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An ongoing capital program will be developed and initiated over the next several months to maximize production levels at Puesto Morales Norte and to fulfill modest remaining work commitments on its exploratory lands at Vaca Mahuida, Puesto Guevara and Gobernador Ayala II. A multi-well heavy oil drilling program has been underway at Gobernador recently and the results will be assessed to determine future exploitation opportunities.
In Colombia, Petrolifera has completed the testing of several zones in one formation at depth in the La Pinta well and is continuing its evaluation program of various uphole zones. The testing of the well has been problematic due to over pressuring, difficult hole conditions even though the well is cased, challenges with equipment failures compounded by the aforementioned issues and other factors. It is hoped the evaluation program of all important zones of interest, which can be tested in this well, will be completed shortly. At such time, definitive results will be communicated to our shareholders and capital markets.
Petrolifera anticipates providing its Q2 2009 and YTD 2009 operating and financial results to capital markets on August 6, 2009 and a conference call will be scheduled for the morning of August 7, 2009. Details for the conference call will be provided in the press release providing the aforementioned results.
Forward Looking Information
This press release contains forward-looking information including, but not limited to, the retention of Petrolifera's Argentinean assets and the development and execution of a capital program to maximize production at Puesto Morales Norte and to fulfill remaining work commitments in Argentina and the continued testing and evaluation of the La Pinta well in Colombia. 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 well will confirm the discovery of commercial quantities of crude oil and/or 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. 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.
SOURCE: Petrolifera Petroleum Limited
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, inquiries@petrolifera.ca, www.petrolifera.ca
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