CALGARY, May 30, 2011 /CNW/ -- CALGARY, May 30, 2011 /CNW/ -
PetroNova Inc. ("PetroNova" or the "Company") (TSXV: PNA), a
company engaged in the exploration and development of oil and
natural gas resources in Colombia, today announced its operational
and financial results for the three month period ended March 31,
2011. All amounts are in US dollars unless otherwise specified.
"PetroNova made noteworthy progress this quarter by using
previously acquired seismic to identify new leads and prospects,"
said Antonio Vincentelli, President and Chief Executive Officer of
PetroNova. "Based on this work, and by shooting additional ongoing
seismic, PetroNova has further characterized its assets in
preparation for drilling later this year." PetroNova's unaudited
condensed interim consolidated financial statements for the three
months ended March 31, 2011, together with the notes thereto, and
the related management's discussion and analysis for the period
then ended, are available on the Company's profile at
www.sedar.com. Highlights for the quarter ending March 31, 2011:
-- Completed the interpretation of 100 km 2D seismic
acquired in the Putumayo 2 (PUT-2) block in 2010, as well as
seismic lines exchanged with a neighboring block, resulting in the
confirmation of the five original prospects, the identification of
three new leads and the selection of six potential drilling
locations. -- Contracted approximately100 km(2) of 3D seismic to
optimize the drilling locations in the Canelo Sur and Nogal
Prospects and surrounding areas and define additional drilling
opportunities in the PUT-2 block. -- Confirmed two prospects in the
CPO-06 block. Environmental permits for the prospects are ongoing
with plans to commence drilling during the third quarter of 2011.
-- Confirmed one prospect and identified one new prospect through
the ongoing interpretation of the seismic acquired in the CPO-07
block. -- Identified additional prospects and leads through the
ongoing interpretation of the seismic acquired in the CPO-13 block.
Highlights subsequent to March 31, 2011: -- Additional prospects
and leads have been identified and mapped through the ongoing
interpretation in the CPO-06, CPO-07 and CPO-13 blocks, currently
accounting for a total of two, nine and four prospects and six, ten
and eight leads, respectively. 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: -- Complete a campaign of approximately 100 km(2 )of
3D seismic on the PUT-2 block to optimize the exploratory drilling
locations and initiate the drilling of its first exploratory well
on this block in the fourth quarter of 2011 with a second well
scheduled for 2012. -- Initiate the 109 km(2 )3D seismic program on
the Tinigua block during July of 2011. Drilling of the first
exploratory well on the Tinigua Block is scheduled for early 2012,
with a second well to follow later that year. -- Initiate a three
well drilling campaign in the CPO-6 block in the third quarter of
this year. The Company has already selected the first two prospects
to be drilled. -- Initiate a three well drilling campaign in the
CPO-07 block in the third quarter of this year. Of the first three
prospects to be drilled, two are related to the Caracara field's
geological trend and is one related to the Ocelote and Quifa
geological trends. -- Shoot the remaining 2D seismic on block
CPO-13 (in the "El Tigre" indigenous community), adjacent to the
producing South-West Quifa area operated by Pacific Rubiales, and
start a three well drilling campaign early next year. Summary
Financial Information:
_____________________________________________________________________
|SELECTED | Year ended| Three months ended March| |FINANCIAL | | |
|INFORMATION | | |
|_______________|______________|______________________________________|
|(US$, except | 2010| 2011| 2010| |shares and data| | | | |per
share) | | | |
|_______________|______________|________________|_____________________|
|Revenues | | | 44,400| | | 168,418| 81,655| |
|_______________|______________|________________|_____________________|
|Net Income | (4,300,282)| (2,755,894)| 280,751| |(Loss) | | | |
|_______________|______________|________________|_____________________|
|Income (Loss) | (0.07)| (0.02)| 280,75| |per share | | | |
|_______________|______________|________________|_____________________|
|Weighted | 59,460,003| 165,301,302| 1,000| |average shares | | | |
|_______________|______________|________________|_____________________|
| | | | |
|_______________|______________|________________|_____________________|
|Working Capital| 58,507,024| 50,110,297| (17,845,659)|
|_______________|______________|________________|_____________________|
|Cash and | 60,710,250| 52,035,408| 67,096| |equivalents | | | |
|_______________|______________|________________|_____________________|
|Exploration and| 21,450,975| 22,555,332| 9,841,303| |evaluation |
| | | |assets | | | |
|_______________|______________|________________|_____________________|
|Block deposits | 7,913,610| 13,191,427| 7,728,800|
|_______________|______________|________________|_____________________|
|Total assets | 91,350,206| 89,578,291| 19,276,550|
|_______________|______________|________________|_____________________|
|Bank loans | | 513,700| | | | 940,031| | 0|
|_______________|______________|________________|_____________________|
|Shareholders' | 88,354,726| 86,021,916| (234,564)| |equity | | | |
|(Deficiency) | | | |
|_______________|______________|________________|_____________________|
Annual and Special Meeting of Shareholders PetroNova's Annual and
Special Meeting of Shareholders will be held at the offices of
Borden Ladner Gervais LLP, the Howard Boardroom, Centennial Place,
East Tower, 1900, 520 - 3(rd) Avenue S.W., Calgary, Alberta T2P
0R3, at 3:00 p.m. (Calgary time) on Monday, June 13, 2011. About
PetroNova The Company, through its subsidiaries, is engaged in the
exploration for, and the acquisition and development of, oil and
natural gas resources in South America, specifically in Colombia.
The Company's assets currently include the Company's interests in
the PUT-2 and the Tinigua blocks located in the Caguan-Putumayo
Basin in Colombia, both of which are operated by the Company, and
the non-operated CPO-06, CPO-07 and CPO-13 blocks located in the
Llanos Basin in Colombia. The common shares of the company trade on
the TSX Vesture Exchange under the stock symbol "PNA".
Forward-Looking Information Certain statements contained in this
press release constitute forward-looking statements. These
statements relate to future events or the Company's future
performance. All statements other than statements of historical
fact are forward-looking statements. The use of any of the words
"anticipate", "intend", "plan", "continue", "estimate", "budget",
"targeting", "project", "expect", "may", "will", "might", "should",
"could", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking statements.
Such statements represent the Corporation's internal projections,
estimates, expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Management believes the expectations reflected in these
forward-looking statements are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this press release should
not be unduly relied upon. These statements speak only as of the
date of this press release. In particular, this press release
contains forward-looking statements pertaining to the Company's
future exploration and development activities and the timing
thereof, including the Company's seismic acquisition and drilling
plans. With respect to forward-looking statements contained in this
press release, assumptions have been made regarding, among other
things: general economic, market and business conditions in
Colombia and globally; future crude oil and natural gas prices; the
continued availability of capital, undeveloped lands and skilled
personnel; the ability to obtain equipment in a timely manner to
carry out exploration and development activities; the regulatory
framework governing royalties, taxes and environmental matters in
Colombia and any other jurisdictions in which the Company may
conduct its business in the future; the ability of the Company to
obtain the necessary approvals, permits and licences to conduct its
operations; future capital and exploration expenditures to be made
by the Company; future sources of funding for the Company's
exploration program; the geography of the areas in which the
Company is exploring; and adequate weather and environmental
conditions. Actual results could differ materially from those
anticipated in these forward-looking statements as a result of
certain risk factors, including, but not limited to: general
economic, market and business conditions; risks related to the
exploration, development and production of oil and natural gas;
risks inherent in the Company's international operations, including
security and legal risks in Colombia; risks related to the timing
of completion of the Company's projects; competition for, among
other things, capital, the acquisition of resources and skilled
personnel; actions by governmental authorities, including changes
in government regulation and taxation; the failure of the Company
to obtain the necessary approvals, permits and licences to conduct
its operations; environmental risks and hazards; the availability
of capital on acceptable terms; the failure of the Company or the
holder of certain licenses or leases to meet specific requirements
of such licenses or leases; adverse claims made in respect of the
Company's properties or assets; failure to engage or retain key
personnel; geological, technical, drilling and processing problems,
including the availability of equipment and access to properties;
failure by counterparties to make payments or perform their
operational or other obligations to the Company in compliance with
the terms of contractual arrangements between the Company and such
counterparties; and the other factors discussed under the heading
"Risk Factors" in the Company's annual information form for the
year ended December 31, 2010 and the Company's other continuous
disclosure documents filed from time to time with applicable
securities regulatory authorities in Canada and which may be
accessed on the PetroNova's SEDAR profile at www.sedar.com. Readers
are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking statements included in this press
release are expressly qualified by this cautionary statement and
are made as of the date of this press release. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/May2011/30/c8887.html
table border="0" valign="top" tr td Antonio
Vincentelli br/ iPresident & Chief
Executive Officer /ibr/ 954 317
3990 br/ a
href="mailto:antonio.vincentelli@petronova.com"antonio.vincentelli@petronova.com/a
/td td br/ br/ br/ /td td Stelvio Di
Ceccobr/ iChief Financial Officer/ibr/ 954 317 3990br/ a
href="mailto:stelvio.dicecco@petronova.com"stelvio.dicecc/aa
href="mailto:stelvio.dicecco@petronova.com"o/aa
href="mailto:stelvio.dicecco@petronova.com"@petronova.com/a /td /tr
tr td /td td /td td /td /tr tr td David
Feickbr/ Investor Relationsbr/ 403-218-2839br/ a
href="mailto:dfeick@equicomgroup.com"dfeick@equicomgroup.co/aa
href="mailto:dfeick@equicomgroup.com"m/a /td td br/ br/
/td td br/ br/ /td /tr /table p /p
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