Petro Andina Contracts Second Rig for Argentina Operations

Petro Andina Resources Inc. has contracted a 550 hp drilling rig from Ensign Drilling Argentina SA, a subsidiary of Calgary based Ensign Energy Services Inc., for a period of two years with an option to extend the contract for a third year. The rig is capable of drilling to 1,500 meters and is being adapted to optimize drilling and moving times on the company's continuous development drilling program at its Jaguel Casa de Piedra (JCP) field on the CNQ-7/A Block located in Argentina's Neuquen Basin. The rig is expected to commence work in the second quarter, joining the Pride Pl 353 rig which is also under contract to Petro Andina.

Petro Andina also announced that it has contracted UGA Seismic SA to conduct a 3D seismic survey covering an additional 700 sq. kilometers of the CNQ-7/A Block, which it operates with a 50% working interest. The survey will commence in May and is scheduled for completion in August. Previously, in the fourth quarter of 2004, Petro Andina acquired 200 sq. kilometers of 3D seismic at CNQ-7/A. This latest acquisition will bring the percentage of the CNQ-7/A Block acreage covered by 3D seismic to 60 percent.

Petro Andina Resources Inc. is a private company headquartered in Calgary, Canada and operating in Argentina.

For further information

Further information can be obtained by contacting Melesia Kasha at (403) 237-1700


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