PetroNova Announces Oil Discovery at Atarraya 1 Well on CPO-7
May 09 2012 - 6:00AM
PR Newswire (Canada)
CALGARY, May 9, 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 Atarraya 1 exploratory well located on the
CPO-07 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
drilled in the CPO-07 Block, located in the Llanos Basin. PetroNova
considers CPO-07 to be a high-potential block given its proximity
to and correlation with the neighboring productive Ocelote and
Caracara Fields," said Antonio Vincentelli, Chief Executive Officer
of PetroNova. "As we conduct further tests on this well, we look
forward to proceeding to drill two additional prospects on the
CPO-07 Block." The Atarraya 1 well reached a total depth of 4,908
feet without incident. Mud log and petrophysical interpretation
identified four prospective sands in the C7 Carbonera Formation.
Well tests conducted in each of these prospective sands resulted in
oil production from the upper sand of the C7 Carbonera Formation,
with an average porosity of 27 per cent where 12 feet of net pay
was identified and perforated. The well was tested over a period of
25 hours producing 23 degree API gravity oil by natural flow with
different chokes. A test with a one inch choke over a period of 7
hours gave an average natural flow rate of 830 barrels of oil per
day (BOPD) and 0.5 per cent basic water and sediment (BS&W).
The Atarraya 1 well will be completed in the upper C7 sand of the
Carbonera Formation and tested with a jet pump in order to
determine the potential production of the well. An extended
production test will be performed after Ministry of Mines &
Energy permits are obtained. The Atarraya 1 well is the fourth 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 after drilling two more
exploratory wells on its CPO-07 Block, PetroNova plans on
drilling three exploratory wells on its CPO-13 Block. 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". For further
information please contact: 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
Vincentelli President & Chief Executive Officer954 317
3990antonio.vincentelli@petronova.comStelvio Di CeccoChief
Financial Officer954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
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