Petrolifera provides update on La Pinta testing program



    CALGARY, June 16 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announces today that to date it has been unable to test prospective zones in
the La Pinta well on its Sierra Nevada License in Colombia, due to both the
late arrival of certain equipment and certain mechanical failures encountered
while running the test assembly. These issues have now largely been overcome
and it is now anticipated testing will commence in the next several days and
continue for an indeterminate period until completed. Events to date in no way
reflect on the possible outcome of the testing program as prospective zones
have not yet been perforated.
    We also wish to reaffirm that the deadline for submission of bids for the
company's Argentinean operations was, as previously announced, extended until
July 10, 2009.

    Petrolifera is a Calgary-based crude oil and natural gas exploration,
development and production company active in Argentina, Peru and Colombia.

    FORWARD LOOKING INFORMATION:

    This press release contains forward-looking information, including but
not limited to the planned testing of the La Pinta well in Colombia and the
anticipated divestiture of Petrolifera's Argentinean interests and the timing
for receipt of initial bids in respect thereof. 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 testing of the La Pinta well will confirm 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. Additionally, the timing for receipt of bids in
respect of Petrolifera's Argentinean interests is dependent on the third
parties and a number of circumstances which are outside of the control of
Petrolifera. As a consequence, this timing could be further extended. There
can be no assurance that Petrolifera will receive offers to purchase its
Argentine interests which will be acceptable and completion of any sale
transaction will be subject to the negotiation of definitive documentation,
governmental approvals and the satisfaction or waiver of all conditions
precedent to closing. Additional risks and uncertainties are described in the
company's Annual Information Form for the year ended December 31, 2008 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) 538-6202; Or Gary D. Wine, President and Chief
Operating Officer, (403) 538-8457; Or Kristen J Bibby, Vice President Finance
and Chief Financial Officer, (403) 536-4733, Fax: (403) 538-6225,
www.petrolifera.ca, inquiries@petrolifera.ca

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PETROLIFERA PETROLEUM LIMITED

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