CALGARY, Nov. 24, 2011 /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 three and nine months
ended September 30, 2011. "This quarter, PetroNova advanced our
development programs on each of our five blocks and we remain on
track to initiate drilling on our CPO-06 Block by the end of the
year," said Antonio Vincentelli, President and Chief Executive
Officer of PetroNova. "We have a comprehensive drilling program for
2012, starting with the Llanos Blocks, and proceeding to the PUT-2
and Tinigua Blocks, respectively, once the necessary environmental
licenses have been obtained and remaining seismic completed."
PetroNova's unaudited condensed interim consolidated financial
statements as at and for the three and nine months ended September
30, 2011, together with the notes thereto, and the related
management's discussion and analysis for the period then ended,
will be available under the Company's profile on SEDAR at
www.sedar.com. Since July 1, 2011, the Company has: --
Received a National Instrument 51-101 compliant independent
engineering evaluation of the prospective resources attributable to
the Company's five oil and gas exploration and development blocks
in Colombia (the "Resource Report"), effective June 30, 2011 and
prepared by Petrotech Engineering Ltd. Based on the Resource
Report, PetroNova's best-case net risked and unrisked prospective
resources are 100.3 and 291.4 million barrels of oil, respectively.
-- Submitted an Environmental Impact Assessment (EIA) for the
northeastern region of the PUT-2 Block for Ministry of Environment
and Sustainable Development approval to drill twelve exploratory
wells. -- Completed the consultation process (known as "Consultas
Previas") with the "Candilejas" indigenous community on the Tinigua
Block. The final required agreement with this community was signed
on October 12, 2011. -- Initiated contractor mobilization to
commence acquisition of 109 km2of 3D seismic on the Tinigua Block.
-- Completed site construction at two CPO-06 well locations in the
Llanos Basin. -- Obtained an environmental license to drill up to
five exploration wells in the CPO-07 Block in the Llanos Basin. The
Company currently plans on drilling three exploration wells in the
CPO-07 Block in the first quarter of 2012. -- Completed the
acquisition of 30 km2 of 3D seismic in the northern region of the
Canelo Sur prospect in the PUT-2 Block. Outlook: PetroNova is
continuing with its scheduled exploration plans and commitments and
anticipates the following activities to occur in the remainder of
2011 and 2012: -- Initiate a three-well drilling campaign in the
CPO-6 Block during Q4 2011. -- Initiate a three-well drilling
campaign in the CPO-07 Block in the first quarter of 2012. -- Shoot
the remaining 2D seismic on the CPO-13 Block, starting in the
fourth quarter of 2011, and commence a three-well drilling campaign
in 2012. -- Obtain an environmental license to drill up to twelve
exploration wells in the PUT-2 Block. The Company currently plans
on drilling two exploration wells in the PUT-2 Block in the second
quarter of 2012. -- Complete the processing of 110 km2 of 3D
seismic recently acquired in the PUT-2 Block. -- Complete the 109
km2 3D seismic acquisition program on the Tinigua Block, with
drilling of an exploratory well scheduled for the second half of
2012. Summary Financial Information:
_________________________________________________________________________
|SELECTED | | Three months | Nine months ended | |FINANCIAL |Year
ended | endedSeptember | September | |INFORMATION | | | |
|_____________|___________|_______________________|_______________________|
|(US$, except | | | | | | |shares and | 2010 | 2011 | 2010 | 2011 |
2010 | |data per | | | | | | |share) | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Revenues | 168,418 | 99,175 | 56,032 | 257,842 | 144,832 |
|_____________|___________|___________|___________|___________|___________|
|Net loss |(4,300,282)|(1,379,449)| (635,918)
|(5,639,305)|(1,595,966)|
|_____________|___________|___________|___________|___________|___________|
|Loss per | (0.07) | (0.01) | (0.01) | (0.03) | (0.04) | |share | |
| | | |
|_____________|___________|___________|___________|___________|___________|
|Working |58,507,024 |41,635,473 | 151,279 |41,635,473 | 151,279 |
|Capital | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Cash and |60,710,250 |43,710,654 | 1,044,379 |43,710,654 |
1,044,379 | |equivalents | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Exploration |17,719,472 | 5,747,721 | 3,753,113 |13,444,572
|17,763,844 | |expenditures | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Block | 7,913,610 | 5,124,983 | 7,792,350 | 5,124,983 | 7,792,350
| |deposits | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Total assets |91,350,206 |86,452,411 |29,340,984 |86,452,411
|29,340,984 |
|_____________|___________|___________|___________|___________|___________|
|Bank loans | 940,031 | - | 455,770 | - | 455,770 |
|_____________|___________|___________|___________|___________|___________|
|Shareholders'|88,354,726 |83,346,205 |27,359,006 |83,346,205
|27,359,006 | |equity | | | | | |
|_____________|___________|___________|___________|___________|___________|
|Shares | | | | | | |outstanding
|165,301,302|165,301,302|112,781,302|165,301,302|112,781,302|
|(basic and | | | | | | |diluted) | | | | | |
|_____________|___________|___________|___________|___________|___________|
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
Vincentelli Stelvio Di CeccoPresident & Chief Executive Officer
Chief Financial Officer954 317 3990 954 317
3990antonio.vincentelli@petronova.com
stelvio.dicecco@petronova.comAbby GarfunkelInvestor
Relations403-218-2887agarfunkel@equicomgroup.com
Copyright