CALGARY, Aug. 23, 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 June 30,
2012. "To date, PetroNova has made three hydrocarbon discoveries in
the CPO Blocks, with plans to initiate extended testing on these
wells and complete the drilling program in the Llanos Basin by
first quarter of 2013," said Antonio Vincentelli, President and
Chief Executive Officer of PetroNova. "We have also made progress
in the Putumayo Basin this quarter, such that we anticipate
drilling in PUT-2 to commence by the end of this year, or early
next year." PetroNova's condensed consolidated interim financial
statements as at and for the quarters ended June 30, 2012 and 2011,
together with the notes thereto, and the related management's
discussion and analysis for the periods then ended,will be
availableunder the Company's profileon SEDAR at www.sedar.com.
Since April 1, 2012, the Company has: -- Announced an oil
discovery at the Pendare 1 well in CPO-13,where the well flowed a
cumulative 366 barrels of 14.4 API gravity oil during testing --
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 -- Announced a non-brokered private
placement of units for aggregate proceeds of $30 million of which
$27 million will be collectively subscribed for by International
Finance Corporation, a member of the World Bank Group, and the IFC
African, Latin American and Caribbean Fund, LP -- Initiated an
extended well test on the Puerto Gaitan well in CPO-6 -- Completed
the Pilon-1 exploration well in CPO-7, which has been plugged and
abandoned -- Completed the Camaleon-1 exploration well in CPO-6,
which has been plugged and abandoned -- Obtained an extension for
the phase 1 exploration period of the PUT-2Block to February 2013
-- Completed processing of 109 km2 of 3D seismic data in the
Tinigua Block and has moved into phase 2 of the exploration program
which includes drilling of exploration wells -- Completed
processing of 203 km of 2D seismic data from the "El Tigre" area of
CPO-13 Outlook: PetroNova is continuing with its scheduled
exploration plans and commitments and anticipates the following
activities to occur in the remainder of 2012: -- Commence
drillingof thethreeremainingexploration wells in the Llanos Blocks
with extended testing of discoveries -- Initiate drilling in the
PUT-2 Block in the fourth quarter of 2012, upon receipt of the
environmental license -- Complete interpretation of 109 km2 of 3D
seismic data in the Tinigua Block and select the first exploratory
well location Summary Financial Information:
___________________________________________________________________
| |Three months ended June| Year ended |
|____________________|_______________________|______________________|
|(US$, except shares | 2012 | 2011 | 2011 | |and data per share) |
| | |
|____________________|___________|___________|______________________|
|Revenues | 47,558| 77,012| 312,138|
|____________________|___________|___________|______________________|
|Net Loss |(1,333,118)|(1,503,962)| (7,024,062)|
|____________________|___________|___________|______________________|
|Loss per share | (0.01)| (0.01)| (0.04)|
|____________________|___________|___________|______________________|
|Weighted average |165,301,302|165,301,302| 165,301,302| |shares |
| | |
|____________________|___________|___________|______________________|
|Working Capital | 10,722,494| 46,479,990| 34,129,086|
|____________________|___________|___________|______________________|
|Cash and equivalents| 13,522,733| 50,175,246| 36,980,160| |and
short-term | | | | |investments | | | |
|____________________|___________|___________|______________________|
|Exploration and | 59,555,952| 29,147,826| 40,952,234| |evaluation
assets | | | |
|____________________|___________|___________|______________________|
|Block deposits | 5,504,040| 8,009,853| 4,997,925|
|____________________|___________|___________|______________________|
|Total assets | 86,859,872| 89,688,617| 86,043,274|
|____________________|___________|___________|______________________|
|Shareholders' equity| 80,370,463| 84,691,148| 82,230,476|
|____________________|___________|___________|______________________|
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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