PetroNova Announces Oil Discovery at Puerto Gaitan 1 Well on CPO-06
February 01 2012 - 6:00AM
PR Newswire (Canada)
CALGARY, Feb. 1, 2012 /CNW/ - PetroNova Inc. ("PetroNova" or the
"Company") , a company engaged in the exploration and development
of oil and natural gas resources in Colombia, today announced an
oil discovery at its Puerto Gaitan 1 exploratory well located on
the CPO-06 Block (in which PetroNova has 20 percent working
interest) in Colombia's Llanos Basin. "We are extremely encouraged
by the discovery of hydrocarbons at PetroNova's first exploratory
well and are eager to drill the additional prospects we have
identified on CPO-06 and our other Blocks in the Llanos Basin,"
said Antonio Vincentelli, President and Chief Executive Officer of
PetroNova. "As we conduct further tests on this well, we intend to
proceed with drilling two additional exploratory wells on the CPO-6
Block." The Puerto Gaitan 1 well reached a total depth of 6,400
feet without incident. Mud log and petrophysical interpretation
identified the presence of hydrocarbons in the upper sands of the
Mirador Formation and in the lower and middle C7 sands of Carbonera
Formation. The objective lower C7 sand of the Carbonera Formation
underwent a 27 hour production test where the well flowed 23.4
degree API gravity oil at a rate of 367 barrels of oil per day
(BOPD). Production tests in the Mirador Formation yielded 100%
formation water with traces of oil in the upper sands. Deeper
Cretaceous and Paleozoic sands were also tested, yielding 100%
formation water. The Puerto Gaitan 1 well will be completed in the
C7 sand of the Carbonera Formation and an extended production test
will be performed after Ministry of Mines & Energy permits are
obtained. The Puerto Gaitan 1 well is the first of a nine
exploratory well drilling campaign on the CPO-06, CPO-07 and CPO-13
Blocks operated by Tecpetrol Colombia and in which PetroNova has 20
percent working interest. PetroNova will continue its exploratory
drilling campaign and proceed to move the drilling rig to the
second well site on its CPO-06 Block. After drilling a third
exploratory well on CPO-06, PetroNova plans on drilling three
exploratory wells on each of CPO-7 and CPO-13. About PetroNova: 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.
Forward-Looking Information: 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 Company'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, and statements pertaining to the receipt of an updated
resource report. 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 securities laws. PetroNova Inc. CONTACT: Antonio
Vincentelli Stelvio Di CeccoPresident & Chief Executive Chief
Financial OfficerOfficer 954 317 3990 954 317
3990antonio.vincentelli@petronova.com
stelvio.dicecco@petronova.comAbby GarfunkelInvestor
Relations403-218-2887agarfunkel@equicomgroup.com
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