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Petrolifera's 1028 well tests at 1,500 bbl/d 2007-07-26 17:44 ET - News Release Mr. Richard Gusella reports PETROLIFERA PETROLEUM LIMITED PROVIDES UPDATE ON DRILLING RESULTS Petrolifera Petroleum Ltd. is releasing the results of a number of recently drilled wells on its 100-per-cent-owned Puesto Morales/Rinconada concession onshore the Neuquen basin, Argentina. The company's 1028 well on the eastern limits of the of Puesto Morales block flowed 46-degree API light-gravity crude oil to surface from the shallow Centenario formation on test through a 24-millimetre choke at a calculated rate of 1,500 barrels per day (bbl/d) and then at a calculated rate of 1,200 barrels a day through an 18-millimetre choke. The well was subsequently completed and placed on stream at a stabilized rate of 500 bbl/d and continues to produce as a flowing oil well at yesterday's rate of 435 bbl/d. Follow-up drilling of offset locations in the vicinity of the 1028 well is anticipated later this year. This is the first and only test of the Centenario on the block since Petrolifera activated its drilling program in late 2005. The Centenario formation was naturally penetrated with all wells which have been drilled on the block. Oil shows have been encountered in this zone in a number of other wells on the block, although none were previously tested due to the deeper and more prolific productivity encountered in the Sierras Blancas or Punta Rosada formations. Some follow-up drilling of shallow twins to existing Sierras Blancas producers to further evaluate the breadth of the play is anticipated, including in proximity to the 1018 well and the 1027 Sierras Blancas discovery, which tested 34-degree API Medanito crude oil through an 18-millimetre choke at a rate of 2,200 bbl/d and is currently producing through a 12-millimetre choke at rates slightly in excess of 1,000 bbl/d.