Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

July 31, 2008 09:30 ET

Petro Vista Increases Its Working Interest in the Morichito Block, Llanos Basin, Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration company, is pleased to provide an update on its Morichito property in Colombia.

Colombia - Morichito, Llanos Basin

The Company is pleased to announce that further to the news release dated July 2, 2008, it has successfully increased its quota capital of Petropuli Ltda. ("Petropuli") from 90% to 99.4% resulting in the Company increasing its working interest in the Morichito block to 51.91% (from 47.42%) providing it is an important contributing interest. The Morichito block is located in the East Plains, Llanos Basin, Colombia and comprises 57,251 gross acres (29,719 acres net). This is 4.49% increase in the Company's working interest in the Block. Petro Vista is the Operator of this Block.

Extensive geotechnical (3D seismic and well log evaluations) and engineering analysis has been completed on several exploration prospects in the Morichito Block. The most promising is the Morichito #1N prospect, which is along a productive NE SW trend in the area where internal estimates suggest field size reserves range from 6-10MMBO based on 3D data.

The Morichito #1N location is anticipated to be drilled in Q4 2008. Following Morichito #1N, the Company will conduct a completion on the existing Morchito #2 well in which oil has previously been confirmed through log analysis and sample recovery. The completion of Morichito #2 is scheduled for Q1 2009.

With this increase in working interest and based on nearby analog results, the Company anticipates that based on internal estimates, net potential production to total 995 bopd (approximately 305 bopd from the completion and approximately 690 bopd from the exploration well). If these resources are discovered, there is no certainty that it will be commercially viable to product any portion of their resources.

In preparation for field work at Morichito, Petro Vista has initiated reconnaissance operations; built and repaired roads (including bridges and access roads); acquired land rights; and secured environmental permits. In support of these operations, Petro Vista has recently established a South America regional office, located in Bogota, Colombia, led by Petro Vista's Vice President - South America, Steven J. Benedetti. Petro Vista has also added several experienced local technical and management staff in Colombia.

About Petro Vista Energy

Headquartered in San Clemente, California, 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 230,000 acres gross (81,000 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 assets.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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