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Pan American Energy LLC, Argentine Branch



Buenos Aires, May 2, 2008

Pan American Energy LLC, Argentine Branch informs that yesterday, May 1, 2008,
the Government of Bolivia issued Supreme Decree 29,541 that provides for the
State of Bolivia to own at least 50% plus one (1) share of the equity of the
Bolivian corporation Empresa Petrolera Chaco S.A. ("Chaco"), in which Pan
American Energy LLC ("PAE") currently has an indirect participation of 50,001%,
mainly through its subsidiary Amoco Bolivia Oil and Gas AB ("ABOG").

As a consequence, ABOG shall transfer 167,271 shares at a value of US$29 each to
Yacimientos Petrol�feros Fiscales Bolivianos ("YPFB"). Following such transfer,
PAE�s indirect participation in Chaco's equity will be 48.962% . With the
publication of Supreme Decree 29,541 begins a term of thirty (30) days to close
this transfer.

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