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PetroNova provides update on the Matamata-1 well on CPO-07

Wednesday, Nov 14, 2012

CALGARY, Nov. 12, 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 provided an update at its Matamata-1 exploratory well located on the CPO-07 Block (in which PetroNova has 20 percent working interest) in Colombia's Llanos Basin.

The Matamata-1 exploration well was spud on November 1, 2012 and reached a total depth of 4,040 feet on November 9, 2012 without incident. Good sand development in the C5 and C7 Intervals of the Carbonera Formation were identified, however, as petrophysical interpretation resulted in low resistivity and high water saturation for the objective C7 and C5 sands, the Operator is presently abandoning the well.

"The Matamata-1 well completes PetroNova's Phase I exploration plan for the CPO-07 Block, which resulted in one hydrocarbon discovery at the Atarraya-1 well in May 2012," said Antonio Vincentelli, Chief Executive Officer of PetroNova. "We are currently preparing to move the rig to CPO-13 to drill Arowana, our next prospect in the Llanos Basin drilling campaign."

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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