PCP GB Minerals Ltd.

Petrominerales (TSX:PMG) (BVC:PMGC) announces an operational update highlighted
by our Curito-1 discovery well that tested over 5,900 barrels of oil per day
("bopd"). 


Curito Discovery, Casanare Este Block, Central Llanos Basin, Colombia (100% WI)

The Curito-1 exploration well was drilled to target depth of 10,390 feet. We
cased the well based on our petrophysical interpretation and performed initial
tests using a progressive cavity pump ("PCP") in the following four intervals:




--  the Ubaque test averaged 69 barrels per day of 14.5 degree API oil at a
    86 percent water-cut over a 44 hour period; 
--  the Gacheta test averaged 93 barrels per day of 14.3 degree API oil at a
    52 percent water-cut over a 65 hour period; 
--  the Mirador test averaged 162 barrels per day of 29.4 degree API oil at
    a 70 percent water-cut over a 27 hour period; and 
--  the Carbonera C7 test averaged 593 barrels per day of 34.3 degree API
    oil at an eight percent water-cut over a 43 hour period. 



Following analysis of the test results, we equipped the well with an electric
submersible pump ("ESP") and initiated a production test of the C7 formation.
The well produced an average of 5,973 bopd at a two percent water-cut over 10
hours. Due to limited fluid storage and facilities on site, the ESP was turned
off, and the well has been flowing under natural flow conditions for the last
four days at a stabilized rate of over 2,700 bopd at less than one percent
water-cut. We plan to evaluate the well over a long-term production test to
determine the potential size and additional follow-up locations of this new
multi-zone discovery.


Production Update 



----------------------------------------------------------------------------
                                                          First             
                                             Second     Quarter             
                                            Quarter   March 31,             
                                            to-date        2013    % change 
----------------------------------------------------------------------------
Production (bopd)                                                           
 Deep Llanos                                 12,588      14,273         (12)
 Central Llanos                               4,305       3,576          20 
 Neiva                                        2,640       2,722          (3)
 Orito                                        1,176       1,210          (3)
 Heavy oil                                      355         246          44 
----------------------------------------------------------------------------
Production Colombia                          21,064      22,027          (4)
Production Brazil                                41          36          14 
----------------------------------------------------------------------------
Total production                             21,105      22,063          (4)
----------------------------------------------------------------------------



Our second quarter to-date production averaged 21,105 bopd, representing a four
percent decrease over the first quarter primarily due to shut-in production of
approximately 700 bopd for well servicing and natural declines that exceeded
production additions in the period. The majority of our new production was added
late in the quarter in June, and as a result our current production is over
24,000 bopd. The main production additions were:




--  Orito-197 that is producing over 1,400 bopd (our working interest); 
--  Mantis-4 and Mantis-5 that are currently contributing over 1,400 bopd
    combined; and  
--  Curito-1 that is producing over 2,700 bopd. 



In addition, we are currently evaluating two wells that could add production
early in July, Taya-2 and Orito-Norte. 


Mantis Oil Field, Casimena Block, Central Llanos Basin, Colombia (100% WI)

We drilled two wells, Mantis-4 and Mantis-5 that were not included in our
December 31, 2012 reserve report. Mantis-4 confirmed a southwest extension to
the field in both the Upper and Lower Mirador Formations. The well was placed on
production and to-date has averaged 355 barrels per day of 13 degree API oil at
a 93 percent water-cut. Mantis-5 is an in-fill location that was placed on
production in June and to-date has averaged 1,080 barrels per day of 14 degree
API oil at a 50 percent water-cut. We are currently drilling Mantis-6, a well
intended to test a northern extension of the Mantis field. 


Orito, Putumayo Basin, Colombia

We recommenced our Orito development drilling program in December 2012 and have
drilled four wells to-date targeting the Villeta Formation. Our most recent
well, Orito-197, was brought on production in early June and is producing over
1,400 bopd of 26 degree API oil with less than one percent water-cut. Currently,
Orito-Norte is being completed and Orito-151 is drilling.


Canaguaro Acquisition Closed

We are pleased to announce that we have closed our previously announced
acquisition of an 87.5 percent interest in the Canaguaro Block, pending final
ANH approval.


Petrominerales acquired the Canaguaro Block for a cash consideration of US$15.95
million, plus a commitment to carry our joint venture partner on their first
US$5.3 million of costs. The Canaguaro Block has one producing oil field, proven
reserves and exploration potential.


As previously disclosed, our acquisition of the Canaguaro Block is strategic for
a number of reasons, including accretive transaction metrics of $24.57 per
barrel of proved plus probable reserves, the addition of 2.3 million barrels of
proved plus probable reserves, over 400 bopd of additional production and
providing a contiguous area of underexplored land located adjacent to our Blocks
25 and 31. We believe the Canaguaro Block is on the same fault trend as other
oil fields to the south of the block, including the Balay discovery and our
Corcel and Guatiquia discoveries.


OUTLOOK

For the remainder of 2013, we plan to drill up to 18 wells, balanced between
development drilling opportunities and high-impact exploration. Our plan
includes:




--  Continuing development drilling programs at our Orito and Neiva blocks,
    drilling up to two more wells at Orito and up to six wells at Neiva; 
--  Drilling up to two wells on our Central Llanos acreage focusing on
    appraisal and development wells at our Mantis oil field and new
    discovery at Curito; 
--  Drilling up to four exploration wells in Llanos Basin of Colombia
    targeting three new Deep Llanos prospects and one lower risk drilling
    location on our recently acquired Canaguaro Block; 
--  Drilling Mochelo Sur horizontal well to validate our heavy oil
    commercial production plan; 
--  Drilling our first two wells in Brazil targeting a large, tight oil
    resource on our newly acquired lands; 
--  Exposure to the first of two high-impact exploration prospects to be
    drilled by our joint venture partner in Peru at no cost to
    Petrominerales as we are carried on the cost of these wells by our joint
    venture partner; and 
--  Continue the formal process to pursue opportunities to monetize our
    pipeline assets. 



We look forward to updating our shareholders on our progress throughout 2013. 

Petrominerales Ltd. is an international oil and gas company operating in Latin
America since 2002. Our high-quality land base and multi-year inventory of
exploration and development opportunities in Colombia, Peru and Brazil provide
long-term growth potential for years to come.


Forward-Looking Statements and Cautionary Language. Certain information provided
in this press release constitutes forward-looking statements. Specifically, this
press release contains forward-looking statements relating to the Company's
future exploration and development activities and the timing for bringing wells
on production. The forward-looking statements are based on certain key
expectations and assumptions, including expectations and assumptions concerning
the availability of capital, the success of future drilling and development
activities, the performance of existing wells, the testing and performance of
new wells, prevailing commodity prices and economic conditions, the availability
of labour and services, the ability to transport and market our production,
timing of completion of infrastructure and transportation projects, weather and
access to drilling locations. 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 test results and
performance of exploration and development drilling, recompletions and related
activities; timing and rig availability; availability of transportation and
offloading capacity, 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; and there is no representation by Petrominerales that the test
results of any new exploration well or development well is necessarily
indicative of long-term performance or ultimate recovery. 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.
Corey C. Ruttan
President and Chief Executive Officer
+1.403.705.8850 or +571.629.2701


Petrominerales Ltd.
John Koch
Chief Operating Officer
+1.403.705.8850 or +571.629.2701


Petrominerales Ltd.
Kelly D. Sledz
Chief Financial Officer
+1.403.705.8850 or +571.629.2701
ir@petrominerales.com
www.petrominerales.com

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