Underwriters provide Notice of Intent to exercise full Over-Allotment Option

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, April 12 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera" or the "Corporation") announced today that it has received notice from RBC Capital Markets, on behalf of the underwriters of the Corporation's equity financing announced March 25, 2010 (the "Offering"), that following the closing of the Offering, the underwriters intend to exercise their over-allotment option in full to purchase an additional 3,088,500 common shares ("Common Shares") at a price of $0.85 per Common Share for gross proceeds of $2,625,225 (the "Over-Allotment Option"). As a result of the exercise of the Over-Allotment Option, the aggregate gross proceeds to Petrolifera of the Offering will now be $20,126,725 million. The closing of the Over-Allotment Option is expected to occur on or about April 14, 2010.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Share offered have not been, and will not be, registered under the 1933 Act, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas and natural gas liquids exploration, development and production company with interests in eleven concessions or licenses in Argentina, Colombia and Peru.

Forward-Looking Statements: This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the expected timing of the closing of the Over-Allotment Option. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is 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 information. These factors include the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. For a description of the risks and uncertainties facing Petrolifera and its business and affairs, readers should refer to Petrolifera's Annual Information Form for the year ended December 31, 2009. Petrolifera undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

For further information: Richard A. Gusella, Executive Chairman or Gary D. Wine, President and Chief Operating Officer or Kristen Bibby, Vice-President, Finance and Chief Financial Officer, Petrolifera Petroleum Limited, Phone: [phone], Fax: [phone], [email protected], www.petrolifera.ca