/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
CALGARY, March 28 /CNW/ - Petro Andina Resources Inc. (the "Company") is
pleased to report that it has filed today on SEDAR its Annual Information Form
which includes the Company's statement of reserves data and other oil and gas
information for the year ended December 31, 2007 as mandated by National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the
Canadian Securities Administrators.
On March 14, 2008, the Company filed its audited financial statements for
the year ended December 31, 2007 and related management's discussion and
analysis with Canadian Securities Regulatory Authorities.
Copies of all of the Company's 2007 year end disclosure documents may be
obtained at www.sedar.com or by contacting the Company directly.
About Petro Andina Resources Inc.
Petro Andina is engaged in the exploration for and development and
production of oil and natural gas in Argentina and, to a lesser extent, in
Canada. The Corporation has also recently announced the execution of a Joint
Venture Agreement allowing Petro Andina to explore blocks in Trinidad and
Tobago. The Corporation is continuing to develop its existing reserves and to
conduct appraisal and exploration drilling on its 529,000 acre (297,000 acre
net) land position in the Neuquén basin. Petro Andina is headquartered in
This news release does not constitute an offer to sell securities, nor is
it a solicitation of an offer to buy securities, in any jurisdiction. All
sales will be made through registered securities dealers in jurisdictions
where the offering has been qualified for distribution. The securities offered
are not, and will not be, registered under the securities laws of the United
States of America, nor any state thereof and may not be sold in the United
States of America absent registration in the United States or the availability
of an exemption from such registration.
The Toronto Stock Exchange has not received and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements regarding Petro Andina Resources Inc. including
management's assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and necessarily
involve known and unknown risks and uncertainties, most of which are beyond
Petro Andina's control. These risks may cause actual financial and operating
results, performance, levels of activity and achievements to differ materially
from those expressed in, or implied by, such forward-looking statements.
Such risks and uncertainties include, but are not limited to: the impact
of general economic conditions in Canada and Argentina; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted
and enforced, both in Canada and Argentina; competition; the lack of
availability of qualified personnel; fluctuations in commodity prices; the
results of exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth potential of Petro
Andina's assets; fluctuations in foreign exchange or interest rates; the
ability to access sufficient capital from internal and external sources; and
obtaining required approvals of regulatory authorities, both in Canada and
Argentina. Many of these risk factors are discussed in further detail in the
Corporation's short form prospectus dated February 29, 2008 on file with
Canadian securities commissions. Readers are also referred to the risk factors
described in other documents that Petro Andina files from time to time with
securities regulatory authorities.
Accordingly, Petro Andina gives no assurance nor makes any
representations or warranty that the expectations conveyed by the
forward-looking statements will prove to be correct and actual results may
differ materially from those anticipated in the forward-looking statements.
Petro Andina undertakes no obligation to publicly update or revise any
For further information:
For further information: Melesia Kasha, Investor Relations, Petro Andina
Resources Inc., Phone: (403) 237-1700, Fax: (403) 265-8216; William R.A. Hogg,
Vice President, Finance and Chief Financial Officer, Petro Andina Resources
Inc., Phone: (403) 237-1701, Fax: (403) 265-8216