Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

April 05, 2011 16:54 ET

Petro Vista Closes Balance of C$4M Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company") announces the completion of the balance of a C$4,000,000 non-brokered private placement previously announced on March 9, 2011 and March 16, 2011. This second tranche of the placement consisted of the sale of 8,250,000 units at a price of C$0.20 per unit for gross proceeds to the Company of C$1,650,000 (the "Offering").

Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional common share at a price of $0.30 per common share until April 5, 2014, subject to the Company's right to accelerate the expiry date of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.45 for a period of 10 consecutive trading days between August 6, 2011 and April 5, 2014.

Petro Vista paid commissions to finders under the Offering consisting of the issuance of 480,000 units. Each of these units has the same terms as those issued under the Offering. Additionally, the Company has issued 480,000 compensation warrants to finders. Each compensation warrant entitles the holder to acquire one common share at a price of $0.235 per common share until April 5, 2013.

All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws that expires on August 6, 2011.

The proceeds of the Offering will be used by the Company primarily to fund the drilling of the Company's M5B exploration / appraisal well and the testing of the Company's M5 discovery well, both located in the Llanos Basin, Columbia and for general working capital.

Annual Stock Option Awards

The Company also announces its annual grant of stock options, consisting of the grant of 1,650,000 compensation stock options to directors, officers, and consultants of the Company. Each option is exercisable to purchase one common share of the Company until April 5, 2016 at a price of C$0.27 per common share in accordance with the Company's stock option plan.

About Petro Vista Energy

Petro Vista Energy Corp. is an independent 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 721,375 acres gross (196,283 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.

Keith Hill, Chairman of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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