PetroNova announces 2011 Year End Results; Anthony Lambert elected as Chairman of the Board
16 April 2012 - 1:28AM
PR Newswire (Canada)
CALGARY, April 18, 2012 /CNW/ - PetroNova Inc. ("PetroNova" or the
"Company") , 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 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." PetroNova's audited consolidated
financial statements as at and for the years ended December 31,
2011 and 2010, together with the notes thereto, and the related
management's discussion and analysis for the periods then ended,
will be available under the Company's profile on SEDAR at
www.sedar.com. 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 Summary Financial Information:
____________________________________________________________________
| SELECTED | | | | | FINANCIAL |Year ended |Year ended |Three
months ended December| | INFORMATION | | | |
|________________|___________|___________|___________________________|
|(US$, except | | | | | |shares and data | 2011 | 2010 | 2011 |
2010 | |per share) | | | | |
|________________|___________|___________|___________|_______________|
|Revenues | 312,138 | 168,418 | 54,296 | 23,586 |
|________________|___________|___________|___________|_______________|
|Net loss |(7,024,062)|(4,300,282)|(1,384,757)| (2,392,785) |
|________________|___________|___________|___________|_______________|
|Loss per share | (0.04) | (0.07) | (0.01) | (0.02) |
|________________|___________|___________|___________|_______________|
|Weighted average| | | | | |shares | | | | | |outstanding
|165,301,302|59,460,003 |165,301,302| 119,209,867 | |(basic and | |
| | | |diluted) | | | | |
|________________|___________|___________|___________|_______________|
_____________________________________________________________________
| | 2011 | 2010 |
|_______________________________________________|__________|__________|
|Exploration expenditures |19,501,259|17,719,472|
|_______________________________________________|__________|__________|
|Block deposits |4,997,925 |7,913,610 |
|_______________________________________________|__________|__________|
|Bank loans | - | 940,031 |
|_______________________________________________|__________|__________|
|Shareholders' equity |82,230,476|88,354,726|
|_______________________________________________|__________|__________|
|Cash and equivalents and short-term
investments|36,980,160|60,710,250|
|_______________________________________________|__________|__________|
|Total assets |86,043,274|91,350,206|
|_______________________________________________|__________|__________|
|Working Capital |34,129,086|58,507,024|
|_______________________________________________|__________|__________|
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 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 Venture Exchange under the stock symbol
"PNA". 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. 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 Company'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, and statements
pertaining to the receipt of an updated resource report. 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, 2011 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. PetroNova Inc. CONTACT: Antonio
VincentelliPresident & Chief Executive Officer 954 317
3990antonio.vincentelli@petronova.comStelvio Di CeccoChief
Financial Officer954 317 3990stelvio.dicecco@petronova.comAbby
GarfunkelInvestor Relations403-218-2887agarfunkel@equicomgroup.com
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