Petrominerales to Case Corcel-C3 Appraisal Well and Appoints Vice President Exploration

Drilling and logging operations have been completed at our Corcel-C3 appraisal well on the Corcel Block in the Llanos Basin of Colombia. The well was spudded on July 26, 2008 and drilled directionally to a total depth of 13,351 feet on September 1, 2008. Well logs indicate 68 feet of potential net oil pay in the Guadalupe and Lower Sand 1 zones and we are casing the well as a potential oil producer. This is our second well drilled into the Corcel-C structure. The first well, Corcel-C1 encountered 77 feet of net oil pay in the Guadalupe and Lower Sand 1 zones and was initially completed in just the Lower Sand interval. In Corcel-C3 this highly productive Lower Sand 1 interval has 45 feet of net pay compared to 36 feet in Corcel-C1. The Lower Sand 1 at Corcel-C3 was also encountered 70 feet structurally higher than in the Corcel-C1 well. Preliminary stratigraphic analysis of the Lower Sand 1 in Corcel C-3 indicates the presence of an additional oil charged sand sequence that is not present in Corcel-C1.

Corcel-C1 has already produced 134,000 barrels of 16 API crude oil to-date from the Lower Sand 1 and is currently producing 5,250 bopd at an 89% oil cut from this interval alone.

We plan to complete and test both the Guadalupe and Lower Sand 1 in Corcel-C3 with the completion rig. The drilling rig will be moved to the Corcel-D drilling pad to spud Corcel-D1, the first well in a multi-well drilling program planned for the Corcel-D structure.

Our 40 square kilometre 3D seismic program over the Guatiquia Block, immediately adjacent to the Corcel discovery has been acquired and our 100 square kilometre 3D seismic program over the northeast portion of the Corcel Block is underway. All of our 2007/2008 drilling locations were picked from our original 3D seismic data set, which only covered 15% of the Corcel Block. These additional new seismic programs will now allow us to evaluate significant additional acreage on trend with our initial Corcel discoveries.

Vice President Exploration

We are also pleased to announce that Erik Lyngberg has been appointed Vice President Exploration for Petrominerales. Mr. Lyngberg originally joined Petrobank in February 2001 and has been extensively involved in the development of each of Petrobank's business units, including the initial drilling phases at Orito and Neiva in Colombia. Most recently he has been directing Petrominerales' Colombian exploration and development initiatives, including our recent activities at Corcel. Mr. Lyngberg has over 23 years of industry experience and a Masters of Science degree in Geology from the University of British Colombia.

We are delighted to have Erik on board to guide our ongoing exploration and development programs. We are shooting and evaluating large seismic programs over our Llanos and Putumayo Basin acreage and we continue to execute multiple drilling programs at Corcel and Orito with ongoing exploratory drilling planned for our Llanos blocks as well as a 30 well development project at Neiva. Erik's prior experience with our Colombian assets and his extensive experience with Petrobank's heavy oil business unit, particularly the THAITM technology, is of tremendous value as we embark on our next growth phase, including our initial drilling program on our Llanos Basin heavy oil blocks early next year.

Petrominerales Ltd.

Petrominerales Ltd. is a Latin American-based exploration and production company producing oil in Colombia with 15 exploration blocks covering a total of 1.6 million acres in the Llanos and Putumayo Basins. Petrominerales is 76.2% owned by Petrobank (TSX:PBG).

Forward-Looking Statements

Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Specifically, this press release contains forward-looking statements relating to the timing of capital projects and the results of operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our Canadian securities filings. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; timing and rig availability, outcome of exploration contract negotiations; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of the Company. There is no representation by Petrominerales that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Petrominerales assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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