CALGARY, July 4, 2012 /CNW/ - PetroNova Inc. ("PetroNova" or the
"Company") (TSXV: PNA), a company engaged in the exploration and
development of oil and natural gas resources in Colombia, today
announced that it has, subject to regulatory approval, retained Venture
Liquidity Providers Inc. (VLP) to initiate its market-making service to
provide assistance in maintaining an orderly trading market for the
common shares of the company.
The market-making service will be undertaken by VLP through a registered
broker, W.D. Latimer Co. Ltd., in compliance with the applicable
policies of the TSX-V and other applicable laws. For its services, the
corporation has agreed to pay VLP $5,000 per month for a period of 12
months. The agreement may be terminated at any time by the corporation
or VLP. The corporation and VLP act at arm's length, and VLP has no
present interest, directly or indirectly, in the corporation or its
securities. The funds and the shares required for the market making
are provided by W.D. Latimer. The fee paid by the company to VLP is for
VLP is a specialized consulting firm based in Toronto providing a
variety of services focused on TSX-V-listed issuers.
The Company, through its subsidiaries, is engaged in the exploration
for, and the acquisition and development of, oil and natural gas
resources in South America, specifically in Colombia. The Company's
assets currently include the Company's interests in the PUT-2 and
Tinigua Blocks located in the Caguan-Putumayo Basin in Colombia, both
of which are operated by the Company, and the non-operated CPO-06,
CPO-07 and CPO-13 Blocks located in the Llanos Basin in Colombia. The
common shares of the Company trade on the TSX Venture Exchange under
the stock symbol "PNA".
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE PetroNova Inc.
For further information:
President & Chief Executive Officer
954 317 3990
Stelvio Di Cecco
Chief Financial Officer
954 317 3990