Petrolifera Signs TEA for Sierra Nevada 2

Petrolifera Petroleum has signed the Sierra Nevada 2 Technical Evaluation Agreement ("SN2 TEA") with ANH, the government agency of Colombia that handles the negotiations for oil and gas exploration contracts. The SN2 TEA covers lands and rights adjacent to and to the north, east and southeast of the Sierra Nevada 1 License, which was previously awarded to Petrolifera.

The SN2 TEA is 879,100 acres (38 townships) in size and is located in the Lower Magdalena Basin. It offsets known crude oil and natural gas accumulations. The 14-month work commitment associated with this TEA is the reprocessing of 650 kilometers of seismic and the completion of geological and geophysical studies.

With the signing of this TEA, Petrolifera now controls approximately 1.2 million acres in Colombia.

Petrolifera Petroleum Limited is a Calgary-based crude oil and natural gas exploration, development and production company. It is active in the Neuquén Basin, Argentina; in the Maranon and Ucayali Basins onshore Peru; and holds concessions onshore Colombia. The company's shares are listed for trading on the Toronto Stock Exchange under the symbol PDP.