Petrolifera Petroleum reestablishes participation in Salinas Grande I Block in La Pampa Province, Argentina; preparing to spud RN.PM a-1021 well

    CALGARY, March 19 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announces today that it has reestablished a ground floor fifty percent (50%)
working interest in the Salinas Grande I block in the Neuquén Basin on shore
La Pampa Province, Argentina. The interest was secured through the execution
of a joint venture agreement ("JOA" or "UTE") with three other parties who had
secured the block after the previous award to Petrolifera had been
disqualified. The 1.1 million acre block is situated north and northeast of
Petrolifera's Rinconada Block which comprises part of the Puesto
Morales/Rinconada Concession. Plans will now be formulated for a 2007
evaluation program.
    Separately at Puesto Morales, Petrolifera advises that Quintana Rig No.6
is on location and preparing to spud the RN.PM a-1021 well, located south of
the 1003 discovery well drilled in 2005. Testing of the 1016 well should also
commence shortly.

    Petrolifera Petroleum Limited 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 awards of three 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
    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:, Email:

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