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Petromagdalena Appoints Mr. Nelson as Director

Source: 3/5/2012, Location: North America

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PetroMagdalena Energy Corp. is pleased to announce the appointment of Mr. Nelson Ortiz to the Company's board of directors, effective immediately. Mr. Ortiz has been in the capital markets for over 20 years and was President of the Caracas Stock Exchange from 2000 to 2007. He was part of the Latin American Merchant Banking Group at Bankers Trust in New York from 1992 to 1998. Previously, he spent almost 17 years at the Central Bank of Venezuela in various positions, including President's chief of staff. On two occasions during his career at the Central Bank he was called to serve as technical secretary of the Economic Cabinet of Venezuela (1985 to 1988 and 1989 to 1990). Mr. Ortiz was also a member of Venezuela´s external debt restructuring team for the Brady Plan and the coordinator of Venezuelan relations with the Multilateral Financial Institutions. He twice chaired the Committee of the Board of Governors of the Interamerican Development Bank.

"PetroMagdalena is delighted to welcome Mr. Ortiz to its Board. With his expertise and extensive experience in capital markets, he will be a tremendous asset to the Company," said the Company's Chief Executive Officer, Luciano Biondi.

Mr. Ortiz is presently the Vice-Chairman of IESA, Venezuela´s leading business school, a member of the board of directors of several large private corporations in Latin America, Chairman of the Advisory Committee of the Global Competiveness and Leadership Program at Georgetown University, a member of the Dean´s Council of the Kennedy School of Government at Harvard University, a member of the board of the Youth Orchestra of the Americas and a member of the Group of Fifty, an organization composed by some of the most important business leaders in Latin America. In addition, Mr. Ortiz was a member of the board of El Nacional, one of the largest daily national newspapers in Venezuela, a member of the Advisory Board of the President of the Interamerican Development Bank for Private Sector issues, a member of the Advisory Board of the Latin American Chapter of the World Economic Forum and President of the Venezuelan Professional Baseball League. He is a graduate of the University Catolica Andres Bello in Caracas, Venezuela where he earned his bachelors degree in Economics. Mr. Ortiz also attended Yale University where he earned his Masters in International Economics, and Harvard University where he completed his Masters in Public Administration.

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