CALGARY, July 22, 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 that,
through its subsidiary PetroNova Colombia Inc., it has entered into
an agreement with Suroco Energy Inc. ("Suroco") (TSX-V: SRN)
whereby Suroco's subsidiary Suroco Energy SLU has acquired a 25
percent interest in the PUT-2 Block (in which PetroNova had a 100
percent working interest) located in Colombia's Caguan-Putumayo Basin (the
"Block"). The 25 percent economic interest in the Block acquired by
Suroco will convert into a full 25 percent undivided working
interest in the Block upon approval by the Agencia Nacional de
Hidrocarburos of Colombia.
"PetroNova is excited to advance our drilling
program towards high-impact wells in our portfolio in association
with Suroco Energy Inc., a Colombian-focused partner with vast
regional knowledge and participation in the adjacent Alea 1947C
Block," said Antonio
Vincentelli, President and CEO of PetroNova.
"Additionally, we have started civil work at the Canelo Sur-2
prospect with plans to initiate drilling in the third quarter of
this year."
Under the terms of the agreement, Suroco Energy
SLU will acquire a 25 percent interest in the Block in exchange for
payment of US$3 million, associated
with the acquisition of the 2D and 3D seismic, and US$199,165, representing 25 percent of the back
costs incurred to date on the first well of the Block. Suroco
Energy SLU also agreed to pay the first US$6
million in costs for the first exploration well drilled on
the Block. If applicable, PetroNova Colombia Inc. will pay the next
US$3 million in costs of said well,
with additional costs funded by the parties based on their
respective interests in the Block.
PetroNova also announced that the Colombian
Ministry of Environment has granted environmental permits for
Canelo-Nogal and Canelo-Norte regions of the Block on December 20, 2012 and January 31, 2013, respectively. PetroNova has
reached the necessary agreements with the local communities to
initiate civil work, which is now underway. PetroNova plans to spud
Canelo Sur-2, the first exploratory well on the Block, in Q3 2013,
once civil work is complete and the secured drilling rig has been
mobilized. The Canelo Sur-2 well targets a large four-way closure
identified, along with other prospective features, by a 3D seismic
survey acquired in 2011.
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; not obtaining the necessary
approvals for the conversion of the 25 percent economic interest in
the Block into a full 25 percent undivided working interest in the
Block; 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.