Petro Vista Energy Corp. says that its wholly-owned Colombian subsidiary, Petropuli Ltda. (Petropuli), has been successful in bidding for Block SSJN-5 in Colombia's recent Agencia Nacional de Hidrocarburos (ANH) Ronda 2008 bid round held on November 7, 2008. The Contract will be signed in January 2009.

Partnering with SK Energy Co Ltd. (SK Group) the Company was successful in its joint bid for Block SSJN-5, located in the Lower Magdalena Basin of Colombia. Pursuant to a Joint Bidding Agreement, Petropuli and SK Group will each hold a fifty percent (50%) participating interest in Block SSJN-5, with SK Group acting as operator. SK Group is a leading Korean multinational conglomerate with oil production, development and exploration projects as well as integrated gas development projects around the world.

Read B. Taylor CEO and President of Petro Vista Energy stated, "We are genuinely excited about the award of the large Block in this highly prospective basin having multiple play types with this level of prospectivity and potential. Partnering with SK Group creates a solid partnership bringing geotechnical, operational, commercial, and marketing strengths to the table. This new asset, in addition to our current portfolio, strengthens our upside drilling opportunity base in one of our focus areas for the years ahead".

The SSJN-5 Block consists of 570,452 gross acres (285,226 net) and contains at least six identified leads or prospects which will be detailed during the first exploration phase of the concession contract with the ANH. The Block is located along the southeastern margin of the Lower Magdalena Basin and, similar to other blocks in the area, lies along the pathway for oil and gas migrating from the deeper hydrocarbon kitchen in the center of the Basin.

Tags: Petro Vista Energy Corp.