Petrolifera provides drilling and operations update



    CALGARY, March 14 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announced today that the Puesto Morales RN. PM. a-1016 well is an indicated
multi-zone crude oil discovery, based on drilling results and log analysis.
    The well will be cased and then tested and completed in the near future,
utilizing the completion rig already on site under contract to Petrolifera.
This is fifteenth (15th) successive well which Petrolifera has cased for
completion since it commenced its evaluation drilling program at Puesto
Morales in late 2005. It took a few days longer to drill this well than would
normally be the case or is expected by Petrolifera on a prospective basis, due
to startup issues normally encountered with a new rig and crew.
    The drilling rig will now be moved to the 1021 location situated
southeast of the company's 1003 discovery in the northern portion of the
Puesto Morales Block, which forms a portion of Petrolifera's concession in the
Neuquén Basin, Argentina.
    Petrolifera also announced that current scheduling indicates that the
conversion of the service rig to a drilling rig, for use in drilling shallow
wells on the Rinconada Block and to evaluate shallower prospects in other
parts of Argentina is proceeding favorably and this rig should be available in
the early part of the second quarter of 2007. Also, the third drilling rig,
which was constructed in China, is now confirmed by the contractor as being on
the high seas and it is anticipated to be available around mid-year 2007. This
will mean Petrolifera will have three drilling rigs and one service rig under
long term contract for its 2007 and 2008 drilling program.
    Petrolifera will release its year end 2006 results and related
information on March 20, 2007.

    Petrolifera is a Canadian crude oil and natural gas exploration and
production company. It is involved in exploration and production activities in
Argentina and also holds two licensees covering over 5.2 million acres in
Peru. The company also plans to conduct activity in Colombia and is waiting on
formal award announcements for new concession agreements.

    Forward Looking Statements

    This press release contains forward-looking statements, including but not
limited to future exploration and development plans and future capital
expenditures. These statements are 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 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.
    The company's ability to complete its capital program and potentially
increase production volumes and reserves is dependent on access to services,
drilling rigs and equipment. Similarly, the company's ability to increase
sales of oil and natural gas is dependent on completion of certain
infrastructure and transportation systems that are currently under
construction. There can be no assurance that the company will be able to
access the required services and equipment based on the company's planned
timetable to ensure the completion of the company's capital program and the
construction of required infrastructure and transportation systems. Due to the
risks, uncertainties and assumptions inherent in forward-looking statements,
prospective investors in the company's securities should not place undue
reliance on these forward-looking statements. Forward looking statements
contained in this press release are made as of the date hereof and are subject
to change. The company assumes no obligation to revise or update forward
looking statements to reflect new circumstances, except as required by law.




For further information:

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

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PETROLIFERA PETROLEUM LIMITED

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