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Files Amended and Restated Preliminary Prospectus for Initial Public Offering

October 12, 2005 6:52pm ET

Petrolifera Petroleum Limited ("Petrolifera") announced today it has filed an amended and restated Preliminary Prospectus related to its proposed initial public offering.

Under the amended terms, Petrolifera will sell units from treasury. Each unit will be priced at the time of filing of the final prospectus and will be comprised of one Common Share and one-half of one Common Share purchase warrant ("Warrant"), with one Warrant and a further cash consideration to be determined at the time of pricing of the issue required to acquire one additional Common Share for a period of eighteen months from closing. Gross proceeds of up to $40 million are anticipated for this best efforts agency transaction. Connacher Oil and Gas Limited, which presently owns 40 percent of Petrolifera has indicated it will purchase $6 million of the issue. The proposed issue was restructured in the context of October's challenging market conditions.

Petrolifera also announces that it has commenced the drilling of its first well on the 100 percent owned Puesto Morales/Rinconada block in the Neuquen Basin, Argentina. The well, RN.PM.x-1002, spudded in at 3:30 a.m. local time on October 12, 2005 and is the first well in an anticipated five-well program to be drilled prior to year end 2005. It is being drilled to evaluate the oil potential of the Jurassic Sierras Blancas Formation and numerous secondary objectives.

The Common Shares and Warrants comprising the Units have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

Petrolifera is a Calgary-based oil and natural gas company focused on South America with 100 percent-owned and operated properties in Argentina and Peru.

SOURCE: Petrolifera Petroleum Limited Richard A Gusella, Executive Chairman, Petrolifera Petroleum Limited, Phone: (403) 539-8450, Fax: (403) 538-6225, [email protected], www.petrolifera.ca