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PetroNova Announces Oil Discovery at Puerto Gaitan 1 Well on CPO-06

02 Feb 2012

CALGARY, Feb. 1, 2012 /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 an oil discovery at its Puerto Gaitan 1 exploratory well located on the CPO-06 Block (in which PetroNova has 20 percent working interest) in Colombia's Llanos Basin.

"We are extremely encouraged by the discovery of hydrocarbons at PetroNova's first exploratory well and are eager to drill the additional prospects we have identified on CPO-06 and our other Blocks in the Llanos Basin," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "As we conduct further tests on this well, we intend to proceed with drilling two additional exploratory wells on the CPO-6 Block."

The Puerto Gaitan 1 well reached a total depth of 6,400 feet without incident. Mud log and petrophysical interpretation identified the presence of hydrocarbons in the upper sands of the Mirador Formation and in the lower and middle C7 sands of Carbonera Formation.

The objective lower C7 sand of the Carbonera Formation underwent a 27 hour production test where the well flowed 23.4 degree API gravity oil at a rate of 367 barrels of oil per day (BOPD). Production tests in the Mirador Formation yielded 100% formation water with traces of oil in the upper sands. Deeper Cretaceous and Paleozoic sands were also tested, yielding 100% formation water.

The Puerto Gaitan 1 well will be completed in the C7 sand of the Carbonera Formation and an extended production test will be performed after Ministry of Mines & Energy permits are obtained.

The Puerto Gaitan 1 well is the first of a nine exploratory well drilling campaign on the CPO-06, CPO-07 and CPO-13 Blocks operated by Tecpetrol Colombia and in which PetroNova has 20 percent working interest. PetroNova will continue its exploratory drilling campaign and proceed to move the drilling rig to the second well site on its CPO-06 Block. After drilling a third exploratory well on CPO-06, PetroNova plans on drilling three exploratory wells on each of CPO-7 and CPO-13.

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 CPO-06, CPO-07 and CPO-13 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".


Source: PetroNova