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Petrolifera Petroleum Limited Enters into Arrangement Agreement with Gran Tierra Energy
Petrolifera Petroleum Limited ("Petrolifera" or the "Company") (PDP - TSX) announced today that it
has entered into an arrangement agreement (the "Arrangement Agreement") with Gran Tierra Energy Inc. ("Gran Tierra Energy") pursuant to which Gran Tierra Energy will acquire all of the issued and outstanding common shares of Petrolifera ("Petrolifera Shares") and all of the issued and outstanding common share purchase warrants of Petrolifera ("Petrolifera Warrants") pursuant to a plan of arrangement (the "Arrangement"). This transaction is the result of an extensive process conducted by a Special Committee, which consisted of three independent directors of Petrolifera and by RBC Capital Markets, as financial advisor, to consider strategic alternatives available to
Petrolifera, including a thorough canvass of third party transaction alternatives and a possible recapitalization of the Company, that commenced on September 7, 2010.