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Petrolifera Petroleum Announces $40 Million Bought Deal

Petrolifera Petroleum Announces $40 Million Bought Deal FinancingccnmCALGARY, ALBERTA--(Marketwire - June 11, 2008) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPetrolifera Petroleum Limited (TSX:PDP) announces today that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets under which Petrolifera will issue 4,445,000 common shares ("Common Shares") at $9.00 per Common Share, on a "bought deal" basis for gross proceeds of approximately $40 million.

Petrolifera has granted the underwriters an over-allotment option to purchase up to an additional 666,750 Common Shares on the same terms and conditions, exercisable in whole or in part up to 30 days following closing of the offering. The offering is scheduled to close on or about June 27, 2008.The net proceeds of the offering will be used by Petrolifera to fund the remaining portion of its 2008 capital spending program in Argentina, Colombia and Peru. A preliminary short-form prospectus will be filed with securities regulatory authorities in all provinces of Canada except Quebec.

The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.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 $102 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 and responsible program in Argentina with a total of close to forty new wells likely to be drilled by Petrolifera by year end 2008.

FOR FURTHER INFORMATION PLEASE CONTACT:Petrolifera Petroleum LimitedR. A. GusellaExecutive Chairman(403) 538-6201(403) 538-6225 (FAX)