Petrolifera Petroleum Limited secures drilling rig

Petrolifera Petroleum Limited secures drilling rig for upcoming Colombia and Peru drilling campaignscnwCALGARY, Aug. 11 /CNW/

- Petrolifera Petroleum Limited (PDP - TSX) announced today it has signed a letter of intent with Petrex S.A ("Petrex") whereby Petrex has agreed to provide a heli-transportable drilling rig for a 24 month period from commencement of well operations in Colombia with an option for a further 12 month period. The formal contract is currently being finalized and rig mobilization is expected to begin shortly, with a view to being on location at the La Pinta prospect, situated within the Sierra Nevada I License in the Lower Magdalena Basin onshore Colombia, on or before September 30, 2008.

It is anticipated it will take 75 to 90 days to drill the La Pinta well. Thereafter, Petrolifera plans to drill the Brillante prospect on the same license.After completion of the initial two well drilling program in Colombia, Petrolifera anticipates it will mobilize the rig to Peru for the drilling of the company's first Peruvian exploratory well, currently anticipated to be drilled on Block 107 in the Ucayali Basin onshore Peru.

Petrolifera Petroleum Limited is a Calgary-based crude and natural gas exploration and production company with significant operated interests in ten blocks in Argentina, Colombia and Peru in South America. These blocks cover approximately seven million acres. Current crude oil and natural gas production is derived from the Puesto Morales/Rinconada Concession in the Neuquen Basin onshore Argentina.

The company's capital program for 2008 is anticipated to reach $108 million, with increased expenditures in Colombia and Peru compared to levels in 2007, as new exploration programs are presently underway. Simultaneously, the company is maintaining an active capital expenditure program in Argentina.