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

Wednesday, Dec 19, 2012

CALGARY, Dec. 18, 2012 /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 Tornado-1 exploration well located on the CPO-13 Block (in which PetroNova has a non-operating, 20 percent working interest) in Colombia's Llanos Basin.

The Tornado-1 exploration well, spud on December 11, 2012, reached total depth of 3,315 feet on December 16, 2012. Good sand development was encountered in both target zones, the Basal Sands of the Carbonera Formation and the Eocene Mirador Formation. Despite  some oil shows in the Mirador Sand sequence, wireline logs acquired after drilling measured low resistivities in both formations and the identified reservoirs were interpreted as water bearing. Tornado-1 will be plugged and abandoned.

Tornado-1 is the third well drilled in the CPO-13 Block, where a discovery at the Pendare-1 well was announced on July 25, 2012. Drilling the Tornado-1 well fulfilled the obligations of PetroNova and the Operator under the Phase 1 exploration program, required in the exploration and production contract with the ANH and Phase 1 is now complete. PetroNova and the Operator will continue their drilling campaign and plan to move the rig to the Guasco Prospect in the CPO-13 Block.

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 Inc.

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