Petrolifera Successfully Tests RN-1014 Well

Petrolifera Petroleum has tested its RN. PM. a-1014 well. On test, light gravity crude oil flowed without water at a calculated sustainable rate of approximately 1,200 bbl/d through an 18 millimeter choke, primarily from the Punta Rosada Formation. In this regard, results are similar to those encountered in the offsetting although structurally higher 1011 well. This is Petrolifera's tenth successive completed crude oil well and ninth successive flowing Sierras Blancas or dual Sierras Blancas/Punta Rosada oil well on the Puesto Morales Block in the Neuquen Basin, Argentina.

The company also wishes to confirm that the drilling rig which was utilized to drill the 1014 well has now moved to the 1024 location, situated south and east of the excellent 1013 well, as the surface location at 1019 was not ready when the rig completed operations at 1014. In the absence of any development to cause a change of plans, Petrolifera anticipates drilling the 1019 location following completion of drilling operations at 1024, which have now been underway for approximately six days.

Petrolifera Petroleum Limited is a public Canadian oil and gas company engaged in exploration and production activity in Argentina. The company also holds extensive acreage under two licenses onshore Peru. Petrolifera's common shares and one series of its outstanding share purchase warrants are listed for trading on the Toronto Stock Exchange.