Petronova Announces First Quarter 2012 Results

Source: www.gulfoilandgas.com 5/25/2012, 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 quarter ended March 31, 2012.

"PetroNova is steadily progressing through its 13 well exploration drilling program that has resulted in two separate hydrocarbon discoveries so far," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "We are eager to continue the program in CPO-7 and CPO-13; and then to PUT-2 and Tinigua, which account for the majority of PetroNova's prospective resources."

Since January 1, 2012, the Company has:
· Announced an oil discovery at the Atarraya 1 well in CPO-7, where the well flowed 23 API gravity oil at a natural flow rate of 830 barrels of oil per day during short testing, and is expected to be on extended test production during Q3 2012.

· Announced an oil discovery at the Puerto Gaitan-1 well in CPO-6, where the well flowed 23.4 API gravity oil at a natural flow rate of 367 barrels of oil per day during short testing, obtained a permit to start a six-month extended test and is expected to be on extended test production by the end of Q2 2012.

· 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.

· Obtained an additional extension for phase 1 exploration period of the Tinigua block to June 2012.

· Completed a geochemical study in the Tinigua Block.

· Completed the acquisition of 109 km2 of 3D seismic data 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 five 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 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 and new 3D seismic campaign to characterize the discoveries.

· Production from the two successful wells to date is estimated to be between 200 and 300 barrels of oil per day net to PetroNova, before royalties, and brought on by the end of Q3 2012


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