PetroNova announces oil discovery at Pendare 1 well on CPO-13
July 25 2012 - 6:00AM
PR Newswire (Canada)
CALGARY, July 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 an
oil discovery at its Pendare 1 exploratory well located on the
CPO-13 Block (in which PetroNova has 20 percent working interest)
in Colombia's Llanos Basin. "We are extremely encouraged by the
hydrocarbon discovery at PetroNova's first exploratory well drilled
in CPO-13, located in the Llanos Basin," said Antonio Vincentelli,
Chief Executive Officer of PetroNova. "PetroNova believes the
characteristics of this discovery confirm that the highly
prospective Quifa-Rubiales / CaƱo Sur heavy oil trend continues to
our CPO-13 Block." The Pendare 1 well reached a total depth of
3,265 feet on June 26, 2012 without incident. Mud log, electric
logs and sidewall cores confirmed the presence of a well-developed
top basal Carbonera sand unit with a 39 foot (gross) oil column.
The well was tested with a hydraulic pump for a 78-hour period in a
12-foot interval. At the end of the period (with 1600 pounds per
square inch injection pressure), the well produced an average of
166 barrels of fluid per day with an average of 15 per cent basic
sediment and water. The API gravity of the produced oil was field
measured at 14.4 degrees. At the end of the test, the well
accumulated a total of 366 barrels of oil. PetroNova believes the
well could yield higher volumes when tested with an
electro-submersible pump. The Pendare 1 well will be completed in
the top of the basal Carbonera sand unit and an extended production
test will be performed after all required permits are obtained. The
Pendare 1 well is the sixth 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
in three months when weather conditions allow cost-efficient access
to new locations and all required permits have been received. Due
to the successful results obtained to date, an overall success rate
of 50%, PetroNova will incorporate additional drilling prospects to
its drilling campaign and has made an agreement to extend the
period of the Rig Contract. 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, 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.comStelvio Di CeccoChief
Financial Officer954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
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