2009-08-15-2008-11-01-2008-11-01

Acquired 41.3% WI in shallow offshore oil concession Block SES-107D in Tartaruga Block in Sergipe-Alagoas Basin.

Petro Vista Energy Corp., San Clemente, Calif., (Toronto Venture: PTV) has acquired a working interest in the shallow offshore oil concession Block SES-107D in Brazil from UP Petroleo do Brasil Ltda. for US$4 million. Petro Vista acquired a 41.3% working interest (30% net revenue interest) in the Tartaruga Block in the Sergipe-Alagoas Basin in northeastern Brazil. Petro Vista will fund drilling costs for the sidetrack well on the block. In addition, Petro Vista will pay all completion costs subject to reimbursement of up to 120% of costs from 90% of production from the Tartaruga Block that includes the currently producing well, net of a commitment by UP Petroleo to contribute drilling equipment and a minimum of $675,000 to the well completion costs. The Tartaruga Block has current average production of approximately 250 barrels of oil per day from one zone in one well with known additional multiple pay zones. Production is expected to be increased with a planned workover of the current producing well prior to the drilling of a sidetrack well into additional producing horizons on the block. The company will immediately undertake the workover of the existing well and has identified a suitable drilling rig to begin drilling of the sidetrack well in November. Cost estimates on the Tartargua Block are approximately US$6.5 million, primarily to drill and complete the sidetrack well. Petro Vista Energy has exploration, development and production rights to more than 169,000 acres gross (59,000 net) in Colombia and Brazil.