TORONTO, April 11, 2012 /CNW/ - Further to the release of PetroMagdalena Energy Corp's (TSXV: PMD) 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
Reserve Category
by Block 		L&M Crude Oil Non-Associated Gas Natural Gas Liquids Before Tax Net Present Values (in $U.S.) 
100% Gross Net 100% Gross Net 100% Gross Net 0% 5% 10% 15% 20%
(Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mbbl) (M$) (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
Total Probable 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
Total Proved + 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 by Block
Effective Date December 31, 2011
Dec 31, 2011 Reserve
Category
By Block
 L&M Crude Oil Non-Associated Gas Natural Gas Liquids Before Tax Net Present Values (in $U.S.) 
100% Gross Net 100% Gross Net 100% Gross Net 0% 5% 10% 15% 20%
(Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mbbl) (M$) (M$) (M$) (M$) (M$)
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
Effective Date December 31, 2011
Total Proved and Probable
Reserves By Block and BOE 		L&M Crude Oil Non-Associated Gas Natural Gas Liquids
100% Gross Net 100% Gross Net 100% Gross Net
(Mbbl) (Mbbl) (Mbbl) (Mboe) (Mboe) (Mboe) (Mboe) (Mboe) (Mboe)
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 (BOE) 28,563 13,283 12,222 16,431 8,709 8,152 6,325 2,704 2,488
Total Proved and Probable
Reserves By Block and BOE 		Barrels Oil Equivalent
100% Gross Net
(Mboe) (Mboe) (Mboe)
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  (BOE) 51,318 24,697 22,862

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 reserves MD: Measured Depth
ANH: Agencia Nacional de Hidrocarburos MMBBLS: Million Barrels of Oil
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 Per Day TD: Total Depth of the well
BS&W: Basic Sediments and Water TVD: True Vertical Depth of the well
E&PC: Exploration & Production Contract TVDSS: True Vertical Depth Sub Sea 
ESP: Electric Submersible Pump WI: Working Interest
FOB: Freight on Board WTI: West Texas Intermediate Oil Price Index

For further information:

Michael Davies
Chief Financial Officer
(416) 360-7915

Belinda Labatte
Investor Relations Representative
(647) 436-2152

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