Petronova Announces Annual Financial Statements

Source: www.gulfoilandgas.com 4/25/2011, Location: South America

PetroNova Inc. is pleased to announce that it has filed its annual financial statements for the year ended December 31, 2010 ("Financial Statements") and Management Discussion and Analysis ("MD&A") for the corresponding period.

MESSAGE FROM THE PRESIDENT AND CEO
Antonio Vincentelli, President of PetroNova Inc. commented "2010 was a very important year in PetroNova's development as an international oil and gas company. The Company now owns a 20% participating interest in three blocks (CPO-6, CPO-7 and CPO-13 blocks) located in Colombia's Llanos basin (collectively the "Llanos Blocks"), a 100% participating interest in the Putumayo 2 block ("PUT-2 Block") and a 90% participating interest in the Tinigua block ("Tinigua Block"), both located in Colombia's Caguan-Putumayo basin.

In June 2011, PetroNova completed a private placement of Cdn$10 million which was used to continue PetroNova's exploration programs on its five Colombian properties. On December 10, 2010, PetroNova completed its Initial Public Offering and raised gross proceeds of $65.4 million, which have been used and are continuing to be used to fund PetroNova's ongoing exploration programs. Concurrent with closing of the IPO, PetroNova's shares were listed on Canada's TSX Venture Exchange. These events are significant milestones for PetroNova particularly given the challenging economic climate and I therefore wish to thank you, our investors, for the trust you have placed in our Company, our projects and our team of dedicated professionals.

In 2010 PetroNova continued its seismic activities in Colombia. In the Llanos Blocks, PetroNova and its partner acquired over 2,000 km of 2D seismic and has since initiated processing and interpretation of the seismic data. In the PUT-2 Block, over 100 km of 2D seismic was shot and has now been processed and interpreted resulting in the identification of a number of prospects and six future drilling locations on the block. On the Tinigua Block, PetroNova completed the reprocessing of existing 2D seismic lines and has now contracted to commence a 109 Km2 3D seismic program which will be performed in 2011.

These activities started in 2010 and have continued into 2011. As of the date of this report, PetroNova is continuing with its scheduled exploration plans and commitments including moving to larger offices in Bogot? to accommodate all of the PetroNova team in a single location.

In the Llanos Blocks, PetroNova is progressing with the interpretation of the 2,000 km of 2D seismic acquired in 2010. Several prospects have been identified and environmental permits for drilling locations have been recently submitted to the Colombian regulatory authority for prospects "A" and "B" in CPO-6 and for prospect "C" in CPO-7. PetroNova currently plans to start the drilling campaign on CPO-6 and CPO-7 during the 3rd quarter of 2011. On CPO-13, the interpretation of seismic data has recently started with the initial results pointing to the continuity of the Quifa fault system and the identification of a number of potential prospects. PetroNova's overall drilling plan calls for three wells to be drilled on each of the CPO-6, CPO-7 and CPO-13 blocks by the end of 2012.

In the PUT-2 Block, PetroNova recently commenced its 2011 3D seismic drilling program consisting of the Canelo 3D survey covering an area of 80 Km2. This program is scheduled to be completed in July 2011 and will allow further pre-drill definition for the prospects and leads that were identified on the PUT-2 Block from the previously acquired 2D seismic. The objective of the Canelo 3D survey is to optimize the exploratory drilling locations in the Canelo Sur and Nogal prospects. This survey will also extend to the Nogal-A lead located at the south end of the block and could establish additional potential drilling sites in that region of the block. PetroNova currently plans to start the drilling of its first exploration well on the PUT-2 Block in Q4 of 2011 with a second well scheduled for 2012. The environmental impact study required to obtain the licence to drill the first well is currently underway.

In the Tinigua Block, PetroNova has completed a surface geological survey and the bio-stratigraphic analysis. The 109 Km2 3D seismic program is scheduled to commence with the community agreements during the 2nd quarter of 2011 and in parallel with these operations, site environmental studies will be conducted in order to allow PetroNova to request and obtain the requisite drilling permits. Drilling of the first exploratory well on the Tinigua Block is scheduled for late 2011 or early 2012 to be followed by a second well in the second half of 2012.

2011 promises to be a very active year for PetroNova with considerable seismic and drilling activity to be undertaken in the second half of the year. PetroNova has no bank debt and has adequate working capital presently available to conduct its planned 2011 exploration operations. We are optimistic that our exploration program, consisting of drilling of 13 wells over the next 18 months, will result in PetroNova booking reserves on its Colombian properties and will also identify additional exploratory opportunities for us to pursue and develop in order to continue to increase shareholder value.


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