Petro Vista Energy Corp.

Petro Vista Energy Corp.

August 14, 2008 16:05 ET

Petro Vista Cancels Equity Financing

SAN CLEMENTE, CALIFORNIA--(Marketwire - Aug. 14, 2008) - Petro Vista Energy Corp. (TSX VENTURE:PTV) (the "Company"), has elected, due to adverse market conditions, to withdraw its private placement equity financing that was announced on July 4, 2008. Petro Vista does not feel that the current share price accurately reflects the value of the Company.

Given the current circumstances, the Company has reviewed its cash position and its upcoming commitments and is in a position to continue with its business activities as planned.

The Company estimates it has sufficient funds to pay all costs associated with drilling and completing up to four wells on its La Maye Project in the Magdelena Basin, Colombia; completing the drilled and logged well #2 (with pay determined from petrophysical analysis) on its Morchito Project in the Llanos Basin; and completing the acquisition of a 30% interest in the producing Tartaruga Block, offshore Brazil.

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 164,000 acres gross (58,000 net) leasehold acres in Colombia and Brazil. The Company's website at provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.


Read 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 Company. 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. 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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