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Petronova Begins Four Well Program at Pendare

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   |    Thursday,November 20,2014

PetroNova Inc. has 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).

Antonio Vincentelli, President and CEO of PetroNova said: "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.

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 ."

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

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.