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CALGARY, June 16 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announces today that to date it has been unable to test prospective zones in the La Pinta well on its Sierra Nevada License in Colombia, due to both the late arrival of certain equipment and certain mechanical failures encountered while running the test assembly. These issues have now largely been overcome and it is now anticipated testing will commence in the next several days and continue for an indeterminate period until completed. Events to date in no way reflect on the possible outcome of the testing program as prospective zones have not yet been perforated.
We also wish to reaffirm that the deadline for submission of bids for the company's Argentinean operations was, as previously announced, extended until July 10, 2009.
Petrolifera is a Calgary-based crude oil and natural gas exploration, development and production company active in Argentina, Peru and Colombia.
FORWARD LOOKING INFORMATION:
This press release contains forward-looking information, including but not limited to the planned testing of the La Pinta well in Colombia and the anticipated divestiture of Petrolifera's Argentinean interests and the timing for receipt of initial bids in respect thereof. This information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and risk associated with international activity. There can be no assurance that the testing of the La Pinta well will confirm the discovery of commercial quantities of crude oil and natural gas or, if there is a commercial discovery, that Petrolifera will be able to realize such reserves as intended. Hydrocarbon shows and results of logs do not confirm the presence of commercial hydrocarbons. Additionally, the timing for receipt of bids in respect of Petrolifera's Argentinean interests is dependent on the third parties and a number of circumstances which are outside of the control of Petrolifera. As a consequence, this timing could be further extended. There can be no assurance that Petrolifera will receive offers to purchase its Argentine interests which will be acceptable and completion of any sale transaction will be subject to the negotiation of definitive documentation, governmental approvals and the satisfaction or waiver of all conditions precedent to closing. Additional risks and uncertainties are described in the company's Annual Information Form for the year ended December 31, 2008 which is filed on SEDAR at www.sedar.com. Due to the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the company's securities should not place undue reliance on this forward-looking information. Readers should review the risk-factors set forth in the company's Annual Information Form, available at www.sedar.com, for a detailed description of the risks and uncertainties facing the company. Forward looking information contained in this press release is made as of the date hereof and is subject to change. The company assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.