Petrolifera Appoints Bibby VP of Finance

Petrolifera Petroleum Limited has appointed Mr. Kristen J. Bibby, B. Comm., C. A., to the position of Vice President, Finance of the company, effective immediately and welcomes him to the company.

Bibby will also assume the role of Chief Financial Officer of the Company on May 15, 2007, replacing Mr. Richard R. Kines, who has served as Interim Chief Financial Officer of the company since its formation. Mr. Kines is Vice President, Finance and Chief Financial Officer of Connacher Oil and Gas Limited, Petrolifera's largest shareholder. The company thanks Mr. Kines for his contribution to Petrolifera's success.

Bibby is a graduate of the University of Saskatchewan and received his C. A. designation in 2000. Most recently, he was Controller of Bow Valley Energy Limited, a public Canadian oil company engaged in international activity and immediately prior thereto, was Controller of Rio Alto Resources International Inc., a public Canadian oil and gas exploration and production company active in Argentina and Ecuador in South America.

Bibby will be based at the company's head office in Calgary, Alberta and will work with the company's Executive Chairman and President and Chief Operating Officer in the advancement of Petrolifera's growing and profitable business.

Petrolifera is a public Canadian oil and natural gas exploration and production company based in Calgary, Alberta. Its principal operations are currently in Argentina and the company also holds extensive exploratory interests in Colombia and Peru. Petrolifera's common shares are listed for trading on the Toronto Stock Exchange under the symbol PDP. The company has a market capitalization of approximately $850 million on a fully diluted basis.