PetroNova Provides Operational Update

Source: 2/16/2015, Location: South America

PetroNova Inc., a company engaged in the exploration and development of oil and natural gas resources in Colombia, today provided an operational update for its CPO-13 and Tinigua Blocks, in which PetroNova has a 20% and 40% working interest (WI), respectively.

"The CPO-13 Block has become the launching pad for reserve growth for the Corporation and hence the base for expanding our production capacity. The Pendare discovery is emerging as an attractive producer even under relatively harsh economic scenarios. Although we do not yet have conclusive flow tests, preliminary results from the Tillava wells suggest that a similar trapping mechanism of the contiguous fields are present in our block," said Antonio Vincentelli, PetroNova's President and CEO.

In the CPO-13 Block, during phase 2 of the exploration period the Company drilled five wells of an ongoing eight well drilling campaign; the remaining 3 wells have been postponed pending oil market conditions. The results of drilling are presented below:
Step-out drilling of the Pendare Discovery:

Three step-out wells were drilled to establish the Pendare accumulation extension towards the south, southwest and the northeast of the block.
The Pendare-4 well was spud on November 15, 2014 and drilled to 3,348 feet. The mud and electric logs indicated high water saturation in the targeted Basal Carbonera Sands. The well was temporarily plugged allowing its eventual conversion into a water disposal well to be used if necessary.

The Pendare-6 well was spud on December 1, 2014 and directionally drilled to 3,642 feet total depth ("TD"). The electrical logs indicate approximately 68 feet of net oil pay in two main sand sections: 25 feet corresponding to the targeted top of the Basal Carbonera Sands (the producing sand in the Pendare-1 and 2 wells) and 43 feet to a new sand not seen in the previous Pendare wells. Production casing was run at 3,637 feet and cemented, the lower interval was tested through perforations yielding 14.3° API oil, but sanded up soon after the test was initiated. A window was milled from 3,508 to 3,550 feet; under-reamed, gravel packed and retested using a jet pump. Stabilized flow was measured at 1,100 barrels of fluid per day ("BFPD") with 54% basic sediment and water. A total of 405 barrels of oil was produced during 40 hours of the jet pump tests. The well was equipped with an electric submersible pump ("ESP") and the drilling rig was moved to the Pendare 3H well. The Company plans to conduct an extended test after Agencia Nacional de Hidrocarburos ("ANH") approval is obtained.

Pendare-3H, a horizontal well, was spud on January 2, 2015 to optimize the production flow rates of the Pendare discovery. The well was drilled from the Pendare-2 well pad to 4,061 feet to the top of the Basal Carbonera Sands where intermediate casing was set. A horizontal leg was drilled to 5,454 feet measured depth ("MD"), cased with a slotted liner and tested using a jet pump. The test established a stabilized flow rate of about 446 barrels of oil per day ("bopd") of 14.2° API oil (89 bopd net to the Company before royalty) with a 62.7 % watercut. The watercut steadily decreased for the duration of the test from approximately 90% at the beginning of the test to 62.7% at the time the well was shut-in. A total of 417 barrels of oil was produced during 46 hours of the jet pump tests. The well has been equipped with an ESP and based on the estimated productivity index is expected to produce at rates in excess of those attained during the short hydraulic pump test.

Exploratory activity to corroborate the extension of the Trapping Mechanism:

Two exploratory wells were drilled to verify the extension of the trapping mechanism present in the contiguous field, both of which found the Carbonera Basal Sand (the producing sand in the adjoining field) to be oil-bearing:

The Tillava Este-1 well was spud on November 30, 2014 and drilled to 2,966 feet TD. The electrical logs, confirmed by side wall cores, indicated approximately 23 feet of net oil pay over a gross interval of approximately 49 feet in the Carbonera Basal Sands, however large washouts were detected at the pay area. Casing was run at 2,960 feet and cemented. A deeper sand from 2,839 to 2,845 feet, which had no oil indication from the side wall cores but exhibited some resistivity on logs, was perforated and tested water. The main oil-bearing sand was perforated and oil was recovered but sanded up soon after the test was initiated. A 41 foot window was milled, under-reamed, gravel-packed and tested with a jet pump recovering mostly water with 1 to 2% of heavy crude, typical of the wells in adjoining block. The rig was moved to the Tillav? Sur-1 location, rig-less logs were run in order to try to determine the origin of the water intrusion and are being interpreted at this time, nevertheless the logging tools were impregnated with crude oil.

The Tillava Sur -1 well was spud on January 7, 2015 and drilled to 2,903 feet. Good quality oil-bearing Carbonera Basal Sand was found between 2,671 and 2,683 feet. Casing was cemented and the well was tested with a jet pump through a seven foot milled and gravel packed window. The test yielded an unexpectedly low flow rate with only approximately 4% crude and the jet pump was found to be jam-packed with viscous heavy crude. Several alternatives are being considered to test the well again upon release of the drilling rig.

Other Activities on Block CPO-13:

The Pendare-1 well has been converted to a water injector as part of the environmental license commitments and the production installation upgrading program to handle the flow of the wells in extended testing.

The ANH has formally approved the farm-out of 50% of the Tinigua Exploration and Production Contract to Metapetroleum (a subsidiary of Pacific Rubiales Energy; refer to PetroNova´s press release dated February 28, 2014). The Company plans to initiate drilling in second half of 2015 once military support is obtained and socialization process completed.

PetroNova's working interest production (before royalties) for the third quarter of 2014 averaged 290 barrels of oil per day. Upon extended testing of Pendare-6 and Pendare-3H, production is expected to increase significantly.

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