Petronova Announces 2011 Year End Results

Source: www.gulfoilandgas.com 4/18/2012, 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 year ended December 31, 2011. The Company also announced that its Board of Directors has elected Anthony Lambert as Chairman of the Board, effective immediately.

"2011 was a pivotal year for PetroNova as we initiated our 13 well drilling campaign to explore what we believe to be promising prospects on all of our blocks," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "We expect 2012 to be a very exciting year as we proceed with the remaining 10 wells of this campaign and towards the high-potential targets in our asset portfolio."

Since January 1, 2011, the Company has:
· Initiated a 13 well drilling campaign in the fourth quarter, starting in the CPO-6 Block.

· Completed the interpretation of more than 2,000 km of 2D seismic acquired over the Llanos Blocks in 2010, resulting in the identification of several ready-to-drill prospects and additional leads.

· Obtained an environmental license to drill up to five exploration wells in the CPO-07 Block in the Llanos Basin.

· Initiated a 200 km 2D seismic campaign to cover "El Tigre" indigenous community in CPO-13.

· Completed the acquisition and interpretation of a 110 km2 3D seismic campaign in the PUT-2 Block, resulting in the identification of several prospects and leads. Two Environmental Impact Assessments ("EIA") to drill exploratory wells in the eastern area of the Block have been submitted.

· Initiated the acquisition of 109 km2 of 3D seismic over the identified prospect in the Tinigua Block, as well as an EIA survey and a geochemical study of the Block.

· 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.

Highlights subsequent to December 31, 2011:
· Announced an oil discovery at Puerto Gaitan-1 well in CPO-6 and obtained a permit to start a six-month extended test.

· Completed the Cusumbo-1 exploration well in CPO-6, which has been plugged and abandoned.

· Completed the Camaleon-1 exploration well in CPO-6, which has been plugged and abandoned.

· Completed a 200 km 2D seismic campaign covering the "El Tigre" indigenous community in CPO-13 and obtained an environmental license to commence drilling up to seven exploration wells in the Block.

· Completed a geochemical study in the Tinigua Block.

Outlook:
PetroNova is continuing with its scheduled exploration plans and commitments and anticipates the following activities to occur in the remainder of 2012:

· Drill the six remaining exploration wells in the Llanos Blocks with extended testing of discoveries.

· Initiate drilling in the PUT-2 Block upon receipt of the environmental license, which is anticipated to occur in Q3 2012.

· Complete the acquisition, processing and interpretation of 109 km2 of 3D seismic data in the Tinigua Block and submit an Environmental Impact Assessments "EIA" to drill exploratory wells in the eastern area of the block.

· Initiate a new 2D seismic campaign to delineate unexplored areas of the Llanos Blocks, followed by a new 3D seismic campaign to characterize the discoveries


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