Petrolifera Petroleum signs Sierra Nevada 2 TEA

    CALGARY, Sept. 19 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announced today that the Company has signed the Sierra Nevada 2 Technical
Evaluation Agreement ("SN2 TEA") with ANH, the government agency of Colombia
that handles the negotiations for oil and gas exploration contracts. The SN2
TEA covers lands and rights adjacent to and to the north, east and southeast
of the Sierra Nevada 1 License, which was previously awarded to Petrolifera.
    The SN2 TEA is 879,100 acres (38 townships) in size and is located in the
Lower Magdalena Basin. It offsets known crude oil and natural gas
accumulations. The 14 month work commitment associated with this TEA is the
reprocessing of 650 kilometers of seismic and the completion of geological and
geophysical studies.
    With the signing of this TEA, Petrolifera now controls approximately
1.2 million acres in Colombia.

    Petrolifera Petroleum Limited is a Calgary-based crude oil and natural
gas exploration, development and production company. It is active in the
Neuquén Basin, Argentina; in the Maranon and Ucayali Basins onshore Peru; and
holds concessions onshore Colombia. The company's shares are listed for
trading on the Toronto Stock Exchange under the symbol PDP.


    This press release contains forward-looking statements, including but not
limited to future exploration and development plans and work programs. 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 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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