Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

March 21, 2011 09:30 ET

Petro Vista Commences Drilling of Morichito-5B Exploration / Appraisal Well at Morichito, Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2011) - (TSX VENTURE:PTV) Petro Vista Energy Corp. ("Petro Vista" or the "Company") is pleased to announce that it has commenced drilling of its Morichito-5B deeper pool exploration and appraisal well in the Llanos Basin in Colombia. The well was spud March 18, 2011.

The Morichito-5B will be drilled from the same drilling pad as the 2010 field discovery well Morichito-5 (see news release dated March 25, 2010), and will be drilled directionally to a bottom hole location approximately 1,400 feet southeast of the earlier discovery. The proposed total depth for the well is 6,600 feet in the Cretaceous Ubaue formation and will fulfill the Company's fifth phase contract commitment with the Colombia National Hydrocarbon Agency (ANH).

The Morichito-5B will be a dual-purpose well with a primary objective to test the potential of deeper Mirador, Gacheta and Ubaque reservoirs that have seen recent significant discoveries in the Llanos Basin. Additionally, the well is also expected to encounter the same reservoir intervals that had shows or tested oil in the Morichito-5 discovery well in an up-dip position approximately 10-15 feet high to the Morichito-5 discovery well. This should provide additional oil reserves from those zones and give additional structural advantage for deeper Mirador sands that had excellent shows but tested wet. The Morichito-5B well should take approximately 14 days to drill after which logs and sidewall cores will be acquired and a completion decision will be taken.

Additionally, the Company will mobilize a work-over rig before the end of the month to begin testing the Carbonera 5900-foot sand in the Morichito-5 discovery well that tested 100% oil at rates of up to 375 barrels of oil per day during short-term drill stem tests in April 2010. Due to the approach of the rainy season and resulting floodwaters at that time, it was not possible to determine a definitive flow rate for the well. 

Depending on results of the new Morichito-5B well and the long -term test of the existing Morichito-5 well, the Company plans to install a production facility to put the two wells on immediate production. 

Petro Vista President and CEO Steve Benedetti comments, "With the success of Tartaruga well in Brazil and the impending production from the Morichito field in Colombia, Petrovista will enter a new era of growth funded by internal cash flow. The Company's main focus will be to grow production in these two core areas while continuing to pursue upside exploration projects on its existing licenses."

About Petro Vista Energy

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 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

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 the Company's plans and expectations for the M-5B well, the timing of drilling the M-5B well, timing of mobilizing a work-over rig, installation of a production facility, future growth of the Company, exploration success, 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, completion and production risks, equipment failure, availability of labor, unexpected geological or other effects, regulatory changes and availability of capital. 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.

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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