CALGARY, Nov. 23, 2012 /CNW/ - PetroNova Inc.
("PetroNova" or the "Company") (TSX-V: 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
quarter ended September 30, 2012.
"PetroNova successfully closed a CAD$30 million private placement this quarter,
which enables the progression of our active exploration program,"
said Antonio Vincentelli, President
and Chief Executive Officer of PetroNova. "We expect to drill eight
additional exploration wells through mid-2013".
PetroNova's condensed consolidated interim
financial statements as at and for the quarters ended September 30, 2012 and 2011, 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 July 1, 2012, the Company
has:
- Closed a non-brokered private placement of 46,153,845 units at
a purchase price of CAD$0.65
per unit for aggregate gross proceeds of approximately
CAD$30 million, of which
approximately CAD$27 million was
collectively subscribed for by International Finance Corporation, a
member of the World Bank Group, and the IFC African, Latin American
and Caribbean Fund, LP
- Drilled the Matamata-1 exploration well in CPO-7, which has
been plugged and abandonedStarted extended testing of the
Atarraya-1 well. The Atarraya-1 well has been tested since
October 16, 2012 with a cumulative
gross production of 24,775 barrels of crude oil to date, with a
BS&W of 47%, and a current gross production of 639 BOPD
(PetroNova´s working interest in this well is 20%).
- Continued extended testing of the Puerto Gaitán-1 well. The
Puerto Gaitán-1 well has been tested since June 15, 2012 with a cumulative gross production
of 36,505 barrels of crude oil to date, with a BS&W of 58%, and
a current gross production of 199 BOPD (PetroNova´s working
interest in this well is 20%).
- Announced an oil discovery at the Pendare-1 well in
CPO-13.
- Drilled the Matamata-1 exploration well in CPO-7 (PetroNova´s
working interest in this well is 20%), which has been plugged and
abandoned
- Obtained an extension for the phase 1 exploration period of the
PUT-2 Block to February 2013Signed a final agreement with the
Environmental Ministry, and the Villa Catalina and Alpamanga
indigenous communities, a pre-requisite to obtain the environmental
license in the Canelo Norte area of the PUT-2 Block
- Obtained an extension for the phase 1 exploration period of the
PUT-2 Block to February 2013
Outlook:
PetroNova is continuing with its scheduled
exploration plans and commitments and anticipates the following
activities to occur in the remainder of 2012:
- Complete drilling of the Arowana prospect on the CPO-13 Block
and continue the drilling campaign.
- Receipt of the PUT-2 environmental license, with plans to
initiate drilling in the PUT-2 Block in the second quarter of
2013.
- Receipt of the Tinigua environmental license, with plans to
initiate drilling in the Tinigua Block in the second quarter of
2013.
- Continue extended testing and evaluation in Puerto Gaitan-1 and Atarraya-1 wells.
- In Colombia, the extractive
industries are experiencing delays in the process of acquiring
drilling permits. While the Company continues to progress its
exploration drilling program, part of this progress is dependent
upon receipt of such government approvals or permits.
Summary Financial Information:
|
Three months ended September |
Year
ended |
(US$, except shares and data
per share) |
2012 |
2011 |
2011 |
Revenues |
33,708 |
99,175 |
312,138 |
Net Loss |
(1,436,562) |
(1,379,449) |
(7,024,062) |
Loss per share |
(0.01) |
(0.01) |
(0.04) |
Weighted average shares |
166,315,672 |
165,301,302 |
165,301,302 |
Working Capital |
31,485,540 |
41,635,473 |
34,129,086 |
Cash and equivalents and
short-term investments |
38,505,720 |
43,710,654 |
36,980,160 |
Exploration and evaluation assets |
63,017,499 |
34,895,547 |
40,952,234 |
Block deposits |
5,534,636 |
5,124,983 |
4,997,925 |
Total assets |
114,657,819 |
86,452,411 |
86,043,274 |
Shareholders' equity |
105,046,681 |
83,346,205 |
82,230,476 |
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.
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.
SOURCE PetroNova Inc.