CALGARY, June 5, 2013 /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
successful test results for the Atarraya-4 delineation well located
on the CPO-7 Block (in which PetroNova has a 20 percent working
interest) in Colombia's Llanos
Basin.
"These are encouraging results for our first
step-out well as we work to determine the extent of the Atarraya
Discovery," said Antonio
Vincentelli, Chief Executive Officer of PetroNova. "In view
of this successful result our next steps include the drilling of
the Atarraya-3 directional well from the same pad to further
delineate the discovery to the northeast."
The Atarraya-4 is a directional well drilled
from the Atarraya-1 surface pad, to a bottomhole location 2,625 ft.
southwest from Atarraya-1, where a hydrocarbon discovery was
announced on May 9, 2012. The
Atarraya-4 well spud on April 27th,
2013 and reached a total vertical depth of 4,841 ft. (5,640
ft. MD) on May 7, 2013 without
incidents. Mud and electric logs indicated the presence of a 25 ft.
of net oil sand at the top of the C7 Carbonera unit. Production
casing was run and cemented. The well was tested utilizing both
hydraulic (jet pump) and electro submersible pumps (ESP).
Production tests of the 5,204'-5,221'
gravel-packed interval, at the top of the Carbonera unit, yielded
1,000 barrels of fluid per day with an 11.2% watercut; net
production of 880 BOPD of 21.4 °API oil at a relatively low ESP
frequency of 32 Hertz.
The Atarraya-4 well was completed in the upper
C7 sand of the Carbonera formation and it is expected that an
extended production test will be performed after the necessary
permits are obtained from the Ministry of Mines and Energy
(Colombia).
The Atarraya-4 well is the fifth well drilled in
the drilling campaign on the CPO-7 Block which is operated by
Tecpetrol Colombia, in which PetroNova has a 20 percent working
interest. It is anticipated that PetroNova and the Operator will
continue their program by drilling the Atarraya-3 directional well
from the same pad, to a bottom hole location 2,296 ft. northeast
from the Atarraya-1 location.
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 drilling plans and completion of an
extended production test on the Atarraya-4 well, and the receipt of
the necessary required permits from the Ministry of Mines and
Energy (Colombia). With respect to
forward-looking statements contained in this press release,
assumptions have been made regarding, among other things: the
receipt, in a timely manner, of required approvals and permits,
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: the failure
to obtain, in a timely manner, the required approvals and permits,
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, 2012 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.