Petrolifera Encouraged by La Pinta 1, to Spud New Well in Argentina

Petrolifera announced that the La Pinta 1 well on its 100 percent owned Sierra Nevada License in Colombia has reached a depth of approximately 8,300 feet and that preparations are underway to run an intermediate casing string, as scheduled.

The wellbore is being conditioned after a logging run and then the casing string will be run. Petrolifera is encouraged by results thus far in the drilling of the La Pinta 1 well, based on hydrocarbon shows and the results of logs. Drilling of the well is running approximately 20 days behind schedule due to occasional mechanical issues with the rig and slow penetration rates through certain zones.

In Argentina, Petrolifera recently commenced drilling of its first exploratory well, PPEA.LP.LS.x-1, on its Gobernador Ayala II Concession located in La Pampa Province.

The well is licensed to be drilled to a depth of approximately 1,000 meters and is being drilled on a 3D seismically-defined prospect for heavy crude oil.