March 2011 PetroNova Inc. Growth Through Exploration Corporate Presentation
Cautionary Notes This Presentation includes and is based on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which PetroNova operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for PetroNova products. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for PetroNova‘s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although PetroNova believes that its expectations and the information in this Presentation were based time to time. Although PetroNova believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. PetroNova is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither PetroNova nor any of its directors, officers or employees will have any liability to the reader or any other persons resulting from the reader's use of the information in the Presentation. PetroNova undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation. The reader should consult any further disclosures PetroNova may make in documents it files with the applicable securities regulators. The Presentation is intended for educational and informational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually. The reader should consult with a lawyer, accountant and other professionals in respect of contents hereof. 1
Strategy • Mitigate geological risk inherent to exploration, by following fundamental guidelines established for participation in new areas: • Presence of proven hydrocarbon systems in the area • Existence and availability of sufficient technical information to allow preliminary evaluation information to allow preliminary evaluation • Proximity to infrastructure, existing or underdevelopment • Attractive economics under conservative price forecasts • Focus growth on high impact, moderate risk exploration in Colombia through our existing 5 block portfolio 2
Well Rounded Exploration Portfolio Blocks in the most prolific Basins in Colombia Caguán - Putumayo Basin Tinigua Block 5 blocks onshore Colombia which PetroNova Operator: PetroNova VENEZUELA participates in 90% W.I. COLOMBIA 2 2 blocks which PetroNova operates blocks which PetroNova operates CPO 7 CPO 7 CPO 6 CPO 13 Million barrels of oil, Unrisked Prospective TINIGUA 247 Resources (Best estimate) to PetroNova’s W.I.* PUT 2 1.84 Million acres, area covered by the 5 blocks ECUADOR Llanos Basin CPO 6, CPO 7 & CPO 13 Blocks Caguán - Putumayo Basin Operator: Tecpecol PUT 2 Block 20% W.I. High working interests Operator: PetroNova 100% W.I. * Independent engineer report (Petrotech Engineering Ltd.) dated April 30, 2010 3
Seasoned and Accomplished Team • Seasoned team, with PDVSA experience, working together since mid 90’s • Successfully created and grew Inepetrol, an independent • Successfully created and grew Inepetrol, an independent E&P company in Venezuela, to 4,000 boe/d and over 76 mmboe of 2P reserves • Extensive Colombian experience 4
Management & Directors Management Board of Directors Antonio J. Vincentelli, President & CEO Anthony Lambert Director Inepetrol, Formerly Inelectra CEO Daylight Oil & Gas Stelvio Di Cecco, CFO Judy Stripling Director Inelectra, Inepetrol CFO Pace Oil & Gas Ltd. José A. Paz, VP Operations Ricardo Halfen Formerly Inemaka, Inepetrol Director Inelectra, Inepetrol Eugenio Ochoa, VP Exploration & Production Eugenio Ochoa, VP Exploration & Production Antonio J. Vincentelli, President & CEO Antonio J. Vincentelli, President & CEO Formerly Texas, Shell, PDVSA, Inepetrol Stelvio Di Cecco, CFO Juan M. Szabo, Director of Corporate Advisory Board Development Director Suroco Energy Inc. Ruben Halfen Formerly VP Exploration & Production and CFO PDVSA Inelectra, Inepetrol Luis E. Christiansen Inelectra, Inepetrol 5
Llanos Basin CPO 6, 7 & 13 Blocks Blocks Llanos Basin CPO-7 CPO-6 CPO-13
CPO 6, 7 & 13 Blocks • 20% W.I. on CPO 6, 7 and 13 blocks • 1,638,038 combined gross acres • Tecpecol S.A. is the operator and strategic partner • ANH contracts, X factor (ANH participation) of 39%, 47% and 32%, for blocks 6, 7 and 13 respectively • Llanos Basin is the most prolific hydrocarbon basin in Colombia, numerous fields with substantial 2P reserves and commercial production nearby � Rubiales / Quifa fields � Caracara Fields � Ocelote field, 0 15 30 45 • Recently acquired 2,075 km of 2D km CPE 6 CPE 7 seismic over the 3 CPO blocks 7
The Right Neighbourhood Caracara Block •Commercial Production •Substantial Reserves Ocelote Field •Gravity: 22 - 29° API •Commercial Production •Multiple fields •Gravity: 24° API Sabanero Discovery Mago-1 Discovery •Maurel & Prom •Ecopetrol / Shell •2 successful exploration wells •Nov 2010 exploration well •Nov 2010 exploration well •Further extends Quifa / Rubiales •Further extends Quifa / Rubiales •Presence of crude oil in the structural trend Carbonera formation, petrophysical parameters similar to Quifa Rubiales and Quifa Fields •Largest Accumulation in Colombia •11 – 13 ° API Heavy Oil •Account for the biggest production increase in the last Guairuro Discovery years •Pacific Rubiales / Talisman •Successful exploration wells •Extends Quifa / Rubiales structural trends to the west •Identifies Stratigraphic Trap 0 15 30 45 km 8
CPO 13 Resource Potential • Recent developments: • Prior to the Petrotech report: • 729 km of new 2D seismic, processing completed, interpretation in progress. • Minimal historic 2D seismic • Pacific Rubiales new discoveries: Quifa & • Identified 3 prospects & 5 leads Guairuro • P50 unrisked prospective resource: 38 • Multiple new leads based on preliminary data from field stacks mmbbl (7.6 mmbbl net to PetroNova)* • Prospective resource: ? Mmbbl * Petrotech Engineering Ltd. report dated April 30, 2010 • Drilling expected end 2011 early 2012 Mago-1 Discovery Mago-1 Discovery • Ecopetrol / Shell • Nov 2010 successful exploration well Guairuro Discovery • Pacific Rubiales / Talisman • P50 prospective resource: 0 15 30 45 634 mmbbl km 9
CPO 6 & 7 Resource Potential Prior to the Petrotech report: • 3,127 km of historic 2D seismic • Identified 6 prospects & 3 leads • P50 unrisked prospective resource 44.5 mmbbl (8.9 mmbbl net to PetroNova)* * Petrotech Engineering Ltd. report dated April 30, 2010 QUIFA LEADS LEADS PROSPECTS Recent developments: HEAVY OIL BELT EXPLORATION AREA • Quifa and Sabanero 0 15 30 45 PRODUCTION AREA km OILFIELDS • 1,329 km of new 2D seismic PIPELINE acquired in CPO-6 and CPO-7, HISTORIC 2D SEISMIC Sabanero Discovery data processed, interpretation in 2010 2D SEISMIC • Maurel & Prom progress. • 2 successful exploration wells • Historical and new seismic integration yielding new prospective structures • Drilling to commence Q2. Advanced permitting process for two locations in 6 and one in 7 Quifa North • Numerous Successful Outpost Wells 10 10
Caguán-Putumayo Basin PUT 2 Block Caguán- Putumayo Basin
PUT 2 Block • Operated by PetroNova with 100% W.I. • 96,666 gross acres • ANH contract, X factor of 1% • Putumayo Basin is the Northern extension of the Oriente Basin of Ecuador and is one of Colombia’s most prolific basins • Over 400 mmbbl of oil have been discovered in more than 28 oil fields • Large exploration and development activities in neighbouring blocks by Gran Tierra, Vetra, Pacific Rubiales, Sinochem • Recently shot 100 km of new 0 10 20 30 km 2D seismic 12
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