Rodinia Oil Corp. releases third quarter 2011 financial and operating results
27 Novembro 2011 - 5:45PM
PR Newswire (Canada)
CALGARY, Nov. 29, 2011 /CNW/ - - Rodinia Oil Corp. ("Rodinia")
today released its financial and operating results for the third
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. Third Quarter 2011
Highlights -- During the third quarter 2011, Rodinia remained
focused on the completion of its first exploration well,
"Mulyawara-1". Due to operational and mechanical issues, drilling
was substantially slower than anticipated. On October 13, 2011,
Rodinia announced that the well reached a total measured depth of
2,691.2 metres. As there was a washout in portions of the wellbore,
a definitive petrophysical interpretation of the deeper Pindyin
zone was not possible due to the poor quality of the wireline logs.
The decision was made to plug and abandon the well. -- Shows in the
Neoproterozoic Mundallio and Emeroo sandstones in Mulyawara-1 are
encouraging as they demonstrate an active mature petroleum system
capable of generating hydrocarbons. As well, the existence of
excellent reservoir quality rocks in the upper Neoproterozoic
formations was proven, with the Ediacaran Age Murnaroo sandstone
having an average log porosity of 18% (commonly up to 23%). Small
gas peaks and traces of hydrocarbon fluorescence exhibiting
blooming cut over discrete intervals were also encountered. --
Total capital expenditures for the three and nine months ended
September 30, 2011 totaled $11.1 million and $35.0 million
respectively as compared to the $0.2 million and $0.5 million
incurred in the same periods in 2010. The majority of expenditures
were incurred in South Australia associated with Rodinia's Phase
III seismic acquisition and interpretation program and drilling
preparation and drilling expenses. -- As at September 30, 2011,
Rodinia had a working capital surplus of $17.7 million with no
debt. Subsequent Events On October 13, 2011, Rodinia's Board of
Directors adopted a Shareholder Rights Plan (the "Rights Plan") to
ensure the fair treatment of shareholders in connection with any
take-over offer for Rodinia, and to provide the Board of Directors
and shareholders with additional time to fully consider any
unsolicited take-over bid. On November 10, 2011, the Rights Plan
was approved by shareholders at Rodinia's Annual and Special
Meeting. On November 2, 2011, Rodinia spudded its second wildcat
exploration well, "Kutjara-1", located approximately 45 km
southeast of Mulyawara-1. 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. Rodinia Oil Corp.
CONTACT: Susan Showers, Manager, Investor RelationsRodinia Oil
Corp.Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P
2X6Telephone: (403) 718-0366Toll Free: (877) 822-7280Fax: (403)
718-3888Email: info@rodiniaoil.comWebsite: www.rodiniaoil.com
Copyright
(TSXV:ROZ)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
(TSXV:ROZ)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024
Notícias em tempo-real sobre da TSX Venture Exchange bolsa de valores: 0 artigos recentes
Mais Notícias de Rodinia Oil Corp.