Petronova Announces Third Quarter 2011 Results

Source: www.gulfoilandgas.com 11/24/2011, 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 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."

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 km2 of 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.


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