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Press release from Marketwire

Petrominerales Provides Exploration and Operations Update

Wednesday, June 30, 2010

Petrominerales Provides Exploration and Operations Update08:32 EDT Wednesday, June 30, 2010BOGOTA, COLOMBIA--(Marketwire - June 30, 2010) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to provide an update on our exploration and operations activities in Colombia.Central Llanos Exploration (Castor, Casimena, Casanare Este, Mapache)We have completed testing operations on the Cerillo-1 well, on our Casanare Este Block. We swab tested five intervals in the Gacheta and Carbonera C7 formations. Four of the intervals were wet, while the fifth C7 interval tested non-commercial amounts of 31 degree API oil. The well has been suspended pending technical review which will assess the updip potential of the Cerillo structure. The well was drilled to a measured depth of 9,580 feet and despite inconclusive logs, was cased as a potential oil well based on indications of hydrocarbons encountered during drilling operations.The completions rig is now moving to the Mapana-1 well on our Mapache Block to conduct a multi-zone testing program. The well was cased as a potential oil well based on well logs indicating 25 feet of potential net oil pay, consisting of 16 feet in the Carbonera C7 sands and nine feet in Guadalupe formation. We expect testing results by the end of July.Manzanillo-1, the fifth well of our Central Llanos Basin exploration program, reached total measured depth of 8,101 feet on June 24, 2010 and was cased as a potential oil well based on indications of hydrocarbons encountered during drilling operations. We plan to test the well after the Mapana-1 testing program is complete.The Central Llanos drilling rig will be mobilized to our Candelilla well pad to drill the Candelilla-4 well, which will be a twin of Candelilla-1 to test pay encountered previously on the Candelilla structure in the Mirador and Guadalupe formations.Deep Llanos Exploration (Corcel, Guatiquia, Blocks 25 & 31)The Amarillo-1 well, the first of an initial ten exploration prospects to be drilled on the northeast portion of the Corcel Block, began drilling operations on June 10, 2010. We expect drilling results before the end of July. Following Amarillo-1, we plan to drill the Baco prospect. Please refer to our most recent corporate presentation at for a map detailing our Corcel northeast drilling prospects. A second drilling rig dedicated to the Corcel Block began drilling operations on the Boa water injector well. Following the injector well, the rig will drill the Boa-2 development well and will then move to the Central Llanos to drill an initial two follow up locations at Yenac and the next eight exploration locations on our Mapache Block.Production UpdateProduction to-date during the month of June has averaged 39,300 bopd, and for the quarter-to-date has averaged 44,500 bopd, a 17 percent increase over the first quarter production of 38,199 bopd. June production is lower than previous months mainly due to natural production declines and limited water handling capacity at Corcel. During May and June, a number of Corcel wells have either been shut-in or have been operating at lower volumes, resulting in approximately 4,100 bopd of shut-in production. We plan to increase disposal capacity and drill additional water injection wells which is expected to result in shut-in production being brought back on-line in July.Petrominerales Ltd. Petrominerales Ltd. is a Latin America-based exploration and production company producing oil in Colombia with 17 exploration blocks covering a total of 2.1 million acres in the Llanos and Putumayo Basins and five exploration blocks in Peru covering a total of 9.4 million gross (5.2 million net) acres in the Ucayali and Titicaca Basins. Petrominerales is 66% owned by Petrobank Energy and Resources Ltd. (TSX:PBG).Forward-Looking StatementsCertain 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 production and drilling results. 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.FOR FURTHER INFORMATION PLEASE CONTACT: Petrominerales Ltd. John D. Wright Strategic Adviser and Chairman of the Board (403) 750-4400 or 011 571 629 2701 or Petrominerales Ltd. Corey C. Ruttan President and Chief Executive Officer (403) 750-4400 or 011 571 629 2701 or Petrominerales Ltd. Jack F. Scott Chief Operating Officer (403) 750-4400 or 011 571 629 2701 or Petrominerales Ltd. Kelly D. Sledz Chief Financial Officer (403) 750-4400 or 011 571 629 2701