Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

July 04, 2008 10:51 ET

Petro Vista Announces C$15 Million Private Placement of Common Share Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2008) - Petro Vista Energy Corp. (TSX VENTURE:PTV) (the "Company") is pleased to announce that it intends to carry out a commercially reasonable, best-efforts private placement financing of up to 13,650,000 units ("Units") at a price of C$1.10 per Unit (being a 9% discount to the 5-day volume weighted average trading price of PTV) for aggregate gross proceeds of up to C$15,015,000 (the "Offering"), subject to the approval of the TSX Venture Exchange (the "Exchange"). The Offering is being led by Haywood Securities Inc. and includes Equest Partners Ltd., FirstEnergy Capital Corp., Evergreen Capital Partners Inc. and Research Capital Corp. (collectively, the "Agents"). The Offering is anticipated to close by the end of July 2008 (the "Closing").

The Company has agreed to grant to the Agents an over-allotment option, exercisable at any time up to 48 hours prior to the Closing of the Offering, to increase the size of the Offering by up to C$2,252,250 (2,047,500 Units) for total aggregate gross proceeds of up to C$17,267,250 (if the over-allotment option is fully exercised).

Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share of the Company at a price of C$1.60 for a period of two years after the Closing, subject to the Company's right to accelerate the exercise of the Warrant if the daily volume weighted average trading price of the common shares of the Company on the Exchange is equal to or exceeds C$2.00 for a period of 20 consecutive trading days between the period that is four months following Closing and the expiry of the Warrants.

The net proceeds from the Offering will be used to finance the initial exploration and development program of the Company's oil and gas interests in South America. The Company has a 2008 total drilling portfolio of up to 10 wells in Brazil and Colombia. The Company is planning to initiate drilling of these wells in the remainder of 2008 and into the first quarter of 2009.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.

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

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 financings or future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to fund raising by public companies and the exploration for and development and production of oil and gas. These risks include, but are not limited to, market conditions, 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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