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PetroNova provides update on the Guasco-1 well on CPO-13

Monday, Jan 28, 2013

CALGARY, Jan. 25, 2013 /CNW/ - PetroNova Inc. ("PetroNova" or the "Company") (TSXV: PNA), a company engaged in the exploration and development of oil and natural gas resources in Colombia, today provided an update on its Guasco-1 exploratory well located on the CPO-13 Block (in which PetroNova has 20 percent working interest) in Colombia's Llanos Basin.

The Guasco-1 exploration well was spud on January 8, 2013 and reached a total depth of 3,114 feet on January 15, 2013. The well found poor sand development in the Upper Carbonera Basal section, which was the primary target; however, mud log and petrophysical interpretation indicated a potential prospective zone in the C5 sands. The 2,711 to 2,717 foot interval was perforated and tested, and yielded 100 per cent basic sediment and water. The Operator is presently abandoning the well.

PetroNova will continue its drilling campaign and plans to move the rig to the Cayabana prospect in CPO-07.

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".

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.

Source: PetroNova Inc.

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