Petrolifera Closes Bough Deal Offering

Petrolifera Petroleum Limited announces that it has closed its previously announced bought deal financing of 4,445,000 common shares ("Common Shares") at a price of $9.00 per Common Share for gross proceeds of $40,005,000 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by RBC Capital Markets and including Macquarie Capital Markets Canada Ltd., GMP Securities L.P., Tristone Capital Inc., Cormark Securities Inc., Octagon Capital Corporation, D&D Securities Company and Thomas Weisel Partners Canada Inc. (collectively, the "Underwriters"). The net proceeds of the Offering will be used by Petrolifera to fund the remaining portion of its 2008 capital spending program in Argentina, Colombia and Peru.

Petrolifera has granted the Underwriters an option (the "Over-Allotment Option") under which the Underwriters may offer for sale up to an additional 666,750 Common Shares at a price of $9.00 per Common Share on the same terms and conditions as the Offering. The Over-Allotment Option is exercisable in whole or in part until July 27, 2008. After giving effect to the Common Shares issued under the Offering, Petrolifera now has 54,798,010 Common Shares outstanding.

Petrolifera Petroleum Limited is a Calgary-based crude and natural gas exploration and production company with significant operated interests in ten blocks in Argentina, Colombia and Peru in South America. These blocks cover approximately seven million acres. Current crude oil and natural gas production is derived from the Puesto Morales/Rinconada Concession in the Neuquén Basin onshore Argentina.