Vitalba1dirA - Drilling Status Report - 3

November 22, 2011

Po Valley Energy (ASX:PVE) wishes to provide the market its third Drilling Status Report for the Vitalba1dirA well in the Cascina Castello concession.

Milling operation ended at 500 metres MD, successfully removing the 7” casing section above the 9”5/8 casing shoe.

The planned total depth (“TD”) of the well is approximately 1,750 metres Measured Depth (“MD”).

Time of Report	12:00 Italy time
Well Depth	545 metres MD
Current Operation	Setting whipstock to open window in 9”5/8 casing and to drill ahead the 8”1/2 phase
Forward Operation	New sidetrack to TD

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

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