Petronova Announces Second Quarter 2011 Results

Source: www.gulfoilandgas.com 8/25/2011, Location: South America

PetroNova Inc, a company engaged in the exploration and development of oil and natural gas resources in Colombia, announced its operational and financial results for the three and six months ended June 30, 2011.

"PetroNova has made great progress during the quarter as we prepare to initiate our drilling program prior to the end of 2011," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "We plan to initiate drilling on the Llanos blocks, starting with CPO-06, in the fourth quarter of 2011. We will be acquiring additional seismic on the CPO-13, PUT-2 and Tinigua blocks with plans to begin drilling in these blocks in 2012."

Since April 1, 2011, the Company has:
Received an environmental license for the CPO-06 block and reached agreements with the land owners of the block in preparation for drilling;

Secured a drilling rig contract for the nine wells planned on the Llanos blocks and ordered the materials;

Identified and mapped additional prospects and leads through ongoing seismic interpretation in the CPO-06, CPO-07 and CPO-13 blocks, currently accounting for a total of three, twelve and six prospects and five, six and seven leads, respectively;

Initiated the consultation process ("Consultas Previas") with the "El Tigre" indigenous community on the CPO-13 block to enable completion of the 2D seismic program;

Completed an Environmental Impact Assessment (EIA) for the Canelo Norte and Canelo Sur regions of the PUT-2 block, as well as 80 km2 of seismic on the PUT-2 block;

Completed Consultas Previas with the indigenous community in the Canelo Sur region of the PUT-2 block;

Awarded a materials contract for the PUT-2 block;

Initiated Consultas Previas with the indigenous community of the Tinigua block to enable initiation of the seismic program; and

Contracted Petrotech Engineering Ltd. to prepare an updated resource report which the Company expects to receive by the end of Q3 2011.

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 in the fourth quarter of 2011 with location preparation expected to begin in the third quarter of 2011.

Initiate a three well drilling campaign in the CPO-07 block in the first quarter of 2012.

Shoot the remaining 2D seismic on block CPO-13 (in the "El Tigre" indigenous community) starting in the fourth quarter in 2011 and commence a three well drilling campaign in 2012.

Complete and process approximately 100 km2 of 3D seismic and initiate the drilling of two exploratory wells on the PUT-2 block in the first quarter of 2012. The Company expects to obtain environmental licenses for this block during the fourth quarter of 2011.

Initiate the 100 km2 3D seismic program on the Tinigua block during the third quarter of 2011. The drilling of an exploratory well on the Tinigua Block is currently scheduled for the second quarter of 2012.


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