Petaquilla Minerals Ltd.
TSX : PTQ
OTC Bulletin Board : PTQMF
FRANKFURT : P7Z

Petaquilla Minerals Ltd.

September 13, 2007 21:00 ET

Petaquilla Provides Status Update of Audited Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2007) - Further to its previous news releases regarding the status of its audited annual financial statements, Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announced today that the Company intends to file its annual financial statements, annual Management Discussion & Analysis related thereto and its Annual Information Form in Form 20-F, for the 15-month period ended April 30, 2007, no later than September 29, 2007.

As previously mentioned, in advance of the July 30th, 2007, filing deadline, Petaquilla notified the British Columbia and Ontario securities regulators of the anticipated filing default and applied for the issuance of a management cease trade order. The order, which was issued on July 31st, 2007, by the British Columbia Securities Commission, as the Company's principal regulator, prohibits trading in Petaquilla shares by its directors, officers and other insiders of the Company and those who have been directors, officers or insiders of the Company during the period that the financial statements are being prepared until the necessary financial filings are submitted and the order has been revoked.

Pursuant to CSA Staff Notice 57-301, Petaquilla has filed with the regulators an initial Notice of Default dated July 25, 2007, two bi-weekly Default Status Reports dated August 13, 2007, and August 27, 2007, respectively, and its third Default Status Report dated September 13, follows.

The Company also advises that it intends to file its interim financial statements for its first quarter covering the period May 1, 2007, to July 31, 2007, on or before October 5, 2007.

On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.

Richard Fifer, President and Chief Executive Officer


CSA Staff Notice 57-301

Appendix B

Default Status Report

Petaquilla Minerals Ltd. (the "Issuer") hereby gives notice to the British Columbia Securities Commission and the Ontario Securities Commission pursuant to CSA Staff Notice 57-301 - Failing to File Financial Statements on Time - Management Cease Trade Orders as follows:

1. the Notice of Default of the Issuer dated July 25, 2007, stated that the Issuer intended to file its audited annual financial statements and related management discussion and analysis for the period February 1, 2006, to April 30, 2007 (the "Financial Statements") by August 17, 2007, and in any event by no later than September 27, 2007;

2. the Default Status Report dated August 13, 2007, stated the Issuer anticipated filing its annual financial statements and related annual filings by August 31, 2007, and in any event no later than September 27, 2007.

3. the Default Status Report dated August 27, 2007, stated the Issuer anticipated filing its annual financial statements and related annual filings by September 14, 2007, and in any event no later than September 27, 2007.

4. The Issuer continues to work with its auditor in order to complete the audit of the Issuer's financial statements as soon as possible and, as of the date of this Default Status Report, the Issuer has not failed to fulfill its stated intention of filing its audited annual financial statements and related management discussion and analysis for the period February 1, 2006, to April 30, 2007 (the "Financial Statements") by September 14, 2007, but the Issuer advises that this previously proposed filing date will likely not be met and that the Issuer anticipates filing its annual financial statements and related annual filings no later than September 29, 2007;

5. The Issuer's first quarter interim financial statements covering the period May 1, 2007, to July 31, 2007, are due for filing on September 14, 2007. However, as the Issuer requires audited annual financial statements in order to complete the first quarter interim financial statements, the Issuer intends to file its first quarter financial filings no later than October 5, 2007.

6. Other than as detailed in Items 4 and 5 above, there are no other material changes to the information contained in the Notice of Default of the Issuer dated July 25, 2007, nor in the Issuer's Default Status Reports dated August 13, 2007, and August 27, 2007, respectively; and

7. Except as may be contained in the Financial Statements, there is no material information concerning the affairs of the Issuer that has not been generally disclosed.

DATED this 13th of September, 2007.

PETAQUILLA MINERALS LTD.

Per: "Tony M. Ricci"

Tony M. Ricci

Chief Financial Officer

No Stock Exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Richard Fifer
    President and Chief Executive Officer
    (604) 694-0021 or Toll Free: 1-877-694-0021
    (604) 694-0063 (FAX)
    Website: www.petaquilla.com