PetroFalcon Corporation

PetroFalcon Corporation

November 27, 2006 14:40 ET

PetroFalcon Corporation: Vinccler Oil and Gas, C.A. Announces Presidential Transfer Decree for PetroCumarebo Joint Venture

CARACAS, VENEZUELA--(CCNMatthews - Nov. 27, 2006) - Vinccler Oil and Gas, C.A. ("Vinccler Venezuela"), the wholly-owned subsidiary of PetroFalcon Corporation ("PetroFalcon" or the "Corporation") (TSX:PFC), announced today that its 40%-owned joint venture ("Empresa Mixta"), PetroCumarebo, S.A. ("PetroCumarebo"), received the presidential transfer decree to operate in the East Falcon Block and West Falcon Block. PetroCumarebo is a joint venture between Vinccler Venezuela and Petroleos de Venezuela, S.A. ("PDVSA"), the Venezuelan state oil company. The presidential transfer decree was published in Venezuela's "Official Gazette" on Friday, November 24, 2006.

Juan Francisco Clerico, the Corporation's Chairman and CEO, said, "We are pleased to announce the completion of the final step in the transition of the former operating service agreements to our new joint venture with PDVSA, PetroCumarebo. This final ceremonial approval allows PetroCumarebo to officially invoice PDVSA for second and third quarter oil and natural gas deliveries, as recognized in our third quarter 2006 filings."

PetroFalcon Corporation is a natural resource company currently engaged in oil and gas operations in Venezuela through its wholly-owned subsidiary, Vinccler Oil and Gas, C.A., which owns 40% of PetroCumarebo, S.A., a joint venture with Petróleos de Venezuela, S.A. The Common shares of PetroFalcon trade on the Toronto Stock Exchange under the symbol "PFC".

Forward-looking statements: Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • PetroFalcon Corporation
    Juan Francisco Clerico
    Chief Executive Officer
    +(58) (212) 263-9164
    PetroFalcon Corporation
    Garrett Soden
    Corporate Development
    +(58) (212) 263-9164
    +(58) (212) 266-8830 (FAX)