Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

March 09, 2011 14:20 ET

Petro Vista Undertakes Up to C$2.35M Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company") announces its intention to carry out a non-brokered private placement of up to 11,750,000 units at a price of C$0.20 per unit for gross proceeds to the Company of up to C$2,350,000 (the "Offering"). 

Each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share at a price of C$0.30 per common share for a period of 3 years from the date of issue, 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 during the term of the warrant, commencing four months after the date the warrants are issued.

The proceeds of the Offering will be used by the Company primarily to fund the costs associated with the drilling of the Company's M5B exploration / appraisal well in the Llanos Basin, Colombia.

The Company will pay finder's fee in respect of the private placement consisting of the issue of units equal to 6% of the number of units issued under the Offering. Each unit will have the same terms as those issued under the Offering. Additionally, the Company will issue compensation warrants equal to 6% of the number of units issued under the Offering. Each compensation warrant will entitle the holder to acquire one common share at a price of C$0.235 per common share for a period of 2 years from the date of issue. 

All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.

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

This press release includes "forward-looking information" including statements regarding the Offering that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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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