Petrolifera Petroleum Ltd.

Petrolifera Petroleum Ltd., Calgary, has retained Tristone Capital to sell its Argentina subsidiary Petrolifera Petroleum (Americas) Ltd., representing an exit from the country. The company holds interest in 555,000 gross acres in the Rio Negro Province in the Neuquen Basin, including 100% working interest in four concessions, PM/Rinconda, PM Este, Puesto Guevara and Gobernador Ayala II, as well as a 75% working interest in the Vaca Mahuida concession subject to a farm-out agreement with the benefit of a two-for-one carry through the exploration phase. Production is 7,881 barrels of oil equivalent per day. Proved reserves are 12.7 million barrels of oil equivalent (26.7 million total proved, probable and possible). Annual cash flow for 2008 was US$81 million. More than 96% of the proved PV10 value is contributed from the PM North area. Primary productive intervals are the Sierras Blancas, Punta Rosada, Loma Montosa and Centenario formations. Waterflood operations have begun and pilot floods in new areas are underway. The recent oil discovery in the Gobernador Ayala II concession is estimated to add reserves of 200 million barrels of oil in place. The data room opens May 11. The bid due date is June 18. Contact Rob Bilger, 713-651-4240.