Arias, Fábrega & Fábrega acted as counsel to the underwriting banks Merrill Lynch, Pierce, Fenner & Smith Inc; J.P.Morgan Securities LLC; RBC Capital Markets, LLC; and GMP Securites LP., in connection with an offering by Toronto-listed energy company Pacific Rubiales Energy Corp. of new 7.25% senior notes due 2021 worth US$300 million, and an exchange offer to holders of Pacific Rubiales' outstanding 8.75% senior notes due 2016.   ARIFA also acted as counsel to Merrill Lynch, Pierce, Fenner & Smith Inc., as dealer manager of the in the 5 December exchange offer.

Pacific Rubiales has operations in Colombia, Guatemala and Peru.