Rio Vista Energy Partners L.P. Announces Results For The Year Ended December 31, 2008

Business Wire, April 22, 2009

Reports Net Loss of $2.34 Per Common Unit

BROWNSVILLE, Texas -- Rio Vista Energy Partners L.P. (“Rio Vista”) (NASDAQ: RVEP), an energy services master limited partnership focused on the terminalling and transportation of bulk chemical and petroleum products in Virginia and the development of oil and gas in Oklahoma, today announced its financial results for the year ended December 31, 2008. The Company reported a net loss of ($6.2) million or ($2.34) per common unit.

The following table summarizes the results of operations from continuing operations for the year ended December 31, 2008 and reflects the results associated with i.) the Transportation and Terminalling Business associated with bulk and petroleum products associated with Regional operations (acquired during July 2007) and LPG (commenced during August 2006 and was sold on December 31, 2007), (including all costs associated with operation of the US-Mexico Pipelines and Matamoros Terminal Facility), ii.) the operation of the Oklahoma Assets, which was acquired during November 2007 and iii.) all indirect income and expenses of Rio Vista.

Because of the commencement and sale of our LPG Transportation business during August 2006 and December 2007, respectively, and our rapid growth through the acquisitions of Regional and the Oklahoma Assets during 2007, our historical results of operations and period-to-period comparisons of these results during the years ended 2007 and 2008 are not that meaningful or indicative of future results.

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(a) Acquired during November 2007(b) Acquired during July 2007(c) Business commenced in August 2006 and sold December 31, 2007

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Year Ended December 31, 2008 Compared With Year Ended December 31, 2007

Revenues. Revenues for the year ended December 31, 2008 were $13.8 million and includes the results of Regional and the Oklahoma Assets for the twelve months during 2008. Revenues during the year ended December 31, 2007 were $5.9 million and includes the results of Regional for the period July 28, 2007 to December 31, 2007, the results of the Oklahoma Assets for the period November 19, 2007 to December 31, 2007 and the results of the LPG transportation for the full twelve months. The results for the two periods are not comparative since each period contains different business operations for different periods of time.

Cost of goods sold. Cost of goods sold for the year ended December 31, 2008 was $10.8 million and includes the results of Regional and the Oklahoma Assets for the twelve months during 2008. Cost of goods sold during the year ended December 31, 2007 were $4.8 million and includes the costs of goods sold of Regional for the period July 28, 2007 to December 31, 2007, the cost of goods sold of the Oklahoma Assets for the period November 19, 2007 to December 31, 2007 and the cost of goods sold of the LPG transportation for the full twelve months. The results for the two periods are not comparative since each period contains different business operations for different periods of time.

Selling, general and administrative expenses. Selling, general and administrative expenses were $5.3 million for the year ended December 31, 2008. Excluding the selling, general and administrative expenses associated with the acquisitions or sales of Regional, the Oklahoma Assets and/or the LPG Transportation business, the remaining selling, general and administrative expenses were associated with corporate related activities. These selling, general and administrative costs were $3.6 million during the year ended December 31, 2008 compared with $4.0 million during the year ended December 31, 2007. These costs were comprised of indirect selling, general and administrative expenses directly incurred by Rio Vista or allocated by Penn Octane to Rio Vista in accordance with the Omnibus Agreement. The costs consisted of salary related costs, legal, accounting and other professional fees, and other corporate related costs, including insurance, taxes other than income, and public company expenses. Salary related costs allocated by Penn Octane were based on the percentage of time spent by those employees (including executive officers) in performing Rio Vista related matters compared with the overall time spent working by those employees.

Audit Opinion Going Concern Qualification

The independent auditor’s opinion included in Rio Vista’s financial statements for the year ended December 31, 2008 included in its Form 10-K filed on April 14, 2009 with the Securities and Exchange Commission (“SEC”) contained a “going concern” qualification. The qualification states that “conditions exist which raise substantial doubt about Rio Vista’s ability to continue as a going concern.” Factors contributing to the inclusion of the qualification include: 1) concern over Rio Vista’s ability to generate sufficient cash flow in the future to pay its expenses and its current debt obligations as they become due and 2) Rio Vista’s dependence on Penn Octane Corporation, the parent of Rio Vista’s general partner, to continue as a going concern. For further information, please refer to Rio Vista’s Form 10-K filed with the SEC on April 14, 2009 (SEC file number 000-50394).