Petro Vista Provides Operational Updates

Source: www.gulfoilandgas.com 10/29/2012, Location: South America

Petro Vista Energy Corp, an independent oil and gas exploration and production company is pleased to provide the following update:

Tartaruga Work-Over
The workover program to install a downhole Electric Submersible Pump (“ESP”) on the 7- TTG well in the Tartaruga Field in Brazil by the Operator has been successfully completed. The well was placed on production and produced a total of 486 barrels of oil in the first 24 hours of operation. The well is now being placed on production to determine the optimum level of long-term production rate and the Company will provide an update on production rates as these are determined. There can be no assurances that the flow rate will stabilize at current rates or higher rates over time.

This operation has seen significant delays due to operational issues including the failure of a downhole packer to release, the parting of tubing and drill string and electrical issues with the pump once it was run in the hole. It is planned to run a similar pump into the other existing production well in the Tartaruga Field in the near future. The forward plan also included the drilling of additional development wells in the Penedo Formation as well as a deeper target in the Serreria Formation identified on 3D seismic.

Petro Vista Chairman Keith Hill commented
“This has been a long struggle to complete this workover and get production back on line. With the current production and cash flow we hope to be able to continue the development of this field and will also examine business development and growth opportunities in the region”.

The Company has earned the right to request a 37.5% working interest in the Tartaruga field. The assignment of this working interest is subject to several conditions, including approval from the consortium members and the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP"). The Company is awaiting receipt of these approvals.

Loan Advance
The Company announces it has negotiated an additional loan agreement with Mr. Keith Hill (the “Lender”), the Chairman and a director of the Company. The unsecured loan in the principal amount of $250,000 (the “Loan”) matures and will be repayable on December 31, 2012 and accrues simple interest at a rate of 8% per annum.

The Lender is a related party and the loan transaction is a related party transaction. However, the directors of the Company, all of whom are independent in the respect of the Loan, have determined that the terms and conditions of the Loan are fair and reasonable and in the best interests of the Company, and have unanimously approved the Loan. In addition, the directors of the Company have determined that the Loan is exempted from the formal valuation and minority shareholder approval requirements. The Company will use the proceeds of the Loan to fund a portion of the costs of the work over of the Tartaruga wells.


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