Petrolifera Petroleum Limited

TSX: PDP

Mar 25, 2010 15:40 ET
CALGARY, ALBERTA–(Marketwire – March 25, 2010) –

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Petrolifera Petroleum Limited (TSX:PDP) announces today that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and including Cormark Securities Inc. and Thomas Weisel Partners Canada Inc. under which Petrolifera will issue 20,590,000 common shares (“Common Shares”) on a “bought deal” basis for gross proceeds of $17.5 million ($0.85 per Common Share). Petrolifera has granted the underwriters an over-allotment option to purchase up to an additional 3,088,500 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 April 13, 2010.

The net proceeds of the offering will be used by Petrolifera to fund a portion of its capital spending program in Argentina, Colombia and Peru, to repay indebtedness pursuant to its reserve-backed credit facility and for working capital.

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For more information, please contact

Petrolifera Petroleum Limited
R. A. Gusella
Executive Chairman
(403) 538-6201
or
Petrolifera Petroleum Limited
Gary D. Wine
President and Chief Operating Officer
(403) 539-8450
or
Petrolifera Petroleum Limited
Kristen J. Bibby
Vice President Finance and Chief Financial Officer
(403) 539-8450
Inquiries@petrolifera.ca
www.petrolifera.ca

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Petrolifera Petroleum Announces Bought Deal Financing

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