Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

July 10, 2008 09:00 ET

Petro Vista Announces Closing of 25% Interest in the La Maye Block, Lower Magdalena Basin, Onshore Colombia

- At least 3 large prospects identified on Block. - Increase portfolio of Prospective Resources. - Proximity to producing wells within and surrounding the Cicuco Field. - Mobilization of drilling rig scheduled for September 2008. - Favorable access to existing oil pipeline for reduced spud-to-production times.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2008) - Petro Vista Energy Corp. (TSX VENTURE:PTV) (the "Company") is pleased to announce the completion of the acquisition of a 25% working interest in the La Maye Block located in the Lower Magdalena Basin, Colombia, as previously announced on May 28th, 2008.

The Acquisition

The Company acquired a 25% working interest in the La Maye Block, Lower Magdalena Basin, Colombia from New Horizon Exploration Inc. ("New Horizon") in exchange for cash consideration of US$2,062,500 of which an initial tranche of US$916,958 is payable within four business days with the balance payable upon the completion of the assignment of the Company's 25% working interest. The consideration represents 25% of the cost of a turn-key contract to drill four (4) wells in the Block.

La Maye Block, Colombia

The La Maye Block was granted to New Horizon in April 2008 pursuant to an Exploration and Production Agreement ("E&P Contract") signed with the Agencia National de Petroleo (the "ANH"). The Block consists of 68,473 acres (27,710 hectares) and is located within the Lower Magdalena Basin, Colombia, approximately 15 kilometers and up-dip from the producing Cicuco Oil Field. As of March 2008, the Cicuco Oil Field was producing an average of 293.3 barrels of oil per day per well. The ANH has reported cumulative production for the Cicuco Oil Field from January 2005 to March 2008 to be 301,867 barrels of oil. Oil from the Cicuco Oil Field is light sweet crude at 43 to 55 degree API (independent source: Petrotech Engineering Ltd. (2008 May) "Evaluation of the Interests of Petro Vista Energy in the La Maye Block Lower Magdalena Valley, Onshore Colombia"). The Cicuco Oil Field neighbors the producing Boquete, Zenon and Boquila oil discoveries, all lying within a ten-mile radius of the Cicuco Field. The La Maye Block, along trend with the Cicuco Oil Field, is adjacent to and south of the Occidental Petroleum, Repsol S.A. and Ecopetrol Lucia Block.

The Phase 1 Minimum Exploration Program mandated by the E&P Contract is 12 months in duration and consists of the reprocessing of 138 km of existing seismic data and the drilling of one exploration well to a minimum total depth of 5,000 feet. The reprocessing has been completed with important improved results. Phases 2 through 6 of the E&P Contract are 12 months each in duration and consist of the drilling of one 5,000 foot total depth exploration well per phase.

The Company and New Horizon intend to accelerate exploration on the La Maye Block and intend to drill up to four wells within the next 9 months. Up to five independent prospects have already been identified within the block. The first well is planned to Spud by mid October. It is the Company and New Horizons plan to drill an additional three wells on the identified prospects, in which case an application to the ANH will be made to include these wells as part of the work program, such that a reduction in the subsequent years commitments may be obtained. However, in the event that the first well does not yield results in line with expectations, the Company and New Horizon may elect to gather additional information, such as 3D seismic, prior to additional drilling.

Read B. Taylor, President and CEO of Petro Vista, comments, "We believe the La Maye acquisition is a strategic transaction for the Company and our shareholders as part of our balanced mix of low-risk and near-term production opportunities for significant exploration upside potential. The La Maye asset offers the Company an opportunity to explore for significant oil reserves by the end of the year at low cost."

Third Party Evaluation Report

Petrotech Engineering Ltd. prepared an engineering and economic evaluation of the La Maye Block in accordance with NI 51-101 with an effective date of May 01, 2008 (summary report available on www.sedar.com).



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NPV of Future NPV of Future
Net Revenue(2) Net Revenue(2)
Before Tax After Tax
Low Estimate L&M Oil Resources(2) Discounted Discounted
100% Gross Net (in M$) @ (in M$) @
Prospect (Mbbl) (Mbbl) (Mbbl) 0% 10% 0% 10%
-------------------------------------------------------------------------
Prospect #1 6,515 1,629 1,498 131,696 86,279 87,226 56,621
Prospect #2 4,878 1,219 1,122 102,337 65,689 68,391 43,553
Prospect #3 1,923 481 442 38,515 23,542 25,490 15,416
Total 13,316 3,329 3,063 272,547 175,511 181,108 115,590
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-------------------------------------------------------------------------
NPV of Future NPV of Future
Net Revenue(2) Net Revenue(2)
Before Tax After Tax
Best Estimate L&M Oil Resources(2) Discounted Discounted
100% Gross Net (in M$) @ (in M$) @
Prospect (Mbbl) (Mbbl) (Mbbl) 0% 10% 0% 10%
-------------------------------------------------------------------------
Prospect #1 9,899 2,475 2,277 214,118 139,663 143,145 92,793
Prospect #2 7,424 1,856 1,708 162,617 104,021 109,129 69,453
Prospect #3 2,940 735 676 63,708 38,921 42,640 25,886
Total 20,264 5,066 4,661 440,443 282,605 294,914 188,132
-------------------------------------------------------------------------

-------------------------------------------------------------------------
NPV of Future NPV of Future
Net Revenue(2) Net Revenue(2)
Before Tax After Tax
High Estimate L&M Oil Resources(2) Discounted Discounted
100% Gross Net (in M$) @ (in M$) @
Prospect (Mbbl) (Mbbl) (Mbbl) 0% 10% 0% 10%
-------------------------------------------------------------------------
Prospect #1 13,979 3,495 3,213 313,441 204,034 210,565 136,452
Prospect #2 10,502 2,626 2,415 237,511 151,417 159,917 101,552
Prospect #3 4,170 1,043 959 94,147 57,498 63,361 38,534
Total 28,651 7,163 6,587 645,099 412,950 433,843 276,538
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(2) Independent Source: Petrotech Engineering Ltd. (2008 May). Evaluation
of the Interests of Petro Vista Energy in the La Maye Block Lower
Magdalena Valley, Onshore Colombia, Page 6. Estimated values disclosed
do not represent fair market value.


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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