Rodinia Oil Corp. Releases First Quarter 2011 Financial and Operating Results
15 June 2011 - 12:54PM
Marketwired
Rodinia Oil Corp. ("Rodinia") (TSX VENTURE: ROZ) today released its
financial and operating results for the first quarter of 2011. A
copy of Rodinia's unaudited condensed consolidated financial
statements and related management's discussion and analysis
("MD&A") can be accessed either at www.sedar.com or on
Rodinia's website
(http://rodiniaoil.com/investor_info/financial_reports.php).
First Quarter 2011 Highlights
-- On March 3, 2011, Rodinia announced it had entered into a Deed of Access
with the Australian Department of Defence allowing Rodinia access to
explore within the Woomera Prohibited Area ("WPA") within PEL 81 in
South Australia. This access to the WPA was necessary, subject to
various terms and conditions, in relation to notification of timing for
access, people entering and equipment to be used during seismic survey.
Approximately 400 kilometres of 2D seismic was acquired throughout the
WPA in the first quarter of 2011.
-- On March 29, 2011 Rodinia's announced that its Board of Directors had
approved a 2011 capital expenditure budget of $42.0 million net to
Rodinia ($52.5 million gross) to include the drilling of up to four
exploratory wells and the completion of its Phase III seismic
acquisition program.
-- With a working capital surplus at March 31, 2011 of $44.3 million,
Rodinia is well positioned to execute on its 2011 exploration drilling
program.
-- Total expenditures of $9.5 million for the three months ending March 31,
2011 were incurred in South Australia associated with Rodinia's Phase
III seismic acquisition and interpretation program and drilling
preparation expenses.
-- Rodinia acquired approximately 1,350 kilometres of 2D seismic during the
first quarter of 2011 as part of the Phase III seismic program. Much of
this seismic activity was covering Rodinia's proposed 2011 drill targets
located in PEL 81 and PEL 253 and was acquired specifically to define
those structures and drilling locations.
Subsequent Events
-- On April 20, 2011 Rodinia announced the mobilization of Ensign Australia
Pty. heavy triple Rig #16 to the Officer Basin.
-- Rodinia announced in May 2011 that EnSearch, its joint venture partner,
was no longer under Administration. EnSearch obtained new financing and
as a result, Rodinia believes that EnSearch will continue to be able to
meet its ongoing future financial obligations under its various joint
operating agreements.
-- On the morning of June 9, 2011 Australian Central Standard Time, Rodinia
began drilling Mulyawara 1 and it is expected to take approximately six
to eight weeks to reach total depth after which prospective hydrocarbon
shows will be tested. Rodinia has an 80% working interest in this well
and prospect, and is the operator.
-- On June 9, 2011, Rodinia announced its second drilling location, Kutjara
1, which has recently been hi-graded and re-confirmed by additional 2D
seismic lines. Kutjara 1 is located in the west-central portion of PEL
253 approximately 35 kilometres southeast of Mulyawara 1.
-- To date, Rodinia has completed 2,534 kilometres of 2D seismic in PEL 81
and PEL 253 as part of the Phase III seismic program and plans to
complete recording by the end of June 2011.
About Rodinia Oil Corp.
Rodinia is an international oil and gas exploration corporation.
The Common Shares and Warrants are listed for trading on the TSX
Venture Exchange under the symbols "ROZ" and "ROZ.WT" respectively.
Rodinia is engaged in the exploration, acquisition and development
of petroleum and natural gas assets in Australia's Officer Basin.
Founded in 2006, Rodinia has access to large tracts of exploratory
lands and is one of the first companies to undertake exploration in
the Officer Basin. Rodinia has offices in Calgary, Alberta and
Adelaide, South Australia.
Forward-Looking Statements
This press release may contain forward-looking information that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Rodinia, including, without
limitation, statements pertaining to Rodinia's drilling plans and
operations. All statements included herein, other than statements
of historical fact, are forward-looking information and such
information involves various risks and uncertainties. There can be
no assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used
to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially
from forward-looking information can be found in Rodinia's
disclosure documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this release
and, other than as required by applicable securities laws, Rodinia
does not assume any obligation to update or revise them to reflect
new events or circumstances.
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.
Contacts: Rodinia Oil Corp. Susan Showers Manager, Investor
Relations (403) 718-0366 or Toll Free: (877) 822-7280 Rodinia Oil
Corp. Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P 2X6
(403) 718-3888 (FAX) info@rodiniaoil.com www.rodiniaoil.com Media
inquiries: Shauna MacDonald Brookline Public Relations (403)
538-5645 smacdonald@brooklinepr.com
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