PetroMagdalena announces appointment of Director

    




 TORONTO, March 5, 2012 /CNW/ - PetroMagdalena Energy Corp.   is pleased to announce the appointment of Mr. Nelson Ortiz to the  Company's board of directors, effective immediately. 

 Mr. Ortiz has been in the capital markets for over 20 years and was  President of the Caracas Stock Exchange from 2000 to 2007. He was part  of the Latin American Merchant Banking Group at Bankers Trust in New  York from 1992 to 1998. Previously, he spent almost 17 years at the  Central Bank of Venezuela in various positions, including President's  chief of staff. On two occasions during his career at the Central Bank  he was called to serve as technical secretary of the Economic Cabinet  of Venezuela (1985 to 1988 and 1989 to 1990). Mr. Ortiz was also a  member of Venezuela´s external debt restructuring team for the Brady  Plan and the coordinator of Venezuelan relations with the Multilateral  Financial Institutions. He twice chaired the Committee of the Board of  Governors of the Interamerican Development Bank. 

 "PetroMagdalena is delighted to welcome Mr. Ortiz to its Board. With his  expertise and extensive experience in capital markets, he will be a  tremendous asset to the Company," said the Company's Chief Executive  Officer, Luciano Biondi. 

 Mr. Ortiz is presently the Vice-Chairman of IESA, Venezuela´s leading  business school, a member of the board of directors of several large  private corporations in Latin America, Chairman of the Advisory  Committee of the Global Competiveness and Leadership Program at  Georgetown University, a member of the Dean´s Council of the Kennedy  School of Government at Harvard University, a member of the board of  the Youth Orchestra of the Americas and a member of the Group of Fifty,  an organization composed by some of the most important business leaders  in Latin America. In addition, Mr. Ortiz was a member of the board of  El Nacional, one of the largest daily national newspapers in Venezuela,  a member of the Advisory Board of the President of the Interamerican  Development Bank for Private Sector issues, a member of the Advisory  Board of the Latin American Chapter of the World Economic Forum and  President of the Venezuelan Professional Baseball League. He is a  graduate of the University Catolica Andres Bello in Caracas, Venezuela  where he earned his bachelors degree in Economics. Mr. Ortiz also  attended Yale University where he earned his Masters in International  Economics, and Harvard University where he completed his Masters in  Public Administration. 

 PetroMagdalena is a Canadian-based oil and gas exploration and  production company, with working interests in 19 properties in five  basins in Colombia. Further information can be obtained by visiting our  website at www.petromagdalena.com. 

 All monetary amounts in U.S. dollars unless otherwise stated. This news  release contains certain "forward-looking statements" and  "forward-looking information" under applicable Canadian securities laws  concerning the business, operations and financial performance and  condition of PetroMagdalena. Forward-looking statements and  forward-looking information include, but are not limited to, statements  with respect to estimated production and reserve life of the various  oil and gas projects of PetroMagdalena; the estimation of oil and gas  reserves; the realization of oil and gas reserve estimates; the timing  and amount of estimated future production; costs of production; success  of exploration activities; and currency exchange rate fluctuations.  Except for statements of historical fact relating to the company,  certain information contained herein constitutes forward-looking  statements. Forward-looking statements are frequently characterized by  words such as "plan," "expect," "project," "intend," "believe,"  "anticipate", "estimate" and other similar words, or statements that  certain events or conditions "may" or "will" occur. Forward-looking  statements are based on the opinions and estimates of management at the  date the statements are made, and are based on a number of assumptions  and 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 statements. Many of these  assumptions are based on factors and events that are not within the  control of PetroMagdalena and there is no assurance they will prove to  be correct. Factors that could cause actual results to vary materially  from results anticipated by such forward-looking statements include  changes in market conditions, risks relating to international  operations, fluctuating oil and gas prices and currency exchange rates,  changes in project parameters, the possibility of project cost overruns  or unanticipated costs and expenses, labour disputes and other risks of  the oil and gas industry, failure of plant, equipment or processes to  operate as anticipated. Although PetroMagdalena has attempted to  identify important factors that could cause actual actions, events or  results to differ materially from those described in forward-looking  statements, there may be other factors that cause actions, events or  results not to be anticipated, estimated or intended. There can be no  assurance that forward-looking statements will prove to be accurate, as  actual results and future events could differ materially from those  anticipated in such statements. PetroMagdalena undertakes no obligation  to update forward-looking statements if circumstances or management's  estimates or opinions should change except as required by applicable  securities laws. The reader is cautioned not to place undue reliance on  forward-looking statements.  

 Neither TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this news  release. 

PetroMagdalena Energy Corp.


CONTACT:  Michael DaviesChief Financial Officer(416) 360-7915Belinda LabatteInvestor Relations Representative(647) 436-2152 


    

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