Petrolifera Petroleum's Argentinean estimated sales volumes show considerable growth during first quarter 2008

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[{"type":"text","content":"\n\n\n\nCALGARY, April 2 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today it continues to grow and reestablish its solid production and\nsales base in Argentina. During March 2008, the company's estimated sales\nvolumes rose approximately 40 percent from January levels to reach an\nestimated 9,000 boe/d. Petrolifera's March 2008 estimated exit sales rate was\napproximately 9,300 boe/d, of which approximately 85 percent was represented\nby crude oil and natural gas liquids sales and the balance was natural gas\nsales. Sales volumes reported herein have been estimated based upon available\ninformation and may differ from reported sales volumes which will be based on\nactual sales receipts.\n\n\nPetrolifera's estimated monthly sales volumes for the first quarter 2008\nwere January - 6,460 boe/d; February - 8,290 boe/d and March - 8,975 boe/d.\nThe estimated daily average sales rate for the first quarter 2008 was\napproximately 7,900 boe/d, an increase of twelve percent over fourth quarter\n2007 levels.\n\n\nReaders are cautioned that a barrel of oil equivalent (boe) is derived by\nconverting natural gas to oil in the ratio of six thousand cubic feet of gas\nto one barrel of oil and that this may be misleading, particularly if used in\nisolation. A boe conversion is based on an energy equivalency conversion\nmethod primarily applicable at the burner tip and does not represent a value\nequivalency at the wellhead.\n\n\nProduction and consequent sales volumes in January were affected to some\nextent by the installation of new water treatment and waterflood facilities\nbut showed excellent improvement throughout the remainder of the quarter,\naided by successful new infill drilling as detailed herein. The current level\nof production and sales does not yet in any measurable manner reflect the\nactivation of the company's recently installed waterflood at Puesto Morales\nNorte. Petrolifera anticipates it will be later in 2008 before the initial\nimpact of the waterflood will be discernible and the company does not expect\nthe full impact to occur until the second half of 2009. It is anticipated\nthere will be increasing stability in Petrolifera's base production and sales\nvolumes once the waterflood is optimized.\n\n\nDuring the first quarter 2008, Petrolifera drilled or initiated drilling\nof 16 wholly-owned wells at ...

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