CALGARY, Nov. 20, 2014 /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,
2014 and that it has spud the first of four planned wells at
its Pendare discovery on the CPO-13 Block (in which PetroNova has
20 percent working interest).
"PetroNova is excited to commence our four well drilling
campaign at the Pendare discovery, where encouraging preliminary 3D
seismic data suggests a larger trend than we previously thought,"
said Antonio Vincentelli, President
and CEO of PetroNova. "PetroNova is also looking forward to
initiating a four exploratory well drilling campaign at El Tigre to
assess the extension of the Quifa SW trend onto our CPO-13 Block by
the end of November 2014."
PetroNova's consolidated interim financial statements as at and
for the three and nine months ended September 30, 2014 and 2013, together with the
notes thereto, and the related management's discussion and analysis
for the periods then ended, will be available under the Company's
profile on SEDAR at www.sedar.com.
Since July 1, 2014, the
Company:
- Secured a rig and, on November 17,
2014, spud the first of four planned wells at the Pendare
discovery on the CPO-13 Block.
- Received the environmental license for the El Tigre area and
secured an additional rig to initiate its four exploratory well
drilling campaign at El Tigre on the CPO-13 Block by the end of
November 2014.
- Continued interpretation of additional 2D and 3D seismic data
recently acquired in the CPO-7 and CPO-13 Blocks.
- For the three months ended September 30,
2014, produced 27,171 barrels (gross) of oil from its
extended production testing in CPO-7 and CPO-13 and sold 32,018
barrels.
- In the Tinigua Block, the Company continued the socialization
process of its environmental license and an environmental
management plan (PMA).
- Entered into phase 2 of the exploration program on the PUT-2
Block, which includes commitments to drill two exploratory wells
and acquire, process and interpret 10 km2 of 3D seismic within the next three years. PetroNova
completed the seismic acquisition during phase 1, which the ANH
recognizes as fulfillment of part of PetroNova's phase 2
commitments.
- Successfully completed a non-brokered private placement for
gross proceeds of $8 million, issuing
28,571,428 common shares of the Company, to fund a step out and
exploratory drilling campaign in the Pendare discovery and its
trend, based on the 3D seismic recently acquired.
- Appointed Marcel Apeloig to serve as a Director of the
Board
Summary Financial Information:
|
Year
ended
|
Three months ended
September
|
(US$, except
shares and data per share)
|
2013
|
2014
|
2013
|
Revenues
|
165,583
|
34,646
|
43,102
|
Net Loss
|
4,750,465
|
1,349,543
|
1,096,673
|
Loss per
share
|
0.02
|
0.01
|
0.01
|
Weighted average
shares(1)
|
216,943,437
|
247,321,355
|
218,713,212
|
Working
Capital
|
4,623,746
|
7,599,025
|
15,869,266
|
Cash and equivalents
and short-term investments
|
13,195,300
|
10,993,215
|
18,134,377
|
Exploration and
evaluation assets
|
79,398,125
|
65,419,783
|
69,285,161
|
Block deposits
(short- and long-term)
|
5,316,009
|
5,346,816
|
5,284,182
|
Total
assets
|
107,288,803
|
89,542,165
|
102,158,407
|
Shareholders'
equity
|
94,637,935
|
79,319,201
|
95,954,326
|
(1) Total outstanding common shares as at
November 20, 2014 is 254,542,705
Outlook:
PetroNova is continuing with its scheduled exploration plans and
commitments and anticipates the following activities to occur in
the remainder of 2014:
- Continue the extended testing of discoveries on the CPO-7 and
CPO-13 Blocks.
- Complete the interpretation of the 3D seismic at Pendare on the
CPO-13 Block and continue its four-well drilling campaign, which
includes three appraisal wells to delineate the Pendare discovery
and one exploratory well to explore its trend.
- Begin its four well exploratory drilling campaign at El Tigre
area to appraise the Quifa SW extension onto the CPO-13 Block.
- Complete the interpretation of the 3D seismic at Atarraya on
the CPO-7 Block.
- Continue the socialization process, complete an environmental
management plan and commence civil works to drill the first
exploratory well on the Tinigua Block.
- Conduct an updated surface and community survey of unexplored
central and southwestern areas of the PUT-2 Block to initiate
permitting processes.
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.
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
extended testing of discoveries on the Llanos Blocks; the
interpretation of the 3D seismic campaign at Atarraya and Pendare
and the drilling campaign on the CPO-7 and CPO-13 Blocks,
respectively; the drilling of eight wells in the Llanos Blocks; the
commencement of civil works to drill a first exploratory well on
the Tinigua Block; and the initiation of permitting processes on
the PUT-2 Block. 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 Annual Information Form 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.