Meta Petroleum CEO Says ParaFin Announcement False


Rubiales Field
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Meta Petroleum has renounced a press release issued by ParaFin Corporation on May 1, 2007 as false and without basis. In a May 1st press release, ParaFin stated that it had signed a farmout agreement with "Meta Petroleum Ltd." to acquire a 50% working interest in a hydrocarbon concession and operating oil field in the Republic of Colombia, South America.

Jan Veldwijk, Meta's Chief Executive Officer, stated, "We were shocked when we were informed of the press release issued by ParaFin Corporation. Neither the management nor shareholders of Meta have ever met anyone from ParaFin Corporation, much less entered into an agreement to sell a portion of our interests. ParaFin's press release is totally without merit and we can only speculate as to the motivation behind the announcement."

Meta Petroleum is one of the fastest growing companies in Colombia and was recently recognized as one of Colombia's top 1,000 companies by two leading Colombian business magazines. Since commencement of operations in 2002, Meta has rapidly increased production from its heavy oil field to more than 18,000 barrels of oil per day. The company's heavy oil field, generally referred to as the Rubiales Field, is located in the Meta Department of Colombia.

"We are disappointed by ParaFin's actions and will pursue any and all remedies available to us resulting from this false and misleading announcement," Veldwijk noted.

Meta Petroleum's corporate headquarters are located on Av. Calle 26 No. 92-30 in Bogota, Colombia. Further inquires should be directed to the company care of either john.hager@metapetroleum.com.co or mario.restrepo@metapetroleum.com.co.

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