VANCOUVER, Jan. 19, 2018 /CNW/ - PentaNova Energy Corp. (the
"Company") (TSXV: PNO) is mobilizing a drilling rig to
further develop its natural gas resources in Colombia's Maria Conchita gas field.
The Maria Conchita field consists of two major gas discoveries
with a 2P reserves base of 112 BCF, and additional development and
exploration upside. The field is adjacent to the Ballena-Chuchupa
complex, Colombia's largest gas
field in the Guajira region of Colombia.
Ballena-Chucupa, in the Guajira region of Colombia, currently produces roughly 30% of
the country's gas. The existence of two trunk pipelines on both
sides of the Maria Conchita field enable the company to bring
online gas production to market economically. The initial well is
being drilled on the Aruchara, a proven gas field,
"This is another major step in PentaNova's strategy to become
one of Latin America's significant
energy producers by unlocking major energy assets in Colombia and Argentina," said Serafino Iacono, Chairman of PentaNova. "The
Maria Conchita block has great potential to be a highly productive
gas development that will provide energy to a part of Colombia that has a real need for additional
energy."
The 2000 HP drilling rig being mobilized is a high efficiency AC
powered unit with a 500 ton Top Drive. Once on site, it will take
approximately 30 days to drill and test the well. The initial well,
being drilled on the Aruchara proven gas field, is expected to be
roughly 9000 feet in total depth. Results from this well will be
evaluated to further optimize the path forward to bring the Maria
Conchita block onto production.
About PentaNova Energy Corp.
PentaNova Energy Corp. is a publicly traded company developing
oil & gas resources in Latin
America. We are bringing our proven expertise, technology
and new investment to develop world-class — yet still under-valued
— energy assets in oil and natural gas. We have acquired — and are
actively developing — major heavy oil fields in Argentina, containing billions of barrels of
resources. In Colombia, we are
developing natural gas projects to produce the electricity for
communities and industry. Our mission is to help develop the energy
for Latin America's future.
Complete reports and statements are available on SEDAR at
www.sedar.com and on the Company website
www.pentanovaenergy.com.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the completion
of the operations described herein, and other forward-looking
information includes but is not limited to information concerning
the intentions, plans and future actions of the parties to the
transactions described herein and the terms of such
transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Please visit our website at www.pentanovaenergy.com
SOURCE PentaNova Energy Corp.