PetroMagdalena announces appointment of Director

TORONTO, March 5, 2012 /CNW/ - PetroMagdalena Energy Corp. (TSXV: PMD) is pleased to announce the appointment of Mr. Nelson Ortiz to the Company's board of directors, effective immediately.

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.

Mr. Ortiz is presently the Vice-Chairman of IESA, Venezuela´s leading business school, a member of the board of directors of several large private corporations in Latin America, Chairman of the Advisory Committee of the Global Competiveness and Leadership Program at Georgetown University, a member of the Dean´s Council of the Kennedy School of Government at Harvard University, a member of the board of the Youth Orchestra of the Americas and a member of the Group of Fifty, an organization composed by some of the most important business leaders in Latin America. In addition, Mr. Ortiz was a member of the board of El Nacional, one of the largest daily national newspapers in Venezuela, a member of the Advisory Board of the President of the Interamerican Development Bank for Private Sector issues, a member of the Advisory Board of the Latin American Chapter of the World Economic Forum and President of the Venezuelan Professional Baseball League. He is a graduate of the University Catolica Andres Bello in Caracas, Venezuela where he earned his bachelors degree in Economics. Mr. Ortiz also attended Yale University where he earned his Masters in International Economics, and Harvard University where he completed his Masters in Public Administration.

PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com.

All monetary amounts in U.S. dollars unless otherwise stated. This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of PetroMagdalena. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of PetroMagdalena; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of PetroMagdalena and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated. Although PetroMagdalena has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. PetroMagdalena undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Michael Davies
Chief Financial Officer
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Belinda Labatte
Investor Relations Representative
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