Petrolifera Updates on South American Drilling Activities

Petrolifera Petroleum has provided the following update on its South American operations and corporate activities.


The La Pinta 1 exploration well, which is currently being drilled on Petrolifera's 100 percent owned Sierra Nevada License in Colombia, was at a depth of approximately 10,600 feet as of April 16th, 2009. It is now anticipated the well will be drilled to a final total depth of approximately 11,000 feet. Petrolifera continues to be encouraged by results encountered during the drilling of the La Pinta 1 well, based on hydrocarbon mud log shows and the interpretation of intermediate logging runs. The drilling of the well is significantly behind the originally anticipated schedule, due to problems which were encountered, firstly while attempting to run the 9 5/8th inch intermediate casing in the upper section of the wellbore and subsequently, challenges arising from instability in the lower section of the well. The former problem in the upper part of the well was resolved and the instability in the lower section of the wellbore now appears to be under control. Due to the downhole instabilities, it has been decided to attempt to complete the well at a depth of 11,000 feet instead of the originally planned depth of 13,000 feet. An application in this regard has been submitted to ANH, the Colombian Government Agency that regulates such activity and a decision is anticipated shortly. Petrolifera's management believes that all the geological objectives of the well and contractual obligations of the license will be met with the well terminating at a depth of 11,000 feet. Further evaluation is anticipated to occur by testing, after the well is logged and the bottom portion of the wellbore is cased.


On April 16, 2009 Petrolifera was awarded Block 133, which is contiguous with the western boundary of the company's Block 107 in the Ucayali Basin onshore Peru. Block 133 comprises approximately 979,000 acres. The work commitments on this Block for the first period (18 months) are primarily comprised of geological field studies and as such are not capital intensive. This license represents important protection acreage for Petrolifera in relation to its planned activities on Block 107 in future years.

In May 2009, in accordance with the contract terms of Block 107, Petrolifera will be relinquishing approximately 1.6 million acres, or approximately one half of the original 3.2 million acres which comprised Block 107. Petrolifera believes it will be retaining the most prospective acreage under Block 107, based on its interpretation of the 950 km 2D seismic program acquired over the acreage by the company in 2007 and 2008. After the required relinquishment and the award of Block 133, Petrolifera will control approximately 4.5 million acres in Peru.


As recently announced, Petrolifera recently commenced drilling on its 100 percent owned Gobernador Ayala II (GA II) Concession, located in La Pampa Province, Argentina. As of mid-April 2009, Petrolifera has drilled and completed five wells on the Block and is very encouraged by the results to date, based on hydrocarbon shows and limited testing results. Petrolifera anticipates drilling up to an additional five wells on this Block before the expiry of the exploration phase. A request has been submitted to the Government of La Pampa to convert the GA II Concession from an exploratory to a production status.


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