Petrolifera Petroleum Reports Increased Reserves and Pre-Tax Present Value for Year Ended December 31, 2007; Proved Crude Oil and Natural Gas Liquids Reserves Up 43 Percent After Record Production in 2007

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[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 25 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounces today that the estimates of the company's 1P ("proved"), 2P ("proved\nand probable") and 3P (proved, probable and possible) reserves, as prepared by\nGLJ Petroleum Consultants of Calgary, Alberta ("GLJ") in a report with an\neffective date of December 31, 2007 ("GLJ 2007 Report"), confirmed the\nsignificant positive impact of 2007 drilling activity and the installation of\nnew production facilities, including a waterflood, at its Puesto Morales Norte\nField in the Neuquen Basin, Argentina.\n\n\nThe GLJ Report and the estimates provided herein were prepared using\nassumptions and methodology guidelines outlined in the Canadian Oil and Gas\nEvaluation Handbook ("COGE Handbook") and in accordance with National\nInstrument 51-101 ("NI 51-101"). Comparisons provided herein with respect to\nPetrolifera's reserves are to estimates contained in a report prepared by GLJ\nwith an effective date of December 31, 2006 ("GLJ 2006 Report"). The GLJ 2007\nReport was prepared utilizing the GLJ January 1, 2008 price forecast,\neffective December 31, 2007 and adjusted to Petrolifera's asset mix and\nspecific pricing circumstances in Argentina. In the GLJ 2007 Report, future\nnet revenue is calculated after deduction of forecast royalties, operating\nexpenses, capital expenditures and well abandonment costs but before corporate\noverhead or other indirect costs, including interest and income taxes. The\npresent value of future net revenue ("present value") is calculated by GLJ\nusing various discount rates; this release will provide undiscounted future\nnet revenue and the 10 percent present value thereof.\n\n\nAll references to barrels of oil equivalent ("boe") are calculated on the\nbasis of 6 mcf: 1 bbl. Readers are cautioned that the conversion used in\ncalculating barrels of oil equivalent is based on an energy equivalency\nconversion method primarily applicable at the burner tip and does not\nrepresent a value equivalency at the wellhead. Furthermore, boes may be\nmisleading if used in isolation. Future net revenues disclosed herein do not\nrepresent fair market value. Also, estimations of reserves and future net\nrevenue to be discussed in this press release constitute...

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