Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

June 19, 2009 10:13 ET

Petro Vista to Undertake Up to C$2,200,000 Private Placement

SAN CLEMENTE, CALIFORNIA--(Marketwire - June 19, 2009) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company, is pleased to announce that it intends to carry out a non-brokered private placement of up to 18,333,333 units at a price of $0.12 per unit for gross proceeds to the Company of up to C$2,200,000. Each unit will consist of one common share and one common share purchase warrant.

Each common share purchase warrant will be exercisable to purchase one additional common share at a price of C$0.15 per common share for a period of 2 years subject to the Company's right to accelerate the exercise of the common share purchase warrant if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C$0.25 per common share for a period of 20 consecutive trading days between the period that is four months following Closing and the expiry of the common share purchase warrants.

The proceeds of the private placement will be used by the Company for general working capital and to provide the remaining funding for the Company's anticipated work program on its 4 well La Maye Project in the Magdalena Basin, Colombia, that is expected to commence in August 2009.

The La Maye Block is located in Colombia's Lower Magdalena Basin. The upcoming 4 well drilling program starting in late August affords Petro Vista exposure to a high quality, low cost upside exploration play within a proven oil producing basin. Please refer to Petro Vista's news release of May 29, 2008 on its corporate profile at www.sedar.com.

The Company may pay a finder's fee in respect of the private placement.

The completion of the private placement is subject to the approval of the TSX Venture Exchange.

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 3,230,936 gross acres (930,629 net 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 B. Taylor, President and CEO

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 nor its Regulation Services Provider does not accept responsibility for the adequacy or accuracy of this release.

Contact Information