Rodinia Oil Corp. releases second quarter 2011 financial and operating results
August 30 2011 - 9:36AM
PR Newswire (Canada)
CALGARY, Aug. 30, 2011 /CNW/ -- CALGARY, Aug. 30, 2011 /CNW/ -
(TSX-V: ROZ) - Rodinia Oil Corp. ("Rodinia") today released its
financial and operating results for the second quarter of 2011. A
copy of Rodinia's unaudited condensed consolidated financial
statements and related management's discussion and analysis
("MD&A") can be accessed either at www.sedar.com or on
Rodinia's website. Second Quarter 2011 Highlights -- On June 9,
2011, Rodinia announced that it had spudded its first exploratory
well, Mulyawara 1, located in the northwest corner of PEL 253 in
the Officer Basin, South Australia. Mulyawara 1 is drilling
vertically to an estimated total drilling depth of 2,700 metres to
test five prospective reservoir horizons: Murnaroo, Tarlina,
Mundallio, Emeroo and the deepest of which is the Aeolian Pindyin
sandstone (also called the sub-salt unit). Rodinia has an 80%
working interest in this well and prospect, and is the operator. --
On June 9, 2011, Rodinia announced its second drilling location,
Kutjara 1, which has recently been hi-graded and re-confirmed by
additional 2D seismic lines. Kutjara 1 is located in the
west-central portion of PEL 253 approximately 35 kilometres
southeast of Mulyawara 1. -- Total capital expenditures of $23.9
million for the six months ending June 30, 2011 were incurred in
South Australia associated with Rodinia's Phase III seismic
acquisition and interpretation program and drilling preparation and
drilling expenses. -- As at June 30, 2011 Rodinia had completed and
processed 2,536 kilometers of 2D seismic in PEL 81 and PEL 253 as
part of the 2011 capital budgeted Phase III seismic program. 2011
Capital Program Update As of June 30, 2011, Rodinia had a working
capital surplus of $29.7 million with no debt. Rodinia is in the
exploration stage of its development in the remote and
under-explored Officer Basin in Australia. Its ability to finance
its future operations is dependent upon the existence of
economically recoverable hydrocarbons and its ability to obtain new
sources of financing. Given numerous mechanical and operational
issues with the drilling of Mulyawara 1, drilling progress has been
substantially slower than anticipated, resulting in cost overruns.
In light of lessons learned from this first exploratory well,
Rodinia is in the process of reviewing and revising the existing
drilling program and well designs for the remainder of the 2011
capital program. On August 4, 2011, Rodinia announced that testing
to date of Mulyawara 1 had confirmed the existence of excellent
reservoir quality rocks in the Neoproterozoic with the Eidacaran
Age Murnaroo Formation having an average log porosity of 18%
(commonly up to 23%). The well encountered small gas peaks and
traces of hydrocarbon fluorescence exhibiting blooming cut over
discrete intervals within the undifferentiated Upper Cryogenian.
Rodinia believes these findings are encouraging and they reduce the
risks associated with source, migration and reservoir. However,
Mulyawara 1 is still a high-risk venture and yet to be proven and
the primary objectives of the well are yet to be intersected and
lie below the prospective regional salt seals. Additional
Information Rodinia's Annual and Special General Meeting of
Shareholders will be held on Thursday November 10, 2011 at
Rodinia's Conference Centre, Main Floor, 715 5 Ave. SW, Calgary,
Alberta, Canada beginning at 3:30 p.m. (MT). About Rodinia Oil
Corp. Rodinia is an international oil and gas exploration
corporation. The Common Shares and Warrants are listed for
trading on the TSX Venture Exchange under the symbols "ROZ" and
"ROZ.WT" respectively. Rodinia is engaged in the exploration,
acquisition and development of petroleum and natural gas assets in
Australia's Officer Basin. Founded in 2006, Rodinia has access to
large tracts of exploratory lands and is one of the first companies
to undertake exploration in the Officer Basin. Rodinia has offices
in Calgary, Alberta and Adelaide, South Australia. Forward-Looking
Statements This press release may contain forward-looking
information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of Rodinia,
including, without limitation, statements pertaining to Rodinia's
drilling plans and operations. All statements included
herein, other than statements of historical fact, are
forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in Rodinia's disclosure
documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this release
and, other than as required by applicable securities laws, Rodinia
does not assume any obligation to update or revise them to reflect
new events or circumstances. 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/30/c7159.html
p Susan Showers, Manager, Investor Relations /p p Rodinia Oil
Corp.br/ Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P
2X6br/ Telephone: (403) 718-0366br/ Toll Free: (877) 822-7280br/
Fax: (403) 718-3888 /p p Email: a
href="mailto:info@rodiniaoil.com"info@rodiniaoil.com/abr/
Website: a
href="http://www.rodiniaoil.com"www.rodiniaoil.com/a /p
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