RENO, NEVADA--(MARKET WIRE)--Apr 16, 2008 -- Palisades Petroleum Corporation (Other OTC:PAPT.PK - News)(Frankfurt:3X2.F - News)(WKN: AOMV8B) is pleased to announce that it has entered into an acquisition financing agreement with Landbank Canada Investments Ltd. (Landbank). Under the terms of the agreement, PAPT and Landbank will jointly pursue purchasing producing oil and gas properties in the United States. The properties that PAPT presents will be screened by Landbank as to their eligibility for funding.

Landbank will review new acquisition targets including existing PAPT properties. Both parties will then work together to structure financing solutions to optimize fundings in order to lower the total cost of acquisition capital and minimize dilution. Landbank's existing financial partners have approved the business model presented and are ready to complete a number of potential projects.

Sean Wilton, President of Landbank Canada Investments Ltd., recently stated, "Having completed our initial screening of the acquisition targets that Palisades has assembled, we are looking forward to the detailed acquisition structure phase. Some of the producing assets in particular are an excellent option for investment groups seeking to cover their cost of capital while hedging against a declining US dollar and taking advantage of the trend of oil and natural gas prices increasing in value."

Palisades Petroleum Corporation's management team and its industry analysts continue to evaluate a number of advanced exploration and development oil and gas properties located throughout the USA.

Further information on the progress of the Company's activities will be presented on a timely basis.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at http://www.pinksheets.com.

     Contacts:
     Palisades Petroleum Corporation
     Leslie Rutledge
     President
     (702) 948-0659
     Email: lrutledge@palisadespetroleum.com
     Website: http://www.palisadespetroleum.com