PetroNova Inc. announce that its indirect wholly owned subsidiary, PetroNova Colombia Inc., has entered into a farm-out agreement (the "FOA") with a wholly owned subsidiary of Pacific Rubiales Energy Corp. for the exploration and potential development of PetroNova's operated Tinigua exploration and production contract (the "Tinigua Contract") awarded by the Agencia Nacional de Hidrocarburos of Colombia (the "ANH"). PetroNova currently owns 90% of the rights to the Tinigua Contract indirectly through PetroNova Colombia.

Antonio Vincentelli, President and CEO of PetroNova, commented, "The Tinigua prospect is one of the largest unexplored prospects in Colombia and the highest impact prospect in PetroNova's portfolio, with best estimate unrisked Prospective Resources of approximately 159 million barrels.

Tags: PetroNova Inc.