Petro Andina Announces Neuquen Discoveries

Petro Andina Resources has successfully completed appraisal drilling programs at two new field discoveries on its CNQ-7/A Block in Argentina's Neuquen Basin. The Calgary-based company operates the block with a 50% working interest.

At Puesto Pinto Petro Andina has now drilled and tested three wells in the Lower Centenario sand. The wells have encountered an average of five meters of pay and are currently producing a total of 580 gross (290 net) barrels of oil per day on long-term test. The three wells demonstrate more than six square kilometers of mapped reservoir. The Puesto Pinto field is located on the eastern portion of the CNQ-7/A Block in the Province of La Pampa. The new discovery is an extension of the Lower Centenario trend, which Petro Andina is developing at El Corcobo Norte. The two fields are expected to share facilities.

At Cerro Huanul Sur the Company has now drilled three wells into an Uppercentenario reservoir, on trend with Petro Andina's Jaguel Casa de Piedra field, located eight kilometers to the northwest. The Cerro Huanul Sur wells have encountered an average of eight meters of pay and the area inside well control on this accumulation is now three square kilometers. Current production from the three wells is over 400 gross (200 net) barrels of oil per day. This field is being considered as a site for Petro Andina's thermal recovery pilot project which is scheduled to commence operations in the second half of 2007.

The new pools have not yet been fully delineated and the Company's drilling program will continue at both fields. Four additional appraisal and development wells have been permitted for drilling at Puesto Pinto and Cerro Huanul Sur during February and March.

Petro Andina Resources Inc. is a private company headquartered in Calgary, Canada and operating in Argentina. The Company is continuing its program drilling appraisal and exploration wells on its 370,000 acre land position in the Neuquen basin.


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