PetroNova Provides Update of the Pilon-1 Well on CPO-07
June 18 2012 - 4:00PM
PR Newswire (Canada)
CALGARY, June 18, 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 Pilon-1 exploratory well located on the CPO-07 Block
(in which PetroNova has 20 percent working interest) in Colombia's
Llanos Basin. The Pilon-1 exploration well was spudded on May 16,
2012 and reached a total depth of 5,360 feet on May 25, 2012
without incident. Three prospective sand units in the C7 Interval
of the Carbonera Formation were identified and tested. The lower C7
Sand 4918'-4923' was tested and recovered 272 barrels of fluid 98
per cent basic sediment and water (BS&W) and 2 per cent of 18
API oil. Two additional C7 Sand intervals at 4898'-4901' and
4704'-4711' were also tested yielding 100 per cent basic sediment
and water (BS&W). The Operator is presently abandoning the
well. The Pilon-1 is the second well drilled in CPO-07 Block where
a discovery in the Atarraya well was announced on May 09, 2012 and
the fifth 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 Pendare-1 well in the 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". 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
VincentelliPresident & Chief Executive Officer954 317
3990antonio.vincentelli@petronova.comStelvio Di CeccoChief
Financial Officer 954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
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