Petronova Announces Second Quarter 2012 Results

Source: www.gulfoilandgas.com 8/23/2012, 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 June 30, 2012.

"To 23 august 2012, PetroNova has made three hydrocarbon discoveries in the CPO Blocks, with plans to initiate extended testing on these wells and complete the drilling program in the Llanos Basin by first quarter of 2013," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "We have also made progress in the Putumayo Basin this quarter, such that we anticipate drilling in PUT-2 to commence by the end of 2012, or early 2013."

Since April 1, 2012, the Company has:
Announced an oil discovery at the Pendare 1 well in CPO-13, where the well flowed a cumulative 366 barrels of 14.4 API gravity oil during testing.

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.

Announced a non-brokered private placement of units for aggregate proceeds of $30 million of which $27 million will be collectively subscribed for by International Finance Corporation, a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund, LP.

Initiated an extended well test on the Puerto Gaitan well in CPO-6. Completed the Pilon-1 exploration well in CPO-7, which has been plugged and abandoned. Completed the Camaleon-1 exploration well in CPO-6, which has been plugged and abandoned.
Obtained an extension for the phase 1 exploration period of the PUT-2Block to February 2013.
Completed processing of 109 km2 of 3D seismic data in the Tinigua Block and has moved into phase 2 of the exploration program which includes drilling of exploration wells.

Completed processing of 203 km of 2D seismic data from the "El Tigre" area of CPO-13.

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

Commence drillingof thethreeremainingexploration wells in the Llanos Blocks with extended testing of discoveries.

Initiate drilling in the PUT-2 Block in the fourth quarter of 2012, upon receipt of the environmental license.

Complete interpretation of 109 km2 of 3D seismic data in the Tinigua Block and select the first exploratory well location


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