PetroNova

PetroNova operates and holds a 75% and 40% working interest (" W.I.") in the PUT-2 and Tinigua blocks in the Cagun-Putumayo basin of Colombia and holds a 20% non-operated W.I. in both the CPO-7 and CPO-13 blocks in the Eastern Llanos basin in Colombia. Significant prospective resource upside potential, especially on the Tinigua block. Proved and pr... obable (" 2P") W.I. reserves (before royalty) as at December 31, 2014 of 6.3 million barrels ("MMbbls") (after royalty 3.5 MMbbls) with before-tax net present value (discounted at 10%) of $67.2 million. All four of PetroNova's blocks have environmental licences in place. PetroNova has exposure to 1.3 million gross acres in Colombia with an extensive portfolio of drill-ready prospects. PetroNova farmed out a 50% working interest in the Tinigua block to a wholly owned subsidiary of Pacific Rubiales for $12.5 million in back costs and Pacific Rubiales will carry the cost of drilling, completing, and testing of up to two wells for up to $19 million. Pacific Rubiales will also fund the cost of two additional wells for $14 million, to be paid back from PetroNova future production from these wells. PetroNova holds a 75% operated W.I. in the PUT-2 block (Petroamerica holding the other 25% working interest) which holds multiple N-sand prospects and leads. The CPO-13 block is adjacent to the prolific Rubiales and Quifa heavy oil fields and the heavy oil trend has been confirmed to extend onto PetroNova's block.Read More