Petrolifera Petroleum Limited Cases Puesto Morales Este X-1001 Well

    CALGARY, Feb. 28 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announces today that it has drilled, logged and cased the PME X-1001 well on
its recently-acquired Puesto Morales Este Concession located in the province
of Rio Negro in the Neuquén Basin, onshore Argentina.
    The well encountered several zones of interest and will be evaluated once
a service rig is available to conduct testing programs.

    Petrolifera Petroleum Limited is a Calgary-based crude oil and natural
gas exploration and production company with operations in Argentina, Colombia
and Peru.

    Forward Looking Information

    This press release contains forward-looking information, including but
not limited to planned testing of the PME X-1001 well, which has been cased
for further evaluation. There can be no assurance that testing of this well
will yield commercial results. The 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 risk associated with international
activity. Additional risks and uncertainties are described in the company's
Annual Information Form which is filed on SEDAR at
    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: Richard A Gusella, Executive Chairman,
Petrolifera Petroleum Limited, Phone: (403) 538-6202, Fax: (403) 538-6225,,

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