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Petro Vista Secures a Three Well Carried Program with Farm-Out of 35% Interest in Morchito Block, Colombia

VANCOUVER, BRITISH COLUMBIA – March 9, 2009 – (TSX–V: PTV) Petro Vista Energy Corp. (“Petro Vista” or the “Company”), an independent oil and gas exploration and production company, is pleased to announce that its wholly–owned Colombian subsidiary Petropuli Ltda. has signed a participation agreement (collectively, the “Agreement”) with Golden Oil Corp. (the “Farmee” or “Golden”), a private Korean company with oil and gas exploration and production assets in Colombia, Argentina and Canada. Pursuant to the Agreement, Petro Vista will farm–out a 35% participating interest in the Morichito Block located in the Llanos Basin, Colombia. Petro Vista will remain operator with a 35% participating interest.

In announcing the agreement, Petro Vista President, Read B. Taylor commented,”The farm–out agreement with Golden Oil, in combination with the farm–out of a 35% net working interest to Omega Energy Colombia and Green Power Corporation (as previously announced January 19, 2009), allows Petro Vista to complete the Morichito #2 discovery well and drill its two high–value prospects Morichito #1N and Morichito #3 at no capital cost. The farm–out is complementary to our strategy of leveraging value from our assets as well as a risk reduction tool on exploration blocks. We look forward to working with our partners and achieving our production goals in the Morichito block.”

Under the terms of the agreement, the Farmee will acquire an aggregate 35% participating interest by paying:

1. US$500,000 cash deposit within three business days;
2. US$2,000,000 cash on March 31, 2009;
3. US$1,000,000 cash on May 11, 2009;
4. US$900,000 cash on June 18, 2009; and,
5. Option (90 days) to farm into a 15% participating interest in one of Golden’s Colombian blocks for no consideration.

Other than the initial US$500,000 deposit, these funds will be applied to Petro Vista and Golden’s aggregate 70% cost obligations for the Morichito #1N and #3 exploration wells on the Morichto Block. The Farmee is also obligated to pay its participating interest share of any costs on these wells and the currently drilling Morichito #2 completion well that are over and above the AFE amounts. Any excess monies will be used to cover Petro Vista and Golden’s future obligations until expended.

The estimated total value of the Farm–out to the Company is US$4,400,000 dollars.
The completion of the transaction is subject to all necessary approvals including approval to the assignment by the Agencia Nacional do Hidrocarburos and the acceptance of the transaction by the TSX Venture Exchange.


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