PNA

CALGARY, Feb. 29, 2012 /CNW/ - ("PetroNova" or the "Company") , a company engaged in the exploration and development of oil and natural gas resources in Colombia, today announced an update on its Cusumbo 1 exploratory well located on the CPO-06 Block (in which PetroNova has 20% working interest) in Colombia's Llanos Basin. "Although the high water content seen in this well is disappointing, we are encouraged by the fact that our assets and identified prospects in the Llanos Basin are surrounded by known producing fields," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "PetroNova remains confident as we continue to progress our drilling program in this basin." The Cusumbo 1 exploration well was spud on February 11, 2012 and reached a total depth (TD) of 5,004 feet on February 19, 2012 without incident. The primary target, the lower unit of the Carbonera Formation, showed very poor sand development and no indication of hydrocarbons.  The well encountered oil bearing sands in the upper Mirador Formation and production casing was run and cemented to TD. Three feet of the upper sand of the Mirador Formation was perforated and tested, yielding over 1.000 barrels of fluid per day (BFPD), with more than 96% basic sediment and water (BS&W). The operator, Tecpetrol Colombia, is presently evaluating the decision to either suspend or plug and abandon the well. The Cusumbo 1 well is the second 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 third 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. 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 VincentelliPresident & Chief Executive Officer 954 317 3990antonio.vincentelli@petronova.comStelvio Di CeccoChief Financial Officer954 317 3990stelvio.dicecco@petronova.comAbby GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com

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