PTV COMPLETES SALE OF INTEREST IN MORICHITO BLOCK, For Immediate Release
Trading Symbol: TSX.V: PTV
PETRO VISTA COMPLETES SALE OF INTEREST IN MORICHITO BLOCK, COLOMBIA
Vancouver, British Columbia – February 7, 2012 - (TSX-V: PTV) Petro Vista Energy Corp.
(“Petro Vista” or the “Company”) is pleased to announce that its wholly-owned Barbados
subsidiary, Petro Vista Energy Colombia (Barbados) Corp. (“PTV Barbados”), has completed
the sale (the “Transaction”) of all of the issued capital of Petropuli Ltda. (“Petropuli”), Petro
Vista’s indirect Colombian subsidiary, previously announced on December 8 and December 19,
2011 and January 24, 2012. The capital of Petropuli, which owns a 50% participating interest in
the Morichito Block located in the Llanos Basin, Colombia, was acquired by Deep Core Inc.
(“Deep Core”).
Pursuant to the Transaction, as amended, Deep Core acquired the Petropuli capital for an
aggregate of US$1.75 million. Of this amount, US$800,000 had previously been advanced by
Deep Core to fund outstanding cash calls owing by PTV Barbados in respect of Block SSJN-5,
located in the Middle Magdalena Basin and $369,535 was paid to settle outstanding costs
associated with the closing of the Transaction. The balance of US$580,465, together with an
additional US$200,209 that had previously been advanced by the Company to fund certain ANH
guarantees for exploration work, for a total of US$780,674, was placed into escrow by Deep
Core. US$200,000 of the funds held in escrow will be released in three months, and the
balance will be released in six months, subject only to payments from the escrow proceeds that
may be required to be made in respect of outstanding employment liabilities and any
undisclosed past obligations of Petropuli, or liabilities arising from the non-delivery of certain
post-closing deliverables.
The sale does not include Petropuli’s 25% participating interest in Block SSJN-5, which will be
transferred to a Petro Vista affiliate. Also, as a result of the closing of the Transaction, PTV
Barbados is released from its obligations under the Advance Payment Agreement with Deep
Core, previously announced on December 19, 2011, and Deep Core’s security over Block
SSJN-5 and PTV Barbados’ rights in the La Maye Block is terminated. Pursuant to the same
Advanced Payment Agreement Deep Core holds an exclusive option to acquire the Company’s
25% participating interest in the La Maye Block, Colombia that expires on April 2, 2012.
In announcing the completion of the sale of the Petropuli shares, Petro Vista Chairman Keith Hill
commented, “The sale of the Morichito property is the first step in Petro Vista’s business plan to
rationalize its Colombian oil and gas interests, allowing the Company to focus on the
development of its Tartaruga producing asset in Brazil. The proceeds from the sale of Petropuli
will also be directed towards pre-drill costs in the SSJN-5 Block.”