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Petrolifera Petroleum reports Q1 2009 results and schedules

Petrolifera Petroleum reports Q1 2009 results and schedules Conference Call May 7, 2009, 9:00 a.m. MDT; Company encouraged by drilling results and logs; Testing of La Pinta well in Colombia anticipated to be completed in a timely manner

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CALGARY, May 6 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is pleased to report our first quarter 2009 ("Q1 2009") operating and financial results to our shareholders, together with comparative information from last year.


Petrolifera's high impact drilling program began in January 2009, with the spudding of its La Pinta No.1 well on the Sierra Nevada License in the Lower Magdalena Basin onshore Colombia. We also control extensive contiguous acreage under what was previously the Magdalena Technical Evaluation Agreement ("TEA"), which is in the process of being converted to a License. The La Pinta well was recently logged and cased after being drilled to a final total depth of 11,250 feet. Results while drilling have been encouraging and were further confirmed by logs. A testing program will begin as soon as possible and when completed, results will be communicated by way of press release.


On March 2, 2009 Petrolifera announced its intention to commence a process to sell its Argentinean operations. All of the company's current production, a significant portion of its reserves and extensive undeveloped acreage is held in Argentina, where assets continue to hold promise and upside potential, which is of importance to a prospective purchaser. We retained Tristone Capital Inc. ("Tristone") to manage the process for the company. Data rooms are anticipated to open in mid-May 2009 with a view to offers being submitted for consideration by June 18, 2009. It is our objective to sell our Argentinean operations as a going concern to maximize continuing employment opportunities for our in-country employees. It is anticipated the sale will proceed if suitable and acceptable proposals are forthcoming and all requisite approvals are obtained. The expressions of interest in the process have been plentiful and from companies and enterprises operating from a variety of jurisdictions, including Argentina. If a transaction were completed, funds would be deployed in our high impact exploration and evaluation programs in Colombia and in Peru and to discharge related reserve-based indebtedness.


These Q1 2009 results will be subject to a Conference Call event at 9:00 a.m. MDT May 7, 2009. To listen to or participate in the live conference call please dial either (416) 644-3434 or (800) 814-4857. A replay of the event will be available from May 7, 2009 at 11:00 a.m. MT until May 15, 2008 at 11:59 p.m. MT. To listen to the replay please dial either (416) 640-1917 or 877-289-8525 and enter the passcode 21305120 followed by the pound sign.




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Highlights for the period were as follows:

- Petrolifera announced its intention to enter into a process to sell
its operations in Argentina
- A successful multi-well heavy oil drilling program was initiated on
the company's 100 percent owned Gobernador Ayala II Concession in La
Pampa Province, Argentina, which could favorably impact on the sales
efforts and pricing prospects
- High potential drilling commenced in Colombia with La Pinta No.1, now
an indicated discovery based on results while drilling and logs;
testing is anticipated to be completed in a timely manner
- Seismic programs were completed on Block 106 in Peru and on our
Turpial Concession in the Middle Magdalena Basin, Colombia
- We are nearing completion of the conversion of the Magdalena TEA to
License status; this extensive land block adjoins the Sierra Nevada
Concession in the Upper Magdalena Basin of Colombia
- Preparations for drilling on Block 107 in the Ucayali Basin, Peru
were initiated; mandatory acreage relinquishment on Block 107 was
determined and submitted for approval; new license on Block 133,
offsetting Block 107 to the west was secured, enhancing Petrolifera's
landholdings in the region
- Solid cash flow, profitability and favorable commodity pricing
realized in Argentina during Q1 2009
- Plan of Arrangement for asset backed commercial paper restructuring
completed; related line of credit expanded to $28.2 million and
borrowings reclassified as long term, which improved working capital
and enhanced liquidity
Read Full Report Here

PDP Ready To Sell Argentina?

Petrolifera updates Colombian and Argentinean drilling activity
3/4/2009 5:03 PM - Canada NewsWire

CALGARY, Mar 4, 2009 (Canada NewsWire via COMTEX News Network) --

Petrolifera Petroleum Limited (PDP - TSX) announced today that the La Pinta 1 well on its 100 percent owned Sierra Nevada License in Colombia has reached a depth of approximately 8,300 feet and that preparations are underway to run an intermediate casing string, as scheduled. The wellbore is being conditioned after a logging run and then the casing string will be run. 

Petrolifera is encouraged by results thus far in the drilling of the La Pinta 1 well, based on hydrocarbon shows and the results of logs. Drilling of the well is running approximately 20 days behind schedule due to occasional mechanical issues with the rig and slow penetration rates through certain zones.

In Argentina, Petrolifera recently commenced drilling of its first exploratory well, PPEA.LP.LS.x-1, on its Gobernador Ayala II Concession located in La Pampa Province.

The well is licensed to be drilled to a depth of approximately 1,000 meters and is being drilled on a 3D seismically-defined prospect for heavy crude oil. 

Source

Argentina Sales Process

Petrolifera also announces that its Board of Directors has authorized the company to enter in to an engagement agreement with Tristone Capital ("Tristone") of Calgary, Houston, Buenos Aires and London, whereby Tristone would immediately commence to establish a data room, which will be made available to qualifying companies. Tristone will assist Petrolifera in the sale of Petrolifera's interests in Argentina, which are primarily indirectly held by a wholly-owned Barbadian subsidiary. 

It would be Petrolifera's intention to sell its interests in a tax effective manner and to redeploy the proceeds in its high-potential exploration activities in Colombia and Peru, after discharging related outstanding long-term indebtedness. While Petrolifera recognizes continuing potential associated with its extensive Argentinean assets, both from an exploratory and exploitation perspective, it is the opinion of management and the company's Board of Directors that the company's holdings in Colombia and Peru have greater identified growth potential. 

Petrolifera's desire is to sell its Barbadian subsidiary and related assets as a going concern, with view to the purchaser providing continuing employment to the company's managerial, technical and operating staff to the fullest extent possible. 

Arrangements are contemplated to ensure fair and appropriate treatment under prevailing employment law to both continuing and redundant employees and contractors, should the prospective purchaser not require all of Petrolifera's current Argentinean employees and contractors on a continuing basis. 

Source

Be sure to review the webcast, the stock is climbing on this rumour

Petrolifera Petroleum Limited (TSX: PDP.)
   Annual General Meeting Webcast
   May 6, 2009, 3:20 PM MT/5:20 PM ET
   To listen to this event, please enter 

in your web browser.
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2619540 

Ontario Premier Dalton McGuinty Needs To Hear From You Too!

As a concerned taxpayer I feel it is important to have you all understand what the new HST (Harmonized Sales Tax) or "blended tax" means to Ontarian's.

It amazes me that this announcement has slipped by without a ripple, and yet when I tell people about the impact to them they are all shocked.

The intended purpose is to blend the GST and the PST into one tax.. This will cut down the paperwork burden for Ontario businesses and, in theory, lessen staff by merging both departments. This could be a noble attempt to cut costs. There is just one problem. Rather than just blending the products and services that now charge both taxes, the provincial government has decided that it will apply this new tax to almost all goods and services that you do not pay PST on now!

You are about to become the victim of the largest tax hike in our history.

How will this affect you? 

Let's start with just a few things that are to be charged the extra 8% and see if it will affect you or your family.

Gasoline

Home heating fuel

Water

Hydro

Used cars

Government and city services

Real Estate Fees - if you think 5 or 6% is bad, just watch the market decline further when people now pay PST + GST

Any service you now use for your home or business such as repairs, professional services of any kind, construction materials etc.

These are just a few.

See this article about how the $1000.00 BRIBE they are offering will not even cover ½ of the increased cost to the average family.


This tax hits Ontarians hard, but ESPECIALLY the low income ones! They will have an 8% increase in everyday life, and yet you will not see their benefits or salaries rise.

http://www.digitaljournal.com/article/269917

Actually almost everything currently without PST in your life - except child's clothing, prescriptions, diapers, and feminine hygiene products - will now cost you 8% more. Oh and here is a kicker. The fuel tax will slide with the increasing cost of that fuel.

Our premier is counting on taxpayers to do what they always do when a new tax is added.Nothing! It is very important that you start to research and discuss this with your friends and family. It is not too late to stop this if you are willing to do something as send an email to the premier asking him either to a) stop the tax grab all together or b) do what was originally intended and blend the tax on the products that now have both taxes and not to extend the new tax to everything else. If you just sit there remember you lose the right to complain about taxes ever again. Get UP and start telling everyone about this injustice and we can stop this today. Don't think your email will not count. When most MP's get more than 10 emails, they consider it a catastrophe!

Send your objection to:

http://www.premier.gov.on.ca/feedback/feedback.asp



If you do nothing, you lose your right to complain.