Petrolifera Petroleum cases RN. PM a-1015 well after logging as an indicated oil well; testing to follow

Petrolifera Petroleum cases RN. PM a-1015 well after logging as an indicated oil well; testing to follow

Petrolifera Petroleum Limited (PDP – TSX) announced today that the RN. PM a-1015 well has reached total depth, was logged and has been cased as an indicated Sierras Blancas oil well. It is now waiting on cement and the arrival of the contracted service rig for testing in the upcoming week. The drilling of the well required a few more days than is customary due to various procedures which the company conducted in the well, including some coring and an additional bit change which was required during drilling procedures. Also, some down time was experienced due to surface wind conditions.

Petrolifera also advises that it is currently reviewing its published 2006 and prospective 2007 guidance with a view to an upwards revision in respect of forecast production of both crude oil and natural gas from Puesto Morales. This revision is warranted by recent well results, included anticipated productivity from those wells which have already been tested and by the continuing pace of anticipated new drilling, as well as ongoing schedule adjustments and other factors. The results of this analysis should be completed around the middle of October 2006 when the company plans a series of investor meetings and an updated presentation, which will be made available to all shareholders by way of a web cast and posting on the company’s website at

Shareholders and investors are also advised that some new pictures and other information have been posted on the website, which was recently updated.

Petrolifera Petroleum Limited is a public Canadian oil and natural gas exploration and production company engaged in active programs in the Neuquã©n Basin, Argentina and in the Maranon and Ucayali Basins in Peru. Current production is slightly in excess of 10,000 bbl/d of light crude oil and modest volumes of natural gas in Argentina, and close to one million barrels have now been produced from new wells on the Puesto Morales block during 2006 year-to-date. The company has completed the drilling of three wells in an anticipated 20 well program to be drilled in the balance of 2006 in Argentina. A second drilling rig is anticipated to be available in Argentina along with a second completion rig during October 2006. It is anticipated this program will be expanded in 2007 and initial drilling is also anticipated in Peru in late 2007.

This press release contains forward-looking statements, including but not limited to a planned drilling program and planned revisions to previously-issued guidance. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ 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 risk associated with international activity. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company’s securities should not place undue reliance on these forward-looking statements.

For further information

Richard A Gusella, Executive Chairman, Petrolifera Petroleum Limited, Phone: (403) 538-6201, Fax: (403) 538-6225,,

Source: Petrolifera Petroleum Limited

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