Petro Vista Energy Corp.

Petro Vista Energy Corp.

November 12, 2008 09:30 ET

Petro Vista's Subsidiary Acquires 50% Participating Interest in Colombia License Round

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) -

- Partnered with SK Energy Co., a large integrated company with worldwide energy assets.

- 50% working interest in large 570,452 gross acre (285,226 net) Block located in prospective Lower Magdalena Basin, Colombia.

- Six large prospects identified on high potential Block.

- Oil and gas/condensate prospectivity from Tertiary clastic and carbonate reservoirs.

- Increases Petro Vista's presence in the Lower Magdalena Basin.

- Nearby oil and gas pipeline infrastructure.

- Capital expenditures planned for late 2009 to 2010.

Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company") an independent oil and gas exploration company, is pleased to announce that its wholly-owned Colombian subsidiary, Petropuli Ltda. ("Petropuli"), has been successful in bidding for Block SSJN-5 in Colombia's recent Agencia Nacional de Hidrocarburos ("ANH") Ronda 2008 bid round held on November 7, 2008. The Contract will be signed in January 2009.

Partnering with SK Energy Co Ltd. ("SK Group") the Company was successful in its joint bid for Block SSJN-5, located in the Lower Magdalena Basin of Colombia. Pursuant to a Joint Bidding Agreement, Petropuli and SK Group will each hold a fifty percent (50%) participating interest in Block SSJN-5, with SK Group acting as operator. SK Group is a leading Korean multinational conglomerate with oil production, development and exploration projects as well as integrated gas development projects around the world.

Read B. Taylor CEO and President of Petro Vista Energy stated, "We are genuinely excited about the award of the large Block in this highly prospective basin having multiple play types with this level of prospectivity and potential. Partnering with SK Group creates a solid partnership bringing geotechnical, operational, commercial, and marketing strengths to the table. This new asset, in addition to our current portfolio, strengthens our upside drilling opportunity base in one of our focus areas for the years ahead."

The SSJN-5 Block consists of 570,452 gross acres (285,226 net) and contains at least six identified leads or prospects which will be detailed during the first exploration phase of the concession contract with the ANH. The Block is located along the southeastern margin of the Lower Magdalena Basin and, similar to other blocks in the area, lies along the pathway for oil and gas migrating from the deeper hydrocarbon kitchen in the center of the Basin. Potentially productive reservoirs include the Miocene Tubara and Porquero formations that have produced in acreage in the Lower Magdelena Basin (El Dificil Block - 73.75 million barrels of oil equivalent reserves - gas/oil/condensate - IHS Inc. (NYSE:IHS), independent report "Colombian Resource Paper," 2008).

The exploration license for this Block will be broken into two 36-month phases. During the first phase, Petropuli and SK Group will be required to shoot 670 kilometers of 2D seismic data and drill one exploration well on Block SSJN-5. Additionally, as bid in the terms for the contract, in the event that economic hydrocarbons are discovered, a 23% participation interest in Block SSJN-5 will be granted to the ANH and Colombian government.

About Petro Vista Energy

Headquartered in San Clemente, California, USA, 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 721,270 gross acres (366,524 net) leasehold acres in Colombia and Brazil. The Company's website at provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.


Read Taylor, President and CEO

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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 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 risks and regulatory changes. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information