TIDMPELE

RNS Number : 5470C

Petrolatina Energy PLC

08 March 2011

8 March 2011

PetroLatina Energy Plc

("PetroLatina" or the "Company")

Exercise of Warrants and Directors' Dealings

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, today announces the exercise of, in aggregate, 246,154 warrants into new ordinary shares of US$0.10 each ("New Ordinary Shares") in the Company.

Of the abovementioned 246,154 warrants, 160,000 warrants were exercised by Athos Enterprises Limited, a company in which Juan Carlos Rodriguez, a director of the Company, has a beneficial interest, and 86,154 warrants were automatically exercised by Tribeca Oil & Gas, Inc. ("TOGI") (an exisiting substantial shareholder, and a portfolio investment company of Tribeca Asset Management Inc. (formerly Tribecapital Partners S.A.).

The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares of US$0.10 each ("Ordinary Shares") and application will be made to the London Stock Exchange for these, in aggregate, 246,154 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on Monday 14 March 2011. The Company's issued ordinary share capital will consist of 104,870,420 Ordinary Shares with voting rights. PetroLatina does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.

The above figure of 104,870,420 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, PetroLatina under the FSA's Disclosure and Transparency Rules.

Following the exercise of the abovementioned warrants and issuance of the New Ordinary Shares, TOGI and its related companies now hold, in aggregate, 59,501,935 Ordinary Shares, representing approximately 56.74 per cent. of the Company's enlarged issued share capital and warrants over a further 593,721 Ordinary Shares which are automatically exercisable if, and to the extent that, any exercise of the Company's other existing outstanding 1,102,625 warrants occurs. In addition, Tribeca Oil & Gas Financing Inc., a subsidiary of TOGI, currently holds an aggregate principal amount of US$6.29 million of convertible 12 per cent. loan notes due in June 2011.

Following the exercise of the abovementioned warrants, Mr Rodriguez is interested, in aggregate, in 13,021,629 Ordinary Shares representing approximately 12.42 per cent. of the Company's issued share capital. This holding includes 2,535,872 Ordinary Shares held by Lyan Financial Corporation, 10,080,757 Ordinary Shares held by Rorick Ventures Group Inc., and 160,000 Ordinary Shares held by Athos Enterprises Limited, companies in which members of Mr Rodriguez's family have beneficial interests. Mr Rodriguez also holds options over a further 1,000,000 Ordinary Shares. The options vest over a three year period from 16 October 2009, and are immediately exercisable, in whole or in part, up to the fifth anniversary of the date of grant, at an exercise price of 44.5 pence per Ordinary Share.

John May, a director of the Company, holds warrants over 20,000 Ordinary Shares, and a member of the Company's management team holds warrants over a further 40,000 Ordinary Shares, which are currently due to expire on 13 March 2011. These warrants are exerciseable at a price of GBP0.65 per Ordinary Share and are therefore currently out of the money. Accordingly, in order to continue to appropriately incentivise these individuals, the Board has yesterday resolved that the exercise period of these warrants be extended to 31 December 2013. All other terms of the warrants remain the same. Following this extension, Mr May remains interested in 20,000 warrants and 50,000 options exerciseable into Ordinary Shares.

Enquiries:

 
 PetroLatina Energy Plc                               Tel: +57 1627 8435 
  Juan Carlos Rodriguez, Chief Executive Officer 
 Pawan Sharma, Executive Vice President - Corporate   Tel: +44 (0)20 7766 
  Affairs                                              0081 
 Strand Hanson Limited 
 Simon Raggett/Matthew Chandler                       Tel: +44 (0)20 7409 
                                                       3494 
 Evolution Securities Limited 
 Rob Collins/Chris Sim                                Tel: +44 (0)20 7071 
                                                       4304 
 Financial Dynamics 
 Ben Brewerton/Susan Quigley                          Tel: +44 (0)20 7831 
                                                       3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

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