CALGARY,
Jan. 8, 2014 /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, is pleased to announce
that the Colombian Environmental Licenses Authority has granted
PetroNova an environmental license for the Tinigua Block located in
Colombia's Caguan-Putumayo Basin.
The license allows PetroNova to drill a maximum of 20 exploratory
wells from five different platforms, and install surface facilities
for extended testing as required.
"Receiving this license is a fundamental
milestone for PetroNova as it enables us to advance our exploration
drilling program towards this high-impact asset within our
portfolio," said Antonio
Vincentelli, President and CEO of PetroNova. "With the
issuance of this license, all four of PetroNova's blocks have been
granted environmental licenses and are ready for exploration
drilling. As we proceed with drilling in the PUT-2 Block, we
continue preparatory work in the Tinigua Block in anticipation of
spudding the first exploratory well on the Tinigua prospect."
PetroNova is the operator of the Tinigua Block
and holds a 90% working interest. Petrotech Engineering Ltd.
("Petrotech") prepared an independent resource assessment report
for PetroNova as of February 28, 2013
(the "Petrotech Report") in which the Tinigua prospect was assigned
best estimate (P50) Prospective Resources of 143 million barrels of
oil net to PetroNova's working interest.
The first exploratory A3 well will target both
the tertiary Mirador Formation and the Cretaceous age Macarena
Group with a total depth of approximately 6,500 feet in a large
fault propagation fold structure confirmed by a high quality 3D
seismic survey.
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.
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. 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, 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.