CALGARY, May 30, 2011 /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 its
operational and financial results for the three month period ended
March 31, 2011. All amounts are in US dollars unless otherwise
"PetroNova made noteworthy progress this quarter by using previously
acquired seismic to identify new leads and prospects," said Antonio
Vincentelli, President and Chief Executive Officer of PetroNova. "Based
on this work, and by shooting additional ongoing seismic, PetroNova has
further characterized its assets in preparation for drilling later this
PetroNova's unaudited condensed interim consolidated financial
statements for the three months ended March 31, 2011, together with the
notes thereto, and the related management's discussion and analysis for
the period then ended, are available on the Company's profile at www.sedar.com.
Highlights for the quarter ending March 31, 2011:
Completed the interpretation of 100 km 2D seismic acquired in the
Putumayo 2 (PUT-2) block in 2010, as well as seismic lines exchanged
with a neighboring block, resulting in the confirmation of the five
original prospects, the identification of three new leads and the
selection of six potential drilling locations.
Contracted approximately100 km2 of 3D seismic to optimize the drilling locations in the Canelo Sur and
Nogal Prospects and surrounding areas and define additional drilling
opportunities in the PUT-2 block.
Confirmed two prospects in the CPO-06 block. Environmental permits for
the prospects are ongoing with plans to commence drilling during the
third quarter of 2011.
Confirmed one prospect and identified one new prospect through the
ongoing interpretation of the seismic acquired in the CPO-07 block.
Identified additional prospects and leads through the ongoing
interpretation of the seismic acquired in the CPO-13 block.
Highlights subsequent to March 31, 2011:
Additional prospects and leads have been identified and mapped through
the ongoing interpretation in the CPO-06, CPO-07 and CPO-13 blocks,
currently accounting for a total of two, nine and four prospects and
six, ten and eight leads, respectively.
PetroNova is continuing with its scheduled exploration plans and
commitments and anticipates the following activities to occur in the
remainder of 2011 and 2012:
Complete a campaign of approximately 100 km2 of 3D seismic on the PUT-2 block to optimize the exploratory drilling
locations and initiate the drilling of its first exploratory well on
this block in the fourth quarter of 2011 with a second well scheduled
Initiate the 109 km2 3D seismic program on the Tinigua block during July of 2011. Drilling of
the first exploratory well on the Tinigua Block is scheduled for early
2012, with a second well to follow later that year.
Initiate a three well drilling campaign in the CPO-6 block in the third
quarter of this year. The Company has already selected the first two
prospects to be drilled.
Initiate a three well drilling campaign in the CPO-07 block in the third
quarter of this year. Of the first three prospects to be drilled, two
are related to the Caracara field's geological trend and is one related
to the Ocelote and Quifa geological trends.
Shoot the remaining 2D seismic on block CPO-13 (in the "El Tigre"
indigenous community), adjacent to the producing South-West Quifa area
operated by Pacific Rubiales, and start a three well drilling campaign
early next year.
Summary Financial Information:
SELECTED FINANCIAL INFORMATION
Three months ended March
(US$, except shares and data per share)
Net Income (Loss)
Income (Loss) per share
Weighted average shares
Cash and equivalents
Exploration and evaluation assets
Shareholders' equity (Deficiency)
Annual and Special Meeting of Shareholders
PetroNova's Annual and Special Meeting of Shareholders will be held at
the offices of Borden Ladner Gervais LLP, the Howard Boardroom,
Centennial Place, East Tower, 1900, 520 - 3rd Avenue S.W., Calgary, Alberta T2P 0R3, at 3:00 p.m. (Calgary time) on
Monday, June 13, 2011.
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 the
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 Vesture Exchange under
the stock symbol "PNA".
Certain statements contained in this press release constitute
forward-looking statements. These statements relate to future events or
the Company's future performance. All statements other than statements
of historical fact are forward-looking statements. The use of any of
the words "anticipate", "intend", "plan", "continue", "estimate",
"budget", "targeting", "project", "expect", "may", "will", "might",
"should", "could", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking statements. Such
statements represent the Corporation's internal projections, estimates,
expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. These statements involve
known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in
such forward-looking statements. Management believes the expectations
reflected in these forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in this press release
should not be unduly relied upon. These statements speak only as of the
date of this press release.
In particular, this press release contains forward-looking statements
pertaining to the Company's future exploration and development
activities and the timing thereof, including the Company's seismic
acquisition and drilling plans. With respect to forward-looking
statements contained in this press release, assumptions have been made
regarding, among other things: general economic, market and business
conditions in Colombia and globally; future crude oil and natural gas
prices; the continued availability of capital, undeveloped lands and
skilled personnel; the ability to obtain equipment in a timely manner
to carry out exploration and development activities; the regulatory
framework governing royalties, taxes and environmental matters in
Colombia and any other jurisdictions in which the Company may conduct
its business in the future; the ability of the Company to obtain the
necessary approvals, permits and licences to conduct its operations;
future capital and exploration expenditures to be made by the Company;
future sources of funding for the Company's exploration program; the
geography of the areas in which the Company is exploring; and adequate
weather and environmental conditions.
Actual results could differ materially from those anticipated in these
forward-looking statements as a result of certain risk factors,
including, but not limited to: general economic, market and business
conditions; risks related to the exploration, development and
production of oil and natural gas; risks inherent in the Company's
international operations, including security and legal risks in
Colombia; risks related to the timing of completion of the Company's
projects; competition for, among other things, capital, the acquisition
of resources and skilled personnel; actions by governmental
authorities, including changes in government regulation and taxation;
the failure of the Company to obtain the necessary approvals, permits
and licences to conduct its operations; environmental risks and
hazards; the availability of capital on acceptable terms; the failure
of the Company or the holder of certain licenses or leases to meet
specific requirements of such licenses or leases; adverse claims made
in respect of the Company's properties or assets; failure to engage or
retain key personnel; geological, technical, drilling and processing
problems, including the availability of equipment and access to
properties; failure by counterparties to make payments or perform their
operational or other obligations to the Company in compliance with the
terms of contractual arrangements between the Company and such
counterparties; and the other factors discussed under the heading "Risk Factors" in the Company's annual information form for the year ended December
31, 2010 and the Company's other continuous disclosure documents filed
from time to time with applicable securities regulatory authorities in
Canada and which may be accessed on the PetroNova's SEDAR profile at www.sedar.com.
Readers are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking statements included in this press
release are expressly qualified by this cautionary statement and are
made as of the date of this press release. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by applicable
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.
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