Petro Vista Energy Corp.

Petro Vista Energy Corp.

April 07, 2009 10:01 ET

Petro Vista Announces Discussions Have Terminated Regarding Acquisition of Loon Energy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2009) - Petro Vista Energy Corporation (TSX VENTURE:PTV) ("Petro Vista") wishes to announce that it has been unable to conclude an agreement with Loon Energy Corporation on their proposed business combination. Consequently, the Board of Petro Vista and Loon Energy have determined that it is in the best interests of their shareholders to terminate the Letter of Intent between them announced on February 23, 2009.

Read B. Taylor, President and CEO of Petro Vista, commented, "We have been working closely with Loon Energy over the past five weeks to address outstanding issues; however, we have been unable to find a mutually acceptable solution on some of the key points in the final agreement. We believe it is in Petro Vista's best interest to terminate the proposed merger and continue to pursue acquisition opportunities where they make sense and complement Petro Vista's overall growth strategy."

Petro Vista continues to focus its efforts on establishing near-term production in the Morichito Block, Colombia, by leveraging value from strategic farm-outs where Petro Vista is being carried on a US$8.8M exploration program that will pay 100% of the costs of drilling and completing exploration wells #1N and #3. This drill program, currently underway, will be completed in early June 2009.


Read B. Taylor, President and CEO

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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 either Petrol Vista or Loon. 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. Neither Petro Vista nor Loon 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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