Petrolifera Petroleum announces closing of bought deal offering



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    CALGARY, June 27 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
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.





For further information:

For further information: R. A. Gusella, Executive Chairman, Petrolifera
Petroleum Limited, Phone: (403) 538-6201, Fax: (403) 538-6225,
inquiries@petrolifera.ca, www.petrolifera.ca

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PETROLIFERA PETROLEUM LIMITED

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