The RN-PMN a-1016 well spudded in at 7:30 PM local time on Sunday, February 25, 2007 using the new Quintana Rig No. 6, which was imported into Argentina for Petrolifera's exclusive use under a renewable long-term contract. It is anticipated that two additional new rigs will be added to the program during the first half of 2007, thereby enabling Petrolifera to drill up to 50 wells in Argentina during the year.
The 1016 well is situated west of the PMN x-1010 well near the northern border of the Puesto Morales/Rinconada Concession, which is located in the Neuquen Basin, Argentina.
The company also announces that its 18,500-line kilometer high-resolution aeromag-gravity survey over Block 107 in the Ucayali Basin, onshore Peru, has commenced. The high-resolution grid to be shot over this 3.2 million acre license is 0.8 kilometers by 3.2 kilometers. It is anticipated results will assist in finalizing the final location of Petrolifera's planned 600-800 kilometer 2D seismic program over Block 107 later in 2007.
Petrolifera Petroleum Limited is a Calgary-based oil and natural gas exploration and production company. Its production is entirely in Argentina. The company also holds exploration rights in the Maranon and Ucayali Basins, Peru and is finalizing negotiations to secure explorations rights in Colombia's Magdalena Basin.
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