Petro Vista Energy Corp.

Petro Vista Energy Corp.

May 18, 2012 13:43 ET

Petro Vista Completes Sale of Colombian Subsidiary

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2012) - Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) announces that further to its news release of May 6, 2012 it has completed the sale of all of the shares of its wholly owned Petro Vista Energy Colombia (Barbados) Corp. to Deep Core Inc. As a result of this sale, the Company has now disposed of its interests and extinguished all liabilities associated with its operations in Colombia.

The Company has refocused its near term business objectives to the successful development of the Tartaruga field, Brazil. In the Tartaruga field, the Operator UP Petroleo Brasil Ltda. currently has a workover rig on location to install Electrical Submersible Pumps in the two existing production wells. These pumps are expected to enhance production. These operations are expected to be completed by the end of May at which point an update will be issued.

The Company has earned the right to request a 37.5% working interest in the Tartaruga field. The assignment of this working interest is subject to several conditions, including approval from the consortium members and the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP"). The Company is awaiting receipt of these approvals.

About Petro Vista Energy

Petro Vista Energy Corp. is an oil and gas exploration company with near-term production opportunities in South America. The Company has exploration, development and production rights in Brazil and Colombia.


Keith Hill, Chairman of the Board of Directors

This press release includes "forward-looking statements" including expectations for future operations that are 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 development of its Tartaruga Block, future growth of the Company, development 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.

Contact Information