PetroNova Provides Update on the Camaleon-1 Well in the Llanos Basin, Colombia
April 04 2012 - 4:00PM
PR Newswire (Canada)
CALGARY, April 4, 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
update at its Camaleon-1 exploratory well located on the CPO-06
Block (in which PetroNova has 20 percent working interest) in
Colombia's Llanos Basin. The Camaleon-1 exploration well was spud
on March 8, 2012 and reached a total depth of 6,876 feet on March
17, 2012 without incident. The primary objective, the lower unit of
the Carbonera Formation, showed poor sand development. The upper
sand unit of Mirador Formation was evaluated as possible oil
bearing and production casing was run and cemented to 6,543
feet. Five feet (6,338 ft - 6,443 ft) were perforated and
tested yielding 100% BS&W. The operator is in the process of
abandoning the well. "With this well, we have completed our three
well drilling commitment for the CPO-6 block and we are encouraged
by the successful drilling of our Puerto Gaitan 1 well," said
Antonio Vincentelli, President and Chief Executive Officer of
PetroNova. "We continue to have high expectations for this block
and are planning a further seismic campaign taking into account the
information we have collected through our recent drilling program."
The Camaleon-1 well is the third 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 CPO-07 Block. 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 Officer954 317
3990antonio.vincentelli@petronova.comStelvio Di CeccoChief
Financial Officer954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
Copyright
(TSXV:PNA)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:PNA)
Historical Stock Chart
From Jul 2023 to Jul 2024