CALGARY,
Nov. 21, 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 its operational and financial results for the three
and nine months ended September 30,
2013.
"During the third quarter, PetroNova focused our
exploration and development activities in the Llanos basin and
entered into a strategic partnership, favorably positioning the
Company to explore our assets in the Putumayo Basin," said
Antonio Vincentelli, President and
Chief Executive Officer of PetroNova. "Subsequent to quarter-end,
PetroNova reached a major milestone by spudding our first well on
the PUT-2 Block, and we remain very excited by potential of this
well."
PetroNova's condensed interim consolidated
financial statements as at and for the three and nine months ended
September 30, 2013 and 2012, together
with the notes thereto, and the related management's discussion and
analysis for the three and nine months then ended, are available
under the Company's profile on SEDAR at www.sedar.com.
Since July 1, 2013, the
Company:
- Produced 28,807 barrels (gross) of oil from extended production
testing and sold 27,934 barrels
- Focused its participation in the Llanos Blocks by relinquishing
its 20 per cent non-operating interest in the CPO-6 Block to
Tecpetrol, the operator of the block
- Received Agencia Nacional de Hidrocarburos ("ANH")
approval to extend the Phase 1 exploration period for PUT-2
to May 14, 2014
- Entered into an agreement with Suroco whereby Suroco acquired a
25 percent interest in the PUT-2 Block
- Spud Canelo Sur-2, its first exploratory well on the PUT-2
Block, which reached a depth of 7,800 feet as at November 21, 2013
- Completed improvements of existing roads in preparation for
drilling the first exploratory well on 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 2013:
- Continue extended testing of discoveries on the CPO-7 and
CPO-13 Blocks
- Complete 2D seismic campaign on CPO-7 and commence 3D seismic
at Pendare and Atarraya
- Complete drilling the Canelo Sur-2 well on the PUT-2 Block
- Obtain an environmental license for the Tinigua Block to drill
a first exploratory well during Q2 2014
In Colombia,
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:
|
|
|
|
|
Year ended
|
|
Three months ended September 30,
|
(US$, except shares and data
per share) |
2012 |
|
2013 |
2012 |
Revenues |
186,388 |
|
43,102 |
33,708 |
Net Loss |
14,476,356 |
|
1,096,673 |
1,436,562 |
Loss per share |
0.08 |
|
0.01 |
0.01 |
Weighted average shares |
177,187,498 |
|
218,713,212 |
166,315,672 |
Working Capital |
25,833,938 |
|
15,869,266 |
31,485,540 |
Cash and equivalents and
short-term investments |
34,638,532 |
|
18,134,377 |
38,505,720 |
Exploration and evaluation
assets |
58,441,392 |
|
69,285,161 |
63,017,499 |
Block deposits |
5,176,340 |
|
5,284,182 |
5,534,636 |
Total assets |
105,542,768 |
|
102,158,407 |
114,657,819 |
Shareholders' equity |
94,748,646 |
|
95,954,326 |
105,046,681 |
On August 15, 2013, the Company
issued freely tradeable 14,516,130 common shares to settle its
obligation related to the conversion of the Cdn$4.5 million convertible promissory notes (the
"Notes") issued pursuant to the private placement completed
by the Company on September 28, 2012.
The Notes were converted into common shares of the Company at a
conversion price of Cdn$0.31 per
share.
________________________________
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 Llanos 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.
Caution Regarding Forward-Looking Statements and
Information:
Certain statements and information contained in
this press release constitute forward-looking statements and
information (collectively "forward-looking statements) within the
meaning of applicable securities laws. 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.
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 the extended testing of
discoveries on the CPO-7 and CPO-13 blocks. 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; the applicability of technologies for
recovery and production of the Company's oil and natural gas
resources and reserves; the recoverability of the Company's oil and
gas resources and reserves; 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, 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 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.