Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

December 21, 2009 18:51 ET

Petro Vista to Undertake Up to C$3,500,000 Private Placement

SAN CLEMENTE, CALIFORNIA--(Marketwire – Dec. 21, 2009) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company, announces that it intends to carry out a non-brokered private placement of up to 17,500,000 units at a price of C$0.20 per unit for gross proceeds to the Company of up to C$3,500,000. Each unit will consist of one common share and one common share purchase warrant. 

Each common share purchase warrant will entitle the holder to purchase one additional common share at a price of C$0.30 per common share for a period of 2 years from the date of issue.

The proceeds of the private placement will be used by the Company for general working capital and to fund the costs that may be associated with the completion of the Tartaruga sidetrack development well being drilled in the Taratruga Oil Field, in Brazil, in which the Company holds a 35% participating interest.

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

The completion of the private placement is subject to the acceptance 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 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 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.

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