Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

March 25, 2010 09:08 ET

Petro Vista Announces New Oil Discovery in Colombia

BOGOTA, COLOMBIA--(Marketwire - March 25, 2010) - Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV), a Canadian independent oil and gas exploration company, is pleased to announce that the Morichito-5 well in Colombia has tested oil in two zones and is being completed as a future producer.

The well was drilled to a total depth of 6,160 feet. Logging has identified three potential pay zones at the location with a combined net pay thickness (based on detailed petrophysical analysis) of approximately 16 feet. Swab testing and drill stem tests have been carried out on two Carbonera C7 reservoirs so far. The lower Carbonera C7 reservoir was swabbed at a rate of 375 barrels of oil per day of 23 degree API oil with no water cut. This zone exhibits excellent reservoir quality including high porosities and permeabilities as evidenced by excellent pressure build-up (shut in pressure of 2069 psi). Engineering analysis indicates that this zone has the potential to produce at rates of up to 1,000 bopd using artificial lift methods. The Company is currently evaluating fast track production options.

The other zone that tested oil is in the upper Carbonera C7 reservoir that shows similar excellent log characteristics and potential as the lower zone. The other potential pay zone identified is in the Carbonera C1 formation that is also productive in the area. This zone will be evaluated at a later date.

The Company currently holds a 50% participating interest in the Morichito Block subject to a 25% farmin agreement with Petroamerica Oil Corp.

Read B Taylor, President and CEO, commented "We are very pleased with the discovery which resulted from the use of Amplitude Versus Offset ("AVO") seismic mapping techniques which we believe will be useful in prospecting the remainder of the Block. Our goal now will be to bring this discovery on stream as quickly as possible."

Colombia continues to be a key focus area for Petro Vista for production and reserve growth. We remain committed to our efforts in Colombia in the Morichito Block as well as our remaining assets, including the La Maye and SSJN-5 blocks in the Lower Magdalena Valley Basin. The Company is also nearing the completion of an appraisal / development well in its Tartaruga project in Brazil and hopes to announce the results shortly.

About Petro Vista Energy

Headquartered in San Clemente, California, USA, Petro Vista Energy Corp. is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 169,000 acres gross (59,000 net) leasehold acres in Colombia and Brazil. The Company's website at www.pvecorp.com provides additional information about the Company's plans, including photographs and other information with respect to its operations and asset.

ON BEHALF OF PETRO VISTA ENERGY CORP.

Read Taylor, President and CEO

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information