PetroNova Announces First Quarter 2012 Results
May 25 2012 - 6:00AM
PR Newswire (Canada)
CALGARY, May 25, 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 its
operational and financial results for the quarter ended March 31,
2012. "PetroNova is steadily progressing through its 13 well
exploration drilling program that has resulted in two separate
hydrocarbon discoveries so far," said Antonio Vincentelli,
President and Chief Executive Officer of PetroNova. "We are eager
to continue the program in CPO-7 and CPO-13; and then to PUT-2 and
Tinigua, which account for the majority of PetroNova's prospective
resources." PetroNova's consolidated interim financial statements
as at and for the quarters ended March 31, 2012 and 2011, together
with the notes thereto, and the related management's discussion and
analysis for the periods then ended, will be available under the
Company's profile on SEDAR at www.sedar.com. Since January 1, 2012,
the Company has: -- Announced an oil discovery at the
Atarraya 1 well in CPO-7, where the well flowed 23 API gravity oil
at a natural flow rate of 830 barrels of oil per day during short
testing, and is expected to be on extended test production during
Q3 2012 -- Announced an oil discovery at the Puerto Gaitan-1 well
in CPO-6, where the well flowed 23.4 API gravity oil at a natural
flow rate of 367 barrels of oil per day during short testing,
obtained a permit to start a six-month extended test and is
expected to be on extended test production by the end of Q2 2012 --
Completed the Cusumbo-1 exploration well in CPO-6, which has been
plugged and abandoned -- Completed the Camaleon-1 exploration well
in CPO-6, which has been plugged and abandoned -- Completed a 200
km 2D seismic campaign covering the "El Tigre" indigenous community
in CPO-13 and obtained an environmental license to commence
drilling up to seven exploration wells in the Block -- Obtained an
additional extension for phase 1 exploration period of the Tinigua
block to June 2012 -- Completed a geochemical study in the Tinigua
Block -- Completed the acquisition of 109 km2 of 3D seismic data in
the Tinigua Block Outlook: PetroNova is continuing with its
scheduled exploration plans and commitments and anticipates the
following activities to occur in the remainder of 2012: -- Drill
the five remaining exploration wells in the Llanos Blocks with
extended testing of discoveries -- Initiate drilling in the PUT-2
Block upon receipt of the environmental license, which is
anticipated to occur in Q3 2012 -- Complete the processing and
interpretation of 109 km2 of 3D seismic data in the Tinigua Block
and submit an Environmental Impact Assessments "EIA" to drill
exploratory wells in the eastern area of the block -- Initiate a
new 2D seismic campaign to delineate unexplored areas of the Llanos
Blocks and new 3D seismic campaign to characterize the discoveries
-- Production from the two successful wells to date is estimated to
be between 200 and 300 barrels of oil per day net to PetroNova,
before royalties, and brought on by the end of Q3 2012 Summary
Financial Information: Year ended Threemonths endedMarch (US$,
except shares and data per share) 2011 2012 2011 Revenues 312,138
52,907 81,655 Net Loss (7,024,062) (978,946) (2,755,894) Loss per
share (0.04) (0.01) (0.02) Weighted average shares 165,301,302
165,301,302 165,301,302 Working Capital 34,129,086 24,555,224
50,110,297 Cash and equivalents and short-term investments
36,980,160 27,784,209 52,035,408 Exploration and evaluation assets
40,952,234 48,503,463 22,555,332 Block deposits 4,997,925 5,026,888
13,191,427 Total assets 86,043,274 86,670,918 89,578,291 Bank loans
- - 513,700 Shareholders' equity 82,230,476 81,408,947 86,021,916
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, 2011 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.com Stelvio Di CeccoChief
Financial Officer 954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
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