Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

March 18, 2011 18:18 ET

Petro Vista Closes First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2011) - Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) announces the completion of the first tranche of its non-brokered private placement announced on March 9, 2011. The placement consists of the sale of 11,750,000 units at a price of $0.20 per unit for gross proceeds to the Company of C$2,350,000 (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 March 18, 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 July 19, 2011 and March 18, 2014.

Petro Vista paid commissions to finders under the Offering consisting of the issuance of 690,000 units. Each unit has the same terms as those issued under the Offering. Additionally, the Company has issued 690,000 compensation warrants. Each compensation warrant entitles the holder to acquire one common share at a price of $0.235 per common share until March 18, 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 July 19, 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 located in the Llanos Basin, Columbia and for general working capital.

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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