Petrolifera provides corporate and operational update



    CALGARY, April 17 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is
pleased to provide the following update on operations and corporate
activities.

    Colombia

    The La Pinta 1 exploration well, which is currently being drilled on
Petrolifera's 100 percent owned Sierra Nevada License in Colombia, was at a
depth of approximately 10,600 feet as of April 16th, 2009. It is now
anticipated the well will be drilled to a final total depth of approximately
11,000 feet. Petrolifera continues to be encouraged by results encountered
during the drilling of the La Pinta 1 well, based on hydrocarbon mud log shows
and the interpretation of intermediate logging runs. The drilling of the well
is significantly behind the originally anticipated schedule, due to problems
which were encountered, firstly while attempting to run the 9 5/8th inch
intermediate casing in the upper section of the wellbore and subsequently,
challenges arising from instability in the lower section of the well. The
former problem in the upper part of the well was resolved and the instability
in the lower section of the wellbore now appears to be under control. Due to
the downhole instabilities, it has been decided to attempt to complete the
well at a depth of 11,000 feet instead of the originally planned depth of
13,000 feet. An application in this regard has been submitted to ANH, the
Colombian Government Agency that regulates such activity and a decision is
anticipated shortly. Petrolifera's management believes that all the geological
objectives of the well and contractual obligations of the license will be met
with the well terminating at a depth of 11,000 feet. Further evaluation is
anticipated to occur by testing, after the well is logged and the bottom
portion of the wellbore is cased.

    Peru

    On April 16, 2009 Petrolifera was awarded Block 133, which is contiguous
with the western boundary of the company's Block 107 in the Ucayali Basin
onshore Peru. Block 133 comprises approximately 979,000 acres. The work
commitments on this Block for the first period (18 months) are primarily
comprised of geological field studies and as such are not capital intensive.
This license represents important protection acreage for Petrolifera in
relation to its planned activities on Block 107 in future years.
    In May 2009, in accordance with the contract terms of Block 107,
Petrolifera will be relinquishing approximately 1.6 million acres, or
approximately one half of the original 3.2 million acres which comprised Block
107. Petrolifera believes it will be retaining the most prospective acreage
under Block 107, based on its interpretation of the 950 km 2D seismic program
acquired over the acreage by the company in 2007 and 2008. After the required
relinquishment and the award of Block 133, Petrolifera will control
approximately 4.5 million acres in Peru.

    Argentina

    As recently announced, Petrolifera recently commenced drilling on its 100
percent owned Gobernador Ayala II (GA II) Concession, located in La Pampa
Province, Argentina. As of mid-April 2009, Petrolifera has drilled and
completed five wells on the Block and is very encouraged by the results to
date, based on hydrocarbon shows and limited testing results. Petrolifera
anticipates drilling up to an additional five wells on this Block before the
expiry of the exploration phase. A request has been submitted to the
Government of La Pampa to convert the GA II Concession from an exploratory to
a production status.

    Corporate

    The company's Annual Meeting will be held in Calgary on May 6, 2009, on
which date its results for the three months ended March 31, 2009 will be
released. A conference call to discuss first quarter 2009 results will be
scheduled for the following morning, May 7, 2009 and call in information will
be included in the press release.
    The company's Annual Report for 2008 has been mailed to all shareholders
of record and has been posted on its website at www.petrolifera.ca.
    The company's disposition process with respect to its Argentinean
interests is continuing on schedule.

    FORWARD LOOKING INFORMATION

    This press release contains forward-looking information, including but
not limited to corporation activities in Argentina and Colombia and
anticipated results in connection therewith and the anticipated timing of
receipt of a decision from ANG. This information is based on current
expectations that involve a number of risks and uncertainties, which could
cause actual results to differ materially from those anticipated. These risks
include, but are not limited to risks associated with the oil and gas industry
(e.g. operational risks in development, exploration and production, delays or
changes in 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 environmental 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 risk associated with international activity. There can be no
assurance that the exploratory wells being drilled by Petrolifera in Colombia
and Argentina will result in the discovery of commercial quantities of crude
oil and natural gas or, if there is a commercial discovery, that Petrolifera
will be able to realize such reserves as intended. Hydrocarbon shows and
results of logs do not confirm the presence of commercial hydrocarbons.
Additional risks and uncertainties are described in the company's Annual
Information Form which is filed on SEDAR at www.sedar.com. Due to 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. Readers should review the
risk-factors set forth in the company's Annual Information Form, available at
www.sedar.com, for a detailed description of the risks and uncertainties
facing the company. Forward looking information contained in this press
release is made as of the date hereof and is subject to change. The company
assumes no obligation to revise or update forward looking information to
reflect new circumstances, except as required by law.





For further information:

For further information: Petrolifera Petroleum Limited, R. A. Gusella,
Executive Chairman, (403) 538-6201 Or Gary D. Wine, President and Chief
Operating Officer, (403) 539-8450 Or Kristen J. Bibby, Vice President Finance
and Chief Financial Officer, (403) 539-8450, Fax: (403) 538-6225,
inquiries@petrolifera.ca, www.petrolifera.ca

Organization Profile

PETROLIFERA PETROLEUM LIMITED

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890