Rodinia Oil Corp. Comments on Resource Potential of Its Holdings in
Australia
CALGARY, Jan. 30, 2013 /CNW/ - (TSX-V: ROZ) -
Rodinia Oil Corp. ("Rodinia") draws attention to a recent
announcement regarding exploration acreage located to the east of
Rodinia's holdings in South
Australia.
On January 23, 2013, Linc Energy
Ltd. ("Linc") (ASX: LNC) (OTCQX: LNCGY) issued an announcement
regarding the results of two independent reports confirming "the
significant potential for shale oil" on its exploration acreage in
South Australia, where it holds
licences and applications covering approximately 16 million acres.
This announcement may be accessed on Linc's website at:
www.lincenergy.com.
Linc's acreage in South
Australia lies approximately 40 kilometres to the east of
the acreage held by Rodinia. In total, Rodinia owns an 85%
net working interest in approximately 23 million exploration acres,
consisting of PEL 81, PEL 253, PELA 303, PELA 445, PELA 351 (all in
South Australia) and EPA 14/08-9,
EPA 15/08-9, EPA 3/09-0 and EPA 4/09-0 (all in Western Australia). Rodinia has also acquired
and processed approximately 4,045 kilometres of new seismic data,
reprocessed 1,363 kilometres of existing seismic data and
subsequently interpreted a total of 6,153 kilometres of seismic
data, all in PEL 253 and PEL 81.
Rodinia commissioned a NI 51-101 compliant resource report
effective December 31, 2009 on its
exploration acreage at a time when Rodinia held only an 80% net
working interest in approximately 17.4 million acres, had processed
and interpreted only 1,512 kilometres of seismic data and had not
yet drilled its two wells in PEL 253, namely Mulyawara-1 and
Kujara-1. This report (which has not been updated) may be accessed
on Rodinia's website at: www.rodiniaoil.com and additional
information on the prospective resources can be found at
www.sedar.com in the Long Form Prospectus dated May 20, 2010 filed under Rodinia Oil Corp.
Both the Mulyawara-1 and Kutjara-1 wells (drilled in 2011)
encountered oil and gas shows, encouraging petroleum system
indications and excellent Neoproterozoic reservoirs. In particular,
during the drilling of Mulyawara-1, gas shows with up to C5
(pentane) content were recorded over sands in the Mundallio and
Emeroo sections totaling approximately 150 gross metres. Although
these shows demonstrated an active mature petroleum system capable
of generating hydrocarbons, both wells were plugged and abandoned
as neither was perceived to be commercial. However, management of
Rodinia continues to believe that significant potential remains for
both conventional and unconventional hydrocarbon discoveries on its
holdings.
In order to help fully realize the value of its assets, Rodinia
has retained CIBC World Markets Inc. as its exclusive financial
adviser to explore and evaluate a range of strategic alternatives,
including a joint venture, sale, or farmout of all or a portion of
its assets, a merger or other business combination with another
entity, a recapitalization, a sale of Rodinia as a whole, or any
combination thereof. This process is currently ongoing.
About Rodinia Oil Corp.
Rodinia is an international oil and gas exploration
corporation. Its Common Shares are listed for trading on the
TSX Venture Exchange under the symbol "ROZ". Rodinia is
engaged in the exploration, acquisition and development of
petroleum and natural gas assets in Australia's Officer Basin. Rodinia has access
to large tracts of exploratory lands and was one of the first
companies to undertake exploration in the Officer Basin,
South Australia. 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 the
potential timing and results of the search for strategic
alternatives and management's future plans. 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. 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.
SOURCE Rodinia Oil Corp.
Image with caption: "A map of Rodinia's (TSX-V: ROZ) Australian
exploration holdings (CNW Group/Rodinia Oil Corp.)". Image
available at:
http://photos.newswire.ca/images/download/20130130_C9667_PHOTO_EN_23120.jpg