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PetroNova announces third quarter 2012 results

Monday, Nov 26, 2012

CALGARY, Nov. 23, 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 its operational and financial results for the quarter ended September 30, 2012.

"PetroNova successfully closed a CAD$30 million private placement this quarter, which enables the progression of our active exploration program," said Antonio Vincentelli, President and Chief Executive Officer of PetroNova. "We expect to drill eight additional exploration wells through mid-2013".

PetroNova's condensed consolidated interim financial statements as at and for the quarters ended September 30, 2012 and 2011, together with the notes thereto, and the related management's discussion and analysis for the periods then ended, will be available under the Company's profile on SEDAR at www.sedar.com.

Since July 1, 2012, the Company has:

--  Closed a non-brokered private placement of 46,153,845 units at a purchase price of CAD$0.65 per  unit for aggregate gross proceeds of approximately CAD$30 million, of which approximately CAD$27 million was collectively subscribed for by International Finance Corporation, a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund, LP

--  Drilled the Matamata-1 exploration well in CPO-7, which has been plugged and abandonedStarted extended testing of the Atarraya-1 well. The Atarraya-1 well has been tested since October 16, 2012 with a cumulative gross production of 24,775 barrels of crude oil to date, with a BS&W of 47%, and a current gross production of 639 BOPD (PetroNova´s working interest in this well is 20%).

--  Continued extended testing of the Puerto Gaitán-1 well. The Puerto Gaitán-1 well has been tested since June 15, 2012 with a cumulative gross production of 36,505 barrels of crude oil to date, with a BS&W of 58%, and a current gross production of 199 BOPD (PetroNova´s working interest in this well is 20%).

--  Announced an oil discovery at the Pendare-1 well in CPO-13.

--  Drilled the Matamata-1 exploration well in CPO-7 (PetroNova´s working interest in this well is 20%), which has been plugged and abandoned

--  Obtained an extension for the phase 1 exploration period of the PUT-2 Block to February 2013Signed a final agreement with the Environmental Ministry, and the Villa Catalina and Alpamanga indigenous communities, a pre-requisite to obtain the environmental license in the Canelo Norte area of the PUT-2 Block

--  Obtained an extension for the phase 1 exploration period of the PUT-2 Block to February 2013

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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