2009-09-25-2009-09-16

To acquire 50% WI in Cory Moruga "E" Block in Trinidad & Tobago.

Petro Andina Resources Inc., Calgary, (Toronto: PAR) via subsidiary Petro Andina (Trinidad) Ltd. plans to acquire a 50% interest in the Cory Moruga "E" Block in Trinidad & Tobago via a farm-in agreement with Primera Energy Resources Ltd., Calgary, (Toronto Venture: PTT) and privately held Primera Oil and Gas Ltd. in a deal valued at up to US$13.3 million for drilling and evaluating two exploration wells. Petro Andina Trinidad will earn a 50% working interest in the Moruga Block by paying 95% of all costs to a maximum of US$13.3 million for drilling and evaluating two exploration wells to a minimum depth of 3,200 meters. PERL will pay the remaining 5% to a maximum of US$700,000 for the drilling of the two exploration wells. Any amounts over the US$14 million will be paid in accordance with the after-earned working interests of POGL (33.8%), PERL (16.2%) and Petro Andina Trinidad (50%). Petro Andina Trinidad will become operator. The initial well is scheduled to be spud and drilling prior to Feb. 28, 2010. The Cory Moruga Block encompasses 7,443 gross acres and targets oil-prone prospects.