Petrolifera Tests 2,510 bpd of Light Crude from Punta Rosada Formation

Petrolifera Petroleum reports that, on test, light crude oil flowed at a calculated rate of 2,510 barrels per day through an approximate 5/8 inch choke over an eight hour period from one zone in the Punta Rosada Formation (the well's secondary objective) at its RN.PM.a-1011 well on the company's 100 percent-owned Puesto Morales/Rinconada concession in the Neuquen Basin, Argentina. Flowing wellhead tubing pressure was stable at 325 psi and consistent with earlier tests in other wells on the concession. The reported test followed approximately 25 hours of flowing and testing the zone through smaller choke sizes.

Testing of a second Punta Rosada zone is presently underway, to be followed by testing of two zones in the Sierras Blancas Formation, which was the primary target for the well. These results and cumulative flow rates will be reported to shareholders at a later date once stabilized rates and reliable data are secured.

Petrolifera Petroleum is a public Canadian crude oil and natural gas company engaged in oil and gas exploration and production in the Neuquen Basin, Argentina and in the Maranon and Ucayali Basins onshore Peru, where the company holds over 5 million licensed acres which are considered prospective for hydrocarbons. Petrolifera's common shares are listed under the symbol PDP on the Toronto Stock Exchange. A series of $3.00 warrants exercisable until May 2007 also trade under the symbol PDP.WT. Following the recent exercise of outstanding warrants by third parties, Connacher Oil and Gas Limited owns an approximate 33 percent equity stake in Petrolifera.