Petro Andina Invites Analysts, Shareholders and Media to Attend Its 2008 Second Quarter Financial and Operating Results Conference Call and Webcast

CALGARY, ALBERTA--(Marketwire - July 29, 2008) - Petro Andina Resources Inc. (Petro Andina or the Company) (TSX: PAR.TO) will announce its 2008 second quarter financial and operating results on Tuesday, August 12, 2008. Petro Andina will host a conference call and live webcast to discuss these results on Wednesday, August 13, 2008 beginning at 10:30 am Mountain Daylight Time (12:30 pm Eastern Daylight Time). Media, analysts or any other interested parties wishing to participate in the call can access it by calling 403-537-9608 or 1-800-952-4972 (toll free in North America). No access codes are required.

The live audio webcast of the conference call will be available through Windows Media Player by following the link posted under the Investor Relations, Events section of the Company's website at www.petroandina.com. Following the conclusion of the call, a link to a replay of the webcast will also be posted on the Company's website.

About Petro Andina Resources Inc.

Petro Andina is engaged in the exploration for and development and production of oil and natural gas in South America and the Caribbean. The Corporation recently announced the execution of a Joint Venture Agreement allowing Petro Andina to explore blocks in Trinidad and Tobago. The Corporation is continuing to develop its existing reserves and to conduct appraisal and exploration drilling on its 529,000 acre (297,000 acre net) land position in the Neuquen basin of Argentina. Petro Andina is headquartered in Calgary, Canada.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

Forward-Looking Statements

Certain statements regarding Petro Andina Resources Inc. including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Petro Andina's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, both in Canada and Argentina; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Petro Andina's assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities, both in Canada and Argentina. Many of these risk factors are discussed in further detail in the Corporation's Annual Information Form dated March 28, 2008 on file with Canadian securities commissions. Readers are also referred to the risk factors described in other documents that Petro Andina files from time to time with securities regulatory authorities.

Accordingly, Petro Andina gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Petro Andina undertakes no obligation to publicly update or revise any forward-looking statements.

The Toronto Stock Exchange has not received and does not accept responsibility for the adequacy or accuracy of this news release.

Contacts

Melesia Kasha
Petro Andina Resources Inc.
Investor Relations
(403) 237-1700
(403) 265-8216 (FAX)

Kenneth G. Pinsky
Petro Andina Resources Inc.
Vice President, Finance and Chief Financial Officer
(403) 517-1729
(403) 265-8216 (FAX)
Website: www.petroandina.com