been selected by
the Group as strategic partner for the valorization of the resources of the
Group in Colombia, particularly those of the Sabanero block.

This acquisition in the aforementioned blocks is subject to
the following terms:

1. Reimbursement to Maurel & Prom of the past cost on the
aforementioned blocks for a cash consideration of US$63.2m as of December,
31st 2010 (estimated at US$65.4m as of March, 2011).

2. Pacific Rubiales Energy to undertake a full carry
obligation on the exploration activities for the Sabanero Block, with
reimbursement by means of free cash flow derived from future hydrocarbon
production. Pacific Rubiales Energy will also secure the financing required
by Maurel & Prom to execute its portion of the development activities in such
Block.

3. Pacific Rubiales Energy to undertake a full carry
obligation of up to US$120m for exploration activities in the SSJN-9, CPO-17
and Muisca Blocks.

4. Pacific Rubiales Energy to undertake a full carry
obligation on the exploration activities for the COR-15 Block, with
reimbursement by means of the free cash flow derived from future hydrocarbon
production. Pacific Rubiales Energy will also secure the financing required
by Maurel & Prom to execute its portion of development activities in such
Block.

5. Pacific Rubiales Energy will provide access to its existing
and future transport infrastructure and capacity, under the best commercial
terms.

6. The parties agree that they will jointly pursue on a
50%/50% basis any hydrocarbon rights in an area of mutual interest
immediately surrounding the Sabanero Block.

This agreement may be subject to legal and regulatory
approvals of ANH and contractual approvals with the partners in Colombia.

For Maurel & Prom, this alliance with Pacific Rubiales Energy
should allow for a faster monetization of the hydrocarbons resources already
identified on the Blocks, more specifically Sabanero.

This association allows the Group to finance its operations
for delineation, development and start of production, as well as an
aggressive exploration program with a strategic partner with a remarkable
expertise in the production of heavy crude in Colombia.

For more information: www.maureletprom.fr

This document may contain forward-looking statements regarding
the financial position, results, business and industrial strategy of Maurel &
Prom. By nature, forward-looking statements contain risks and uncertainties
to the extent that they are based on events or circumstances that may or may
not happen in the future. These projections are based on assumptions we
believe to be reasonable, but which may prove to be incorrect and which
depend on a number of risk factors such as, fluctuations in crude oil prices,
changes in exchange rates, uncertainties related to the valuation of our oil
reserves, actual rates of oil production and the related costs, operational
problems, political stability, legislative or regulatory reforms, or even
wars, terrorism and sabotage.

           Maurel & Prom is listed on Euronext Paris - Compartment A -
   CAC(R) Mid 60 - SBF120(R) - CAC(R) Mid & &Small - CAC(R) All-Tradable -
   CAC(R) All-Share ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

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    1/4/2011 Analyst presentation (10 am)

    12/5/2011 General Meeting (10 am)

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Communication: INFLUENCES, +33-(0)1-42-72-46-76, communication at agence-influences.fr