Petrodorado Files 2011 Financial Results, Reserve Report, Annual Information Form and Management Discussion & Analysis and Provides Operations Update

Petrodorado Files 2011 Financial Results, Reserve Report, Annual Information Form and Management Discussion & Analysis and Provides Operations Update

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Calgary, Alberta CANADA, April 20, 2012 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), has filed its 2011 Year Financial Results, Reserve Report, Annual Information Form and Management Discussion & Analysis, and provides an operational update.


Financial Statements

Highlights include:

- Generated oil and gas revenues of $3.7 million, which was the result of the sale of 35,187 bbls at an average price of $112 per barrel of oil.
- Working capital of $35.8 million, plus $13.4 million in restricted cash for a total of $49.2 million to be used in exploration activities and general operations.

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$ (U.S. dollars)                   Year ended             Period ended
                            December 31, 2011        December 31, 2010
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Working Capital                    35,835,451               20,809,468
Property Plant & Equipment         63,823,002               51,831,072
Total Assets                      117,484,383               85,637,600
Total Revenue                       4,164,541                1,397,079
Funds used in Operations           (1,732,782)             (2,790,839)
Net Loss and Comprehensive Loss    11,982,250                7,558,345
Net Loss Per Share,
basic and diluted                        0.02                     0.03
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-****-


Reserve Report

The Company is pleased to provide the results of its December 31, 2011 independent reserves evaluation. Evaluations were conducted by Petrotech Engineering Ltd. for the Visure-1X well and a report was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.


Summary of Reserves:

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                        Heavy Oil        NPV of Future Net Revenue (@10%)
Reserve Category   Gross(Mbbl) Net(Mbbl)     Before and After Tax (M$)(1)
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Proved Non-Prod.          75         69                  3,719
Proved Undeveloped       149        137                  5,470
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Total Proved             224        206                  9,189
Total Probable           307        282                  8,618
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Proved + Probable        531        488                  17,807
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-****-

1) The Company has a total tax pool of approx. $39 million available in oil and gas assets to reduce potential income tax of the Visure-1X well of the Buganviles Block, resulting in no expected income tax payable at this time.

All amounts expressed above are in US dollars.

Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.petrodorado.com .


Operations Update

- Presently waiting on Environmental licenses from the Colombian Ministry of Environment on Talora, Tacacho and CPO 5 to commence a 6 well exploration program. The Ministry has publicly accepted that they have taken extraordinarily long to process these permits, and has been the case for all exploration projects in Colombia. We are expecting these permits shortly.
- A strong balance sheet, fully funds our exploration program for 2012 (US$17Million) and leaves additional capital (over US$30Million) for development of discoveries or to pursue new opportunities.
- Full details on drilling plans and Capex are available in the company's presentation posted on its website (www.petrodorado.com ).


About Petrodorado Energy Ltd.

Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol "PDQ".

For further information, please contact:

Krishna Vathyam, President and CEO
Chris Reid, VP of Finance and CFO
(403) 930-7544
Email: info@petrodorado.com
Website: www.petrodorado.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


PETRODORADO ENERGY LTD.
Suite 1000,  Bow Valley Square II
205 - 5 Ave S.W.
Calgary, Alberta, Canada, T2P 2V7
Tel:  (403) 930-7544
Fax: (403) 930-7599


To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/petrodorado04202012.htm



Source: Petrodorado Energy Ltd. (TSX-V: PDQ) http://www.petrodorado.com
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