PetroMagdalena Energy Corp. report the appointment of Mr. Nelson Ortiz to the Company's board of directors, effective immediately.

Mr. Ortiz is presently the Vice-Chairman of IESA.

Mr. Ortiz has been in the capital markets for over 20 years and was President of the Caracas Stock Exchange from 2000 to 2007. He was part of the Latin American Merchant Banking Group at Bankers Trust in New York from 1992 to 1998. Previously, he spent almost 17 years at the Central Bank of Venezuela in various positions, including President's chief of staff. On two occasions during his career at the Central Bank he was called to serve as technical secretary of the Economic Cabinet of Venezuela (1985 to 1988 and 1989 to 1990). Mr. Ortiz was also a member of Venezuela's external debt restructuring team for the Brady Plan and the coordinator of Venezuelan relations with the Multilateral Financial Institutions. He twice chaired the Committee of the Board of Governors of the Interamerican Development Bank.

"PetroMagdalena is delighted to welcome Mr. Ortiz to its Board. With his expertise and extensive experience in capital markets, he will be a tremendous asset to the Company," said the Company's Chief Executive Officer, Luciano Biondi.

Tags: PetroMagdalena Energy Inc.