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

Petaquilla Minerals Ltd.

August 13, 2007 21:00 ET

Petaquilla Updates Status of Audited Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2007) - Further to its news release dated August 2, 2007, Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announced today that it 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, by August 31, 2007. As previously reported, the delay in filing the annual financial statements and related annual filings is attributable to a combination of factors, primarily (i) the short period of time between the appointment of the Company's new auditor and the filing deadline; and (ii) the complexity of the Plan of Arrangement effected on October 18, 2006, between the Company and Petaquilla Copper Ltd.

The Company continues to work with its auditor to complete the audit of the Company's financial statements as soon as possible.

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that the financial statements are being prepared until the necessary financial filings are submitted and the order has been revoked.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 the first of its bi-weekly updates to its original Notice of Default and, as such, the Company's Default Status Report dated August 13, 2007, follows.

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 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 August 17, 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 by August 31, 2007, and in any event no later than September 27, 2007;

3. Other than as detailed in Item 2 above, there are no other material changes to the information contained in the Notice of Default of the Issuer dated July 25, 2007; and

4. 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 day of August, 2007.

PETAQUILLA MINERALS LTD.

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