Testing of Petrolifera's La Pinta Well in Colombia to commence June 6, 2009; Deadline for Argentina bids extended to July 10, 2009 at request of prospective purchasers

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[{"type":"text","content":"\n\n\n\nCALGARY, June 5 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today that testing of its La Pinta No.1 well on the Sierra Nevada\nLicense in Colombia is anticipated to commence on June 6, 2009. It is expected\nthat the complete testing program will require between seven and ten days,\nafter which the rig will be released from the La Pinta No.1 location. Results\nwill be communicated by way of press release when they are conclusive and\ntesting is completed.\n\n\nThe company also announced that at the request of a number of interested\nparties, the deadline for submission of bids related to the potential purchase\nof Petrolifera's Argentinean operations has been extended until July 10, 2009.\n\n\nPetrolifera is a Calgary-based crude oil, natural gas liquids and natural\ngas producer engaged in exploration and exploitation activity in Argentina,\nColombia and Peru. The company is a large land holder in all three\njurisdictions and anticipates an active and aggressive exploratory drilling\nprogram, primarily in Colombia and Peru, in the next several years.\nPetrolifera has announced its intention to embark on a divestiture of its\nArgentinean interests, to focus on its other areas of operation.\n\n\nFORWARD LOOKING INFORMATION\n\n\nThis press release contains forward-looking information, including but\nnot limited to the planned testing of the La Pinta No.1 well in Colombia,\nfuture exploration and development activities in Colombia and Peru, the\nanticipated divestiture of Petrolifera's Argentinean interests and the timing\nfor receipt of initial bids in respect thereof. This information is based on\ncurrent expectations that involve a number of risks and uncertainties, which\ncould cause actual results to differ materially from those anticipated. These\nrisks include, but are not limited to risks associated with the oil and gas\nindustry (e.g. operational risks in development, exploration and production,\ndelays or changes in plans with respect to exploration or development projects\nor capital expenditures; the uncertainty of reserve estimates; the uncertainty\nof estimates and projections in relation to production, costs and expenses and\nhealth, safety and environmental risks), the risk of commodity price and\nforeign exchange rate fluctuations, the uncertainty associated with\nnegotiating with foreign go...

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