Petrolatina Energy Names New CFO

Petrolatina Energy Plc has appointed of Ian M. Refault as Chief Financial Officer with effect from August 28, 2006.

Ian Refault brings 11 years of experience within the International Oil and Gas Industry. He previously held senior finance and marketing positions within Petrokazakhstan Inc and prior to that was Finance Director of the London office of Lukoil Overseas Ltd and Vice President of Finance with Bitech Petroleum Corporation. Ian is a Fellow of the Chartered Association of Certified Accountants.

Geoffrey Killick resigned as Chief Financial effective August 25, 2006 to pursue another opportunity.

Nicholas Gay, Chief Executive, PetroLatina Energy Plc, commented:

"We are very pleased to welcome Ian to Petrolatina. He brings with him a wealth of experience that will be invaluable to the future development of the Company. I would also like to thank Geoffrey for his contribution in bringing Petrolatina to its current stage of development and wish him well in his future endeavors"