Pluspetrol announces Extension of Offer for Petro Andina Resources Inc.

    TORONTO, Sept. 2 /CNW/ - Pluspetrol Resources Corporation N.V.
("Pluspetrol") announces today that 1462627 Alberta Ltd. (the "Offeror"), a
wholly-owned subsidiary of Pluspetrol, has extended the expiry time for its
all-cash offer (the "Offer") of Cdn.$8.10 per share to acquire all of the
issued and outstanding Class A Shares of Petro Andina Resources Inc. (TSX:
PAR) ("Petro Andina") from 8:00 p.m. (Toronto time) on September 2, 2009 to
8:00 p.m. (Toronto time) on September 14, 2009.
    All other terms and conditions of the Offer described in the Offeror's
offer and circular dated June 19, 2009, as amended by a notice of extension
dated August 18, 2009, remain unchanged.
    The Offeror will mail a formal notice of extension to Petro Andina
shareholders as soon as practicable. The notice of extension will also be
available on the SEDAR website at
    Petro Andina shareholders with questions or requests for copies of
documents, please call Georgeson Shareholder Communications Canada Inc. at
1-888-605-8394 (toll free within North America). Banks, brokers and collect
calls: 1-212-806-6859.

    About Pluspetrol

    Pluspetrol, a corporation existing under the laws of The Netherlands,
together with its subsidiaries and affiliates, is a leading energy player
mainly focused on the exploration and production of hydrocarbons in Latin
America. Pluspetrol, a privately-owned energy company, has interests in
Argentina, Perú (where it is the largest oil producer), Bolivia, Venezuela,
Colombia, and Chile.
    With net reserves of approximately 1,200 Million barrels of oil
equivalent, Pluspetrol's operated oil and associated liquids production is
120,000 barrels per day and operated gas production is 1,350 Million cubic
feet per day. Pluspetrol is also involved in power generation activities in
Argentina, where installed capacity reaches 1,100 megawatts, and in other
segments of the value chain, such as transportation of oil and gas, refining
and distribution.
    Pluspetrol began its operations in Argentina in 1977, in the Neuquén
Basin, and since then has become an important player in the Argentinean energy
sector with 11 exploitation concessions and operated production of
approximately 370 Million cubic feet per day of gas and 16,000 barrels per day
of oil and associated liquids.
    Pluspetrol actively continues to pursue the growth of its hydrocarbons
reserves in Latin America through the development of proven reserves,
exploration and acquisitions as part of its long-term strategy in every
country in which it operates.

For further information:

For further information: Georgeson Shareholder Communications Canada
Inc.: Chris Makuch - Tel.: (416) 263-9236

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