Closing of the investment agreement with Petrobras in Neuquén

For Immediate Release

Pampa Energía announces the closing of the investment agreement with Petrobras in the province of Neuquén

Buenos Aires, April 14, 2011. Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) (“Pampa” or the “Company”), announces the fulfillment of the conditions precedent for the investment agreement related to the “El Mangrullo” field, celebrated between Petrolera Pampa S.A., a subsidiary of Pampa, and Petrobras Argentina S.A. (“Petrobras”), previously informed on December 9, 2010.

Let us remind that: (i) through the mentioned investment agreement, Pampa will acquire the 43% of the rights to have free disposal at wellhead, commercialize and industrialize hydrocarbons from certain wells to be drilled in “El Mangrullo” field (hereinafter the “Wells”) and (ii) as a consideration for said acquisition, Pampa has committed to invest up to US$ 16,000,000 for the drilling of those Wells.

For further information, contact:

Ricardo Torres – Chief Executive Officer
Mariano Batistella – Strategic Planning and Investor Relations
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: 5411 4809 9500

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