Petrolifera Cases Sierras Blancas Well

Petrolifera Petroleum says the RN. PM a-1015 well has reached total depth, was logged and has been cased as an indicated Sierras Blancas oil well. It is now waiting on cement and the arrival of the contracted service rig for testing in the upcoming week. The drilling of the well required a few more days than is customary due to various procedures which the company conducted in the well, including some coring and an additional bit change which was required during drilling procedures. Also, some down time was experienced due to surface wind conditions.

Petrolifera also advises that it is currently reviewing its published 2006 and prospective 2007 guidance with a view to an upwards revision in respect of forecast production of both crude oil and natural gas from Puesto Morales. This revision is warranted by recent well results, included anticipated productivity from those wells which have already been tested and by the continuing pace of anticipated new drilling, as well as ongoing schedule adjustments and other factors. The results of this analysis should be completed around the middle of October 2006 when the company plans a series of investor meetings and an updated presentation, which will be made available to all shareholders by way of a web cast and posting on the company's website.

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