Petro Vista Energy Corp. reports the successful completion and test results by UP Petroleo of the previously announced Tartaruga discovery in Brazil. A cased hole test on the P6 Zone in the Penedo Formation (depth 3235 meters to 3268 meters over all) produced at a limited rate of 744 barrels of oil per day (gross) of 41.5 API gravity oil with no water cut on a 10/64th choke with a flowing bottom hole pressure of over 2800 psi. Flow was limited due to the inability of the surface facilities to handle larger volume. Based on engineering analysis of the test data received from Schlumberger, real time Bottom Hole flowing pressure information, and electrical log data, it is estimated that this zone could produce up to 1,550 barrels of oil per day. There are 5 additional zones in the Penedo Formation that appear to be capable of production and planned to be tested and completed at a future date.

The forward plan is to put this well into immediate production using the existing facilities along with well 1-SES-107D that is currently producing at 80 barrels of oil per day (gross) and will be worked over in the near future to increase productivity. It is believed that the field will support at least two additional development locations and there is a deeper Serraria Formation prospect underlying this field that can be targeted with one of the upcoming development wells. A reserve report incorporating the new test results is being finalized and will be released in the near future.

Petro Vista Chairman Keith Hill states: 'We are very pleased that the Tartaruga discovery has now been tested after lengthy delays due to permitting. UP Petroleo can now move forward with further development and exploration plans. By combining anticipated future production with the upcoming Morichito production in Colombia, we should be able to fund a significant portion of our work program in 2011 through cash flow.'

Having concluded its farm-in obligations, Petro Vista will be seeking approvals for an acquisition from UP Petroleo and transfer to Petro Vista Brazil of a 37.5% working interest (27.23% net revenue interest) in the Tartaruga Block, such transfer being subject to first receiving all necessary approvals from Petrobras Brasilia S.A and the Agencia Nacional do Petroleo (ANP).

Columbia - Update Petro Vista anticipates completion of the 3D seismic survey over Block 5 in the Upper Magdelena Basin in Colombia by the end of February 2011. The Company holds a 25% carried working interest in this block that is operated by SK Energy. The survey covers 500 square kilometers (420 square kilometers over the Consuela-La Mocha area in the southeast portion of the block. The survey will confirm the prospectivity of a large structure identified on existing 2D seismic data and the presence of multiple reservoir targets. Following completion, it is anticipated that an exploration well will be drilled, with the Company contributing 25% of the costs.

Due to unprecedented rains in the region, the completion of the recent Morichito-5 and Noelia-1 (La Maye Block) discovery wells and drilling of the Morichito 5B exploration / appraisal well and the second exploration well on the La Maye block will be deferred into the later part of the first quarter of 2011. The Company has received an extension from the Agencia Nacional do Hidrocarburos (ANH) to March 31, 2011 to drill the Morichito 5B well.

Tags: Petro Vista Energy Corp.