Petroflow Energy (PEF) 6-K Petroflow Energy LTD. Announces 2008 Reserve Information

Exhibit 99.1

FOR IMMEDIATE RELEASE - March 10, 2009 - CALGARY, ALBERTA - PETROFLOW ENERGY LTD.

(TSX Symbol - PEF; NYSE Alternext Symbol - PED)

PETROFLOW ENERGY LTD. ANNOUNCES 2008 RESERVE INFORMATION

Petroflow Energy Ltd.  (“Petroflow” or the “Company”) is pleased to announce the summary results of its year end December 31, 2008 reserve report, (the “Report”) prepared by Haas Petroleum Engineering Services, Inc. (“Haas”) as of January 1, 2009. The properties evaluated in the Report are located in Oklahoma, Texas and Alberta. The Report was prepared for the purpose of evaluating the Company’s Petroleum and Natural Gas Reserves according to the Canadian Oil and Gas Evaluation Handbook (COGEH) with reserve definitions consistent with National Instrument 51-101 Standards of Disclosure for Oil & Gas Activities (“NI 51 - 101”). In preparing the Report, Haas utilized the January 1, 2009 Summary of Price Forecasts as prepared by McDaniel & Associates Consultants Ltd., an excerpt of which is included below.

SUMMARY HIGHLIGHTS

All of Petroflow’s reserves have been developed since August 2005.  The Company initially acquired three producing properties with proved reserves of 1.6 million barrels of oil equivalent (boe) (proved plus probable reserves of 1.7 million boe) as of December 31, 2005.  Since that time, continuing growth has occurred through drilling activities, mostly in the Company’s Oklahoma Hunton Resource Play.  Even after a 2008 property sale of approximately 2.7 million boe, the Company enjoyed a three year compounded growth rate in proved reserves of 249% (proved plus probable reserves of 264%).

All reserves added during 2008 can be attributed to successful drilling operations in Oklahoma.  On a proved basis, the Company added 8.0 million boe to its reserves during the year before production and asset sales (9.0 million boe on a proved plus probable basis).  The gross additions represented 39% and 34% growth of proved and proved plus probable reserves respectively from Company reserves as at December 31, 2007.  The continuity of reserves is summarized as follows:

				Proved Plus
	Proved			Probable
	Reserves			Reserves
	mmboe’s			mmboe’s
Opening Reserves, January 1, 2008		20.4			26.2
Additions & revisions		8.0			9.0
Production		(1.0	)		(1.0	)
Juniper sale		(2.7	)		(2.7	)
Ending reserves, December 31, 2008		24.7			31.4

The reserve information included herein does not yet recognize any reserve value for the Company’s recently announced Joint Venture Arrangement with Patron Energy LLC (see October 6, 2008 press release).  “While it is premature to assign reserves to our holdings in the new areas, we are aware of the completion of a number of wells in close proximity to one of our project areas that have tested at daily production levels of 2500 mcf per day” stated Petroflow COO, Sandy Andrew.

Petroflow is pleased to report the summary highlights of the Report in comparison to the prior year with all dollar amounts in Canadian dollars unless otherwise stated (using a US dollar exchange rate of $USD 1.00 = $CAD 1.224).

RESERVES

At December 31, 2008 proved plus probable reserves increased to 31.4 million boe from 26.2 million boe at December 31, 2007, an increase of 20%.  Proved plus probable reserves using constant 2008 year end prices were 29.9 million boe.

Total proved reserves also increased to 24.7 million boe at December 31, 2008 compared to 20.4 million boe at December 31, 2007, an increase of 21%.  Total proved reserves using constant 2008 year end prices were 22.7 million boe.

The value of before tax proved and probable reserves (NPV 10%) increased from $358.1 million to $603.0 million, based on forecast prices, an increase of 68%. The Report also quantified the NPV 10% value of proved plus probable reserves using December 31, 2008 constant prices at $247.3 million.

The value of before tax proved reserves (NPV 10%) increased from $300.6 million to $490.0 million, based on forecast prices, an increase of 63%. The Report also quantified the NPV 10% value of proved reserves using December 31, 2008 constant prices at $212.0 million.

All reserves added during 2008 can be attributed to successful drilling operations in Oklahoma.   The following tables provide additional information regarding the reserves and applicable net present values.

Summary of Oil and Gas Reserves

Forecast Prices and Costs

	Oil & Condensate				Natural Gas Liquids				Natural Gas
	w.i.*		n.r.i.**		w.i.		n.r.i.		w.i.		n.r.i.
Reserve Category	Mbbl		Mbbl		Mbbl		Mbbl		Mmcf		Mmcf
Proved Producing		1,477		1,197		4,148		3,316		40,001		32,040
Proved Developed Non Producing		170		138		354		284		4,110		3,291
Proved Undeveloped		1,142		916		4,512		3,597		33,267		26,549
Total Proved		2,789		2,251		9,014		7,197		77,378		61,880
Probable		508		405		2,723		2,161		21,007		16,735
Grand Total		3,297		2,656		11,737		9,358		98,385		78,615

*w.i. refers to working interest reserves

**n.r.i. refers to net revenue interest (after royalty) reserves

Net Present Values of Future Net Revenues

Forecast Prices and Costs

	Before Income Taxes
	At 0%		At 5%		At 10%		At 15%
Reserve Category	$000		$000		$000		$000
Proved Producing		551,430		379,645		285,406		227,177
Proved Developed Non Producing		61,752		37,804		27,164		21,203
Proved Undeveloped		459,678		277,295		177,425		117,309
Total Proved		1,072,860		694,744		489,995		365,689
Probable		294,915		176,352		113,004		75,666
Grand Total		1,367,775		871,097		602,999		441,355

Summary of Oil and Gas Reserves

Constant Prices and Costs

	Oil & Condensate				Natural Gas Liquids				Natural Gas
	w.i.		n.r.i.		w.i.		n.r.i.		w.i.		n.r.i.
Reserve Category	Mbbl		Mbbl		Mbbl		Mbbl		Mmcf		Mmcf
Proved Producing		1,262		1,018		4,114		3,289		39,531		31,664
Proved Developed Non Producing		170		138		354		283		4,053		3,244
Proved Undeveloped		1,135		910		4,273		3,405		25,065		19,989
Total Proved		2,567		2,066		8,741		6,977		68,649		54,897
Probable		512		404		2,723		2,161		23,553		13,974
Grand Total		3,079		2,470		11,464		9,138		92,202		68,871

*w.i. refers to working interest reserves

**n.r.i. refers to net revenue interest (after royalty) reserves

Net Present Values of Future Net Revenues

Constant Prices and Costs

	Before Income Taxes
	At 0%		At 5%		At 10%		At 15%
Reserve Category	$000		$000		$000		$000
Proved Producing		247,082		187,518		150,480		125,581
Proved Developed Non Producing		26,005		18,394		14,320		11,742
Proved Undeveloped		134,897		79,899		47,211		26,468
Total Proved		407,984		285,811		212,011		163,791
Probable		96,249		57,305		35,322		22,065
Grand Total		504,233		343,116		247,333		185,856

Summary of Pricing Assumptions

As of December  31, 2008

	WTI		Natural Gas		Natural Gas Liquids
	Cushing		Henry Hub
	($US/bbl)		($US/mmbtu)		($US/gal)
2009 Forecast Prices		60.00		7.25		0.74
December 31, 2008 Constant Prices		44.60		5.71		0.64

Forward-Looking Statements

This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions.

Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by Petroflow and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Petroflow’s operations or financial results, are included in Petroflow’s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.

Note Regarding Reserves Data and Other Oil and Gas Information

NI 51-101 imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities.  We have provided the reserves data and other oil and gas information included in this news release in accordance with NI 51-101 and may differ from the corresponding information prepared in accordance with U.S. disclosure requirements.  Further information about the differences between the U.S. requirements and the NI 51-101 requirements is set forth under the heading “Note Regarding Reserves Data and Other Oil and Gas Information” in the Company’s Form 40-F filed with the SEC on June 16, 2008.

BOEs derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

For further information, please contact:

Petroflow Energy Ltd.	Petroflow Energy Ltd.
John Melton, President & CEO	Duncan Moodie, Chief Financial Officer
(985) 796-8080	(403) 539-4320
www.petroflowenergy.com	www.petroflowenergy.com

The Toronto Stock Exchange has not reviewed and does not accept responsibility

for the adequacy or accuracy of this news release.