PetroMagdalena provides additional reserves breakdown

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TORONTO, April 11, 2012 /CNW/ - Further to the release of PetroMagdalena Energy Corp's financial results yesterday, the Company wishes to provide additional information on its reserves, which are based on an independent reserve and resource assessment report prepared by Petrotech Engineering Ltd. ("Petrotech") following all industry standard procedures and in conformity to the COGE guidelines, as reported in the Company's NI 51-101 Form F1, filed on SEDAR at www.sedar.com and available on the Company's website at www.petromagdalena.com. The additional information is summarized in the tables below: Summary Table 1 - Proved and Probable Reserves Effective Date December 31, 2011 L&MCrude Oil Non-Associated Gas Natural Gas Liquids Before Tax Net Present Values (in $U.S.) Reserve Category by Block 100% Gross Net 100% Gross Net 100% Gross Net 0% 5% 10% 15% 20% (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mbbl) (M$) (M$) (M$) (M$) (M$) Proved Producing Yamu 1,481 148 136 5,080 4,680 4,333 4,045 3,801 Cubiro 3,168 2,015 1,854 113,105 103,778 96,249 90,056 84,868 La Punta 3,494 181 167 9,391 8,231 7,767 7,352 6,981 Total PDP 8,144 2,344 2,157 0 0 0 0 0 0 127,576 116,689 108,349 101,453 95,650 Proved Non-Prod. Cubiro 260 149 137 6,362 5,080 4,149 3,456 2,926 Mecaya 440 189 174 11,917 10,373 9,111 8,067 7,193 Rio Magdalena 243 95 87 5,299 2,077 1,944 313 123 113 13,252 10,427 8,314 6,701 5,448 Total PDNP 943 433 398 5,299 2,077 1,944 313 123 113 31,531 25,880 21,574 18,224 15,567 Proved Undeveloped Yamu 957 96 88 2,354 1,892 1,552 1,295 1,097 Cubiro 5,715 3,398 3,127 163,758 140,931 123,327 109,416 98,178 Mecaya 880 378 348 19,341 16,192 13,686 11,668 10,024 Rio Magdalena 243 95 87 7,200 2,823 2,642 426 167 154 -9,171 -9,270 -9,274 -9,215 -9,117 Total PUD 7,795 3,968 3,650 7,200 2,823 2,642 426 167 154 176,282 149,745 129,291 113,164 100,182 Total Proved 16,882 6,745 6,205 12,499 4,900 4,586 739 290 266 335,389 292,314 259,214 232,841 211,399 Probable Carbonera 22,384.40 22,384.40 20,951.80 369.9 369.9 340.3 65,241 45,915 33,083 24,262 18,006 Cubiro 9,543.80 5,870.10 5,402.20 248,098 194,549 158,919 133,787 115,216 La Punta 602.9 33 30.3 1,021 606 68 -346 -671 Mecaya 882.8 379.6 349.2 18,630 15,157 12,469 10,360 8,685 Rio Magdalena 651.5 255.4 234.9 63,700.50 24,970.60 23,372.50 5,216.60 2,044.90 1,881.30 192,104 116,756 75,232 50,805 35,545 TotalProbable 11,681 6,538 6,017 86,085 47,355 44,324 5,587 2,415 2,222 525,094 372,983 279,771 218,868 176,781 TotalProved+Probable 28,563 13,283 12,222 98,584 52,255 48,911 6,325 2,704 2,488 860,483 665,297 538,985 451,709 388,180 Table 2 - Total Proved and Probable Reserves byBlock Effective Date December 31, 2011 Dec 31, L&M Crude Oil Non-Associated Gas Natural Gas Liquids Before Tax Net Present Values (in 2011 $U.S.) Reserve Category 100% Gross Net 100% Gross Net 100% Gross Net 0% 5% 10% 15% 20% By Block (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mbbl) (M$) (M$) (M$) (M$) (M$) Yamu 2,439 244 224 7,434 6,572 5,885 5,340 5,898 Cubiro 18,687 11,432 10,520 531,323 444,338 382,644 336,715 301,188 La Punta 4,097 214 197 10,412 8,837 7,835 7,006 6,310 Mecaya 2,203 947 872 49,888 41,722 35,266 30,095 25,902 Rio Mag 1,137 446 410 76,200 29,870 27,959 5,955 2,335 2,148 196,185 117,913 74,272 48,291 31,876 Carbonera 22,384 22,384 20,952 370 370 340 65,241 45,915 33,083 24,262 18,006 Total 2P 28,563 13,283 12,222 98,584 52,255 48,911 6,325 2,704 2,488 860,483 665,297 538,985 451,709 389,180 Table 3 - Total Proved and Probable Oil EquivalentReserves EffectiveDate December 31, 2011 Total L&MCrude Oil Non-Associated Gas NaturalGas Liquids Proved and 100% Gross Net 100% Gross Net 100% Gross Net Probable Reserves By Block (Mbbl) (Mbbl) (Mbbl) (Mboe) (Mboe) (Mboe) (Mboe) (Mboe) (Mboe) and BOE Yamu 2,439 244 224 Cubiro 18,687 11,432 10,520 La Punta 4,097 214 197 Mecaya 2,203 947 872 Rio Mag 1,137 446 410 12,700 4,978 4,660 5,955 2,335 2,148 Carbonera 3,731 3,731 3,492 370 370 340 Total 2P 28,563 13,283 12,222 16,431 8,709 8,152 6,325 2,704 2,488 (BOE) Total Barrels Oil Proved Equivalent and Probable 100% Gross Net Reserves By Block (Mboe) (Mboe) (Mboe) and BOE Yamu 2,439 244 224 Cubiro 18,687 11,432 10,520 La Punta 4,097 214 197 Mecaya 2,203 947 872 Rio Mag 19,792 7,758 7,217 Carbonera 4,101 4,101 3,832 Total 2P 51,318 24,697 22,862 (BOE) Notes to Table 1, Table 2 and Table 3: (1) The tables use the definition of reserves category and follows the guidelines from the Canadian Oil and Gas Evaluation (COGE) Handbook. The net cash flow is calculated at forecast prices and escalated cost on the reserves to all future time and after deduction of the capital costs and royalties but before deduction of income tax. All cash flow data is in U.S. dollars. (2) Additions may not add up due to computer rounding of the decimal places. The December 31, 2011 oil price closed at $98.83 per barrel for the West Texas Intermediate crude oil, at $103.11 per barrel for the Vasconia crude oil. The forecast prices are escalated using the NYMEX futures on the average of the monthly settlement prices to 2017 and then escalated at 2% per year thereafter (see Forecast Oil and Gas Prices section, in the filed Form F1). The gross reserve is the Company's share of production before royalties and the net reserve in the Company's share of production after deduction of royalties. The royalties on the oil are paid in kind and in cash if applicable. (3) The estimated net present values do not represent a fair market value. The abandonment costs of the wells have been incorporated at the end of the economic life. In reviewing the reserve estimates, it should be understood that there are inherent uncertainties and limitations with both the database available for analysis and the interpretation of such engineering and geological data. The judgments used in assessing the reserve are considered reasonable given the historical data on well performances and the knowledge of the property reviewed. 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. Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Estimated values of future net revenue disclosed do not represent fair market value. 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. Glossary _____________________________________________________________________ |1P: Proven reserves |G&A: General and Administrative | | |Expenses | |_________________________________|___________________________________| |2P: Proven + Probable reserves |MMCF: Million Cubic Feet | |_________________________________|___________________________________| |3P: Proven + Probable + Possible |MD: Measured Depth | |reserves | | |_________________________________|___________________________________| |ANH: Agencia Nacional de |MMBBLS: Million Barrels of Oil | |Hidrocarburos | | |_________________________________|___________________________________| |API: American Petroleum Institute|MMBTU: Millions British Thermal | | |Unit | |_________________________________|___________________________________| |BOE: Barrels of Oil Equivalent | | |_________________________________|___________________________________| |BOFD: Barrels of Fluid Per Day |NPV: Net Present Value | |_________________________________|___________________________________| |BOPD: Barrels of Oil Per Day |PSI: Pounds per Square Inch. The | | |unit of pressure. | |_________________________________|___________________________________| |BOEPD: Barrels of Oil Equivalent |TD: Total Depth of the well | |Per Day | | |_________________________________|___________________________________| |BS&W: Basic Sediments and Water |TVD: True Vertical Depth of the | | |well | |_________________________________|___________________________________| |E&PC: Exploration & Production |TVDSS: True Vertical Depth Sub Sea | |Contract | | |_________________________________|___________________________________| |ESP: Electric Submersible Pump |WI: Working Interest | |_________________________________|___________________________________| |FOB: Freight on Board |WTI: West Texas Intermediate Oil | | |Price Index | |_________________________________|___________________________________| PetroMagdalena Energy Corp. CONTACT: Michael DaviesChief Financial Officer(416) 360-7915Belinda LabatteInvestor Relations Representative(647) 436-2152

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