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PetroNova Provides Update on Cayabana-1 Well on CPO-07

PetroNova Inc. (PNA.V) provided an update on the Cayabana-1 exploratory well located on the CPO-07 Block (in which PetroNova has a 20% working interest) in Colombia's Llanos Basin.

The Cayabana-1 exploratory well was spud on February 17, 2013 and reached a total depth of 3,435 feet on February 23, 2013. The well found 10 feet of oil-bearing sand at the Top of the Upper Basal Carbonera section. PetroNova estimates that the presence of this sand could be interpreted as the continuation of the Cajua heavy oil field, currently being developed in the adjoining Quifa Block.

Production casing was run and cemented. The primary cement job had to be repaired by squeeze-cementing as an abnormally washed-out section and caved-in borehole prevented a good seal behind the casing. A window was opened, under-reamed and gravel-packed to test the prospective zone. The well flowed formation water and up to 2% of 13.2 API oil and emulsions. PetroNova interpreted a build-up of pressure as significant formation damage, believed to be emulsion blockage, which is hindering oil flow from the formation.

The well has been temporarily suspended in order to analyze and interpret all the information obtained and evaluate alternatives for remediation work.

Cayabana-1 is the fourth well drilled in the CPO-07 Block, where a discovery at the Atarraya-1 well was announced on May 9, 2012. PetroNova and the Operator will continue their drilling campaign and plan to move the rig to the Pendare-2 well in CPO-13 Block.

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 views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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