Testing of Petrolifera's La Pinta Well in Colombia to commence June 6, 2009; Deadline for Argentina bids extended to July 10, 2009 at request of prospective purchasers

    CALGARY, June 5 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)
announced today that testing of its La Pinta No.1 well on the Sierra Nevada
License in Colombia is anticipated to commence on June 6, 2009. It is expected
that the complete testing program will require between seven and ten days,
after which the rig will be released from the La Pinta No.1 location. Results
will be communicated by way of press release when they are conclusive and
testing is completed.
    The company also announced that at the request of a number of interested
parties, the deadline for submission of bids related to the potential purchase
of Petrolifera's Argentinean operations has been extended until July 10, 2009.

    Petrolifera is a Calgary-based crude oil, natural gas liquids and natural
gas producer engaged in exploration and exploitation activity in Argentina,
Colombia and Peru. The company is a large land holder in all three
jurisdictions and anticipates an active and aggressive exploratory drilling
program, primarily in Colombia and Peru, in the next several years.
Petrolifera has announced its intention to embark on a divestiture of its
Argentinean interests, to focus on its other areas of operation.


    This press release contains forward-looking information, including but
not limited to the planned testing of the La Pinta No.1 well in Colombia,
future exploration and development activities in Colombia and Peru, the
anticipated divestiture of Petrolifera's Argentinean interests and the timing
for receipt of initial bids in respect thereof. This 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 third parties located in foreign
jurisdictions and risk associated with international activity. There can be no
assurance that the testing of the La Pinta No.1 well will confirm the
discovery of commercial quantities of crude oil and natural gas or, if there
is a commercial discovery, that Petrolifera will be able to realize such
reserves as intended. Hydrocarbon shows and results of logs do not confirm the
presence of commercial hydrocarbons. Additionally, the timing for receipt of
bids in respect of Petrolifera's Argentinean interests is dependent on the
third parties and a number of circumstances which are outside of the control
of Petrolifera. As a consequence, this timing could be further extended. There
can be no assurance that Petrolifera will receive offers to purchase its
Argentine interests which will be acceptable and completion of any sale
transaction will be subject to the negotiation of definitive documentation,
governmental approvals and the satisfaction or waiver of all conditions
precedent to closing. Additional risks and uncertainties are described in the
company's Annual Information Form for the year ended December 31, 2008 which
is filed on SEDAR at www.sedar.com. Due to the risks, uncertainties and
assumptions inherent in forward-looking information, prospective investors in
the company's securities should not place undue reliance on this
forward-looking information. Readers should review the risk-factors set forth
in the company's Annual Information Form, available at www.sedar.com, for a
detailed description of the risks and uncertainties facing the company.
Forward looking information contained in this press release is made as of the
date hereof and is subject to change. The company assumes no obligation to
revise or update forward looking information to reflect new circumstances,
except as required by law.

For further information:

For further information: Petrolifera Petroleum Limited, R. A. Gusella,
Executive Chairman, (403) 538-6201; Or Gary D. Wine, President and Chief
Operating Officer, (403) 539-8450; Or Kristen J Bibby, Vice President Finance
and Chief Financial Officer, (403) 539-8450, Fax: (403) 538-6225,
www.petrolifera.ca, inquiries@petrolifera.ca

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