Petrolifera reports solid Q3 2008 results; Healthy cash balances and cash flow maintained; High impact drilling upcoming in Colombia; Conference call scheduled for November 12, 2008 AT 9:00 A.M. MST

CALGARY, Nov. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) reports that it achieved solid financial and operating results during the third quarter and first nine months of 2008. The company has now had 16 successive quarters of positive cash flow and 11 successive quarters of meaningful earnings since its formation in late 2004. All of the company's growth has been organic. We ended the period with healthy cash balances, unutilized credit capacity and sustainable cash flow to finance our anticipated capital programs in the remainder of 2008 and throughout 2009. Shortly, we anticipate commencement of our high impact drilling program on our Sierra Nevada License in the Lower Magdalena Basin in Colombia. We are also in the planning stages for drilling on our Ucayali Block 107 in Peru next year.

Highlights are as follows:

-   Solid, stable crude oil and natural gas sales were achieved;
    waterflood progress continues at Puesto Morales
-   Fourth successive quarter of cash flow growth, with Q3 2008 cash flow
    up 17 percent over Q2 2008 and cash flow per basic weighted average
    common share outstanding ("common share" or "share") of $0.29
-   YTD 2008 cash flow of $41 million ($0.79 per share)
-   Rig for Colombian drilling in country, undergoing final retrofitting
    for anticipated December startup of drilling at La Pinta prospect on
    the Sierra Nevada License
-   Financial discipline established for balance of 2008 and for 2009

These third quarter 2008 and year to date results will be the subject of a Conference Call at 9:00 a.m. MST on November 12, 2008. To listen to or participate in the live conference call please dial either (416) 644.3418 or (800) 732.0232. A replay of the event will be available from Wednesday, November 12, 2008 at 11:00 a.m. MST until 23:59 (11:59 p.m.) MST on Wednesday, November 19, 2008. To listen to the replay please dial either (416) 640-1917 or Toll Free at (877) 289-8525 and enter the passcode 21284984 followed by the number sign