Petrolifera Petroleum Limited secures drilling rig for upcoming Colombia and Peru drilling campaigns



    CALGARY, Aug. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announced today it has signed a letter of intent with Petrex S.A ("Petrex")
whereby Petrex has agreed to provide a heli-transportable drilling rig for a
24 month period from commencement of well operations in Colombia with an
option for a further 12 month period. The formal contract is currently being
finalized and rig mobilization is expected to begin shortly, with a view to
being on location at the La Pinta prospect, situated within the Sierra Nevada
I License in the Lower Magdalena Basin onshore Colombia, on or before
September 30, 2008. It is anticipated it will take 75 to 90 days to drill the
La Pinta well. Thereafter, Petrolifera plans to drill the Brillante prospect
on the same license.
    After completion of the initial two well drilling program in Colombia,
Petrolifera anticipates it will mobilize the rig to Peru for the drilling of
the company's first Peruvian exploratory well, currently anticipated to be
drilled on Block 107 in the Ucayali Basin onshore Peru.

    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. The company's capital program for 2008 is
anticipated to reach $108 million, with increased expenditures in Colombia and
Peru compared to levels in 2007, as new exploration programs are presently
underway. Simultaneously, the company is maintaining an active capital
expenditure program in Argentina.

    Forward-Looking Information

    This press release contains forward-looking information, included but not
limited to future exploration and development opportunities, future drilling
plans, spud dates, drilling times and anticipated capital expenditures.
Forward-looking information is not based on historical facts but rather on
Management's expectations regarding the company's future growth, results of
operations, production, future capital and other expenditures (including the
amount, nature and sources of finding thereof), competitive advantages, plans
for and results of drilling activity, environmental matters, business
prospects and opportunities. Such forward-looking information reflects
Management's current beliefs and assumptions and is based on information
currently available to Management. Forward-looking information involves
significant known and unknown risks and uncertainties. A number of factors
could cause actual results to differ materially from the results discussed in
the forward-looking information, including but not limited to, risks
associated with the oil and gas industry (e.g. operational risks in
development, exploration and production, delays or changes to plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and projections
in relation to production, costs and expenses and health, safety and
environment risks), the risk of commodity price and foreign exchange rate
fluctuations, the uncertainty associated with negotiating with foreign
governments and third parties located in foreign jurisdictions and the risk
associated with international activity. Additional risks and uncertainties are
described in the company's Annual Information Form which is filed on SEDAR at
www.sedar.com.

    Forecast capital expenditures are based on Petrolifera's current budgets
and development plans which are subject to change based on commodity prices,
market conditions, drilling success and potential timing delays. Petrolifera's
capital budget has been prepared based upon anticipated costs for equipment
and services which are subject to fluctuation based upon market conditions and
availability. Additionally, forecast capital expenditures do not include
capital required to pursue future acquisitions.

    Although the forward-looking information contained herein is based upon
assumptions which Management believes to be reasonable, the company cannot
assure investors that actual results will be consistent with this
forward-looking information. This forward-looking information is made as of
the date hereof and the company assumes no obligation to update or revise this
information to reflect new events or circumstances, except as required by law.
Because of the risks, uncertainties and assumptions inherent in forward
looking information, prospective investors in the company's securities should
not place undue reliance on this forward-looking information.





For further information:

For further information: Richard A Gusella, Executive Chairman,
Petrolifera Petroleum Limited, Phone: (403) 538-6202, Fax: (403) 538-6225,
inquiries@petrolifera.ca, www.petrolifera.ca

Organization Profile

PETROLIFERA PETROLEUM LIMITED

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