Petrolifera to Retain Argentinean Ops, Comments on La Pinta Testing

Petrolifera announced that the bids received in respect of its Argentinean operations were unacceptable. Accordingly, Petrolifera has concluded the sale process and will retain its assets in the country.

An ongoing capital program will be developed and initiated over the next several months to maximize production levels at Puesto Morales Norte and to fulfill modest remaining work commitments on its exploratory lands at Vaca Mahuida, Puesto Guevara and Gobernador Ayala II. A multi-well heavy oil drilling program has been underway at Gobernador recently and the results will be assessed to determine future exploitation opportunities.

In Colombia, Petrolifera has completed the testing of several zones in one formation at depth in the La Pinta well and is continuing its evaluation program of various uphole zones. The testing of the well has been problematic due to over pressuring, difficult hole conditions even though the well is cased, challenges with equipment failures compounded by the aforementioned issues and other factors. It is hoped the evaluation program of all important zones of interest, which can be tested in this well, will be completed shortly. At such time, definitive results will be communicated to our shareholders and capital markets.

Petrolifera anticipates providing its Q2 2009 and YTD 2009 operating and financial results to capital markets on August 6, 2009 and a conference call will be scheduled for the morning of August 7, 2009.


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