Petrolifera Petroleum's 1016 well at Puesto Morales another flowing oil well

    CALGARY, March 26 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announced today that the 100 percent owned RN. PM. a-1016 well on its Puesto
Morales Block in the Neuquén Basin, Rio Negro Province, Argentina has been
tested and it is another flowing oil well.
    After a short period of swabbing, the well commenced flowing light
gravity crude oil from the Sierras Blancas Formation at the rate of 460 bbl/d.
The well will shortly be placed onstream and add to current production and
    In addition, based on drilling results and log analysis, the well also
has what appears to be an excellent natural gas bearing Loma Montosa Zone 9.
This further confirms the aerial extent of this natural gas bearing zone,
which will be developed by Petrolifera for commercial exploitation during the
second and third quarters of 2007.
    The RN. PM. a-1021 well, situated south of the 1003 original discovery
well in this northern portion of Puesto Morales, is drilling ahead.
    Petrolifera Petroleum Limited is a Calgary based oil and natural gas
company active in Argentina, Peru and Colombia in South America. The company's
production of light gravity crude oil in Argentina has grown quickly, with
fifteen consecutive drilling successes on its Puesto Morales/Rinconada
Concession in Argentina. Production of crude oil has averaged over
11,000 bbl/d during the early portion of 2007. This is expected to increase
during the year as new drilling is undertaken, a waterflood or pressure
maintenance project is completed at Puesto Morales and gas conservation
measures are also introduced.

    Forward Looking Statements

    This press release contains forward-looking statements, including but not
limited to expectations with respect to production rates, flow rates and
productive capacity of certain wells, gas prospectivity in the RN.PM a-1016
well and continued drilling activities. These statements are based on current
expectations that involve a number of risks and uncertainties, which could
cause actual results to differ 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 and recoverability
thereof; 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
party contractors and risk associated with international activity. Although
Petrolifera believes that our expectations represented by these
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. In particular, Petrolifera has not
tested the natural gas bearing zone in the RN PM. a-1016 well and this well is
not currently onstream. 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. For a detailed description of the risks and uncertainties facing
Petrolifera, readers should refer to Petrolifera's Annual Information Form as
filed at

For further information:

For further information: R. A. Gusella, Executive Chairman, Petrolifera
Petroleum Limited, Phone: (403) 538-6201, Fax: (403) 538-6225,,

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