Petrolifera Makes Discovery at Sierras Blancas

Neuquen, Argentina
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Petrolifera says that the PMN 1038 well on the company's 100% owned and operated Puesto Morales Concession in the Neuquén Basin, Argentina has recently tested light gravity crude oil at a rate of approximately 1,500 bbl/d from the Sierras Blancas Formation.

The results are important as the well is situated between the company's Northern and Central lobes of the Puesto Morales Norte Field and indicates continuity between the two accumulations. The well will be completed and tied in shortly and it is anticipated the well will be produced initially at a rate of between 500 bbl/d - 1,000 bbl/d.

Four drilling rigs and four service rigs continue to operate for Petrolifera on its Puesto Morales and Rinconada Blocks, which comprise the concession. Included in current drilling is the 1017 well, situated southeast of the central lobe; this is the first deviated well to be drilled on the concession using the Quintana No. 13 rig, which was imported into Argentina and has greater drilling depth capacity. This rig has been used to drill a number of water injection wells during its break-in period. The company's water treatment, water injection and water handling facilities are scheduled for a December 2007 startup, which should increasingly impact on overall production levels during the ensuing 18 months, as the waterflood pressure maintenance scheme becomes operative and effective.

Separately, Petrolifera advises that a commissioning ceremony was recently held for the company's high-pressure natural gas pipeline which runs from the Puesto Morales Norte field to the Medanito area. It is anticipated the pipeline will initially handle approximately 10 mmcf/d of natural gas, including associated gas from the surrounding oil field and some non-associated natural gas from the Loma Montosa and Sierra Blancas Formations. The rated capacity of the new pipeline with in-place compression is 35 mmcf/d, which would allow for continuing sales expansion.

Recently, Petrolifera tested 2.3 mmcf/d of natural gas and 20 bbl/d of condensate through a 14 mm choke from its PMOx-1001 well, located on the western border of the concession. It appears probable this well will be tied into the new high-pressure pipeline for immediate sale to available industrial markets. Additionally, the company recently tested over 1 mmcf/d from a basal Loma Montosa zone in the 1007 well, located within the Puesto Morales Sur Field. Crude oil was also tested from the Loma Montosa Zone 10 in this well and following a frac, it is anticipated the well will be completed as a dual zone producer and tied in to production facilities.

In Peru, the company's 2D seismic program on Ucayali Block 107 is proceeding favorably with encouraging preliminary results. The company is also advancing discussions to secure a suitable heli-transportable drilling rig for use in drilling a well or wells on Block 107 during the latter months of 2008 and into 2009. Drilling is also anticipated on Block 106 in the Maranon Basin during 2009, following completion of the company's Environmental Impact Assessment and shooting a 550-kilometer 2D seismic program in 2008.

In Colombia, several drillable prospects have been defined on the Sierra Nevada I license and plans are progressing to secure drilling rig commitments for the second half of 2008. Petrolifera is pleased with the quality of prospects it has generated in Colombia, including their associated reserve potential.

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