Petro Andina Closes $35.9 Million Bought-Deal Equity Financing

Petro Andina Resources Inc. has completed its previously announced bought deal equity financing. At closing 2,990,000 common shares were issued at a price of $12.00 per common share for aggregate gross proceeds of $35,880,000 (including common shares issued upon exercise in full by the underwriters of the over-allotment option). The underwriting syndicate was led by FirstEnergy Capital Corp. and included Tristone Capital Inc., Scotia Capital Inc., Wellington West Capital Markets Inc. and Blackmont Capital Inc.

Proceeds from this offering will be used to fund Petro Andina's 2008 capital expenditure program and for general corporate purposes.