Operational Update Operational Update September 2014 September 2014 - PowerPoint PPT Presentation

Operational Update Operational Update September 2014 September 2014 0

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 Colombia 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 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 should consult with a lawyer, accountant and other professionals in respect of contents hereof. 1

Company Highlights • Producing ~280 bbls/d net to W.I. from 2 discoveries in the Llanos Basin 1,2 • 2P reserves of 2 9 mmbbls 1,3 2P reserves of 2.9 mmbbls , Caguán – Putumayo Basin C á i • Best estimate W.I. unrisked prospective Tinigua Block Operator: PetroNova VENEZUELA resources of 172 mmbbls 3,4 40% W.I. • Strategic farm ‐ outs o Petroamerica (formerly Suroco) for 25% COLOMBIA of the PUT ‐ 2 Block o Pacific Rubiales for 50% of the Tinigua CPO 7 Block CPO 13 CPO 13 • All blocks licensed and permitted, with drill ‐ TINIGUA ready opportunities • Plans to initiate a drilling campaign with 2 PUT 2 rigs in CPO 13 during Q4 2014 rigs in CPO ‐ 13 during Q4 2014 • Plans to spud the Tinigua prospect in Q2 Llanos Basin CPO ‐ 7 & CPO ‐ 13 Blocks 2015 ECUADOR Operator: Tecpecol 20% W.I. Caguán – Putumayo Basin PUT ‐ 2 Block Operator: PetroNova 75% W.I. 1. Before royalty and ANH take 2. Company reports, as at August 2014 3. Petrotech Engineering Ltd. as at February 28, 2013 2 4. Adjusted for the Tinigua Block farm ‐ out, Put ‐ 2 Block farm ‐ out and CPO ‐ 6 relinquishment

Llanos Basin: CPO ‐ 7 & CPO ‐ 13 Total 1,094,689 gross acres Operator: Tecpecol; PNA 20% W.I. ANH contracts, X factors: • CPO ‐ 7: 47% • CPO ‐ 13: 32% 3

CPO ‐ 13 & CPO ‐ 7 Blocks Located in one of the most prolific areas in the Llanos Basin Caracara • PNA holds a 20% W.I. in both the 0 15 30 40 MMbbl 2P Reserves 1 ; 18.4 45 km Mbbl/d as at 2013 2 CPO ‐ 13 and CPO ‐ 7 Blocks Ocelote Ocelote Source: 1 CEPSA, Nota Prensa, Mar. 2008 2 ACP. Informe Estadístico Petrolero. (Operator: Tecpecol S.A.) Jun. 2014 15 Mbbl/d at 2013 Source: ACP. Informe Estadístico Petrolero. • More than 1,600 km of 2D Jun. 2014 seismic acquired • 2 discoveries to ‐ date: Atarraya • 2 discoveries to date: Atarraya Sabanero 20 MMBoe 2P Reserves at (CPO ‐ 7) and Pendare (CPO ‐ 13) Dec. 2012 Caño Sur Este Source: PRE Investor Presentation, Nov. 2013 • OOIP: 492 MMbbl • Evaluating extended production • 22.4 MMbbl 1P Reserves tests at both discoveries and • Production: 1.7 Mbbl/d Nov. 2013; 25 Mbpd to Q2 2016 Mbpd to Q2 2016 Cajúa C jú interpreting 3D seismic to Source: ECOPETROL Boletines 2013, Dec. 2013 116 MMBoe 2P Reserves at develop discoveries Dec. 2012 Source: PRE Investor Presentation, Nov. 2013 • Producing ~280 bbls/d net to W.I. 1 Rubiales • Plans to declare commerciality • OOIP: 4.6 Billion barrels in the short term • Production: 192 Mbbl/d total gross CPE 7 field (65 Mbbl/d net) at Q1 2014 CPE ‐ 6 Quifa SW • 63 MMbbl Certified 2P Reserves • 63 MMbbl Certified 2P Reserves • OOIP: 2.8 Billion barrels OOIP 2 8 Billi b l • 137 MMbbl Prospective Resources 2012 • Production: 53 Mbbl/d total gross Source: PRE Investor Presentation, July 2014 field (22 Mbbl/d net) at Q1 2014 Source: PRE Investor Presentation, July 2014 1. Company reports, before royalty and ANH take 4

CPO ‐ 13: One Discovery and Extraordinary Potential Carbonera Basal Sands – Paleozoic Isochrone Map Appraising the Quifa/Rubiales Trend “J” Prospect ARENOSO (J) ARENOSO (J) Best prospective Resources PNA W.I 1.0 MMBbl Oil doesn’t stop at borders il d ’ b d M • Rubiales’ Quifa SW field is “M” Prospect Best prospective densely drilled up to the Resources PNA W.I 0,6 MMBbl border of the CPO 13 Block border of the CPO ‐ 13 Block to the south of the El Tigre Petrotech Certification community Pendare 2P Reserves PNA W.I Pendare 3D 105 km 2 2 Pendare 3D 105 km • 2D seismic recently acquired 1,7 MMBbls over the El Tigre area Pendare Pendare ‐ ‐ 5H 5H Pendare Pendare ‐ 2 • The El Tigre prospect is Pendare ‐ 1 Pendare Pendare ‐ Pendare ‐ 6 estimated to contain 50.2 Pendare ‐ 4 Pendare mmbbl net to PNA’s 20% W.I. bbl A’ 20% W I N Tillavá Este Tillavá Este ‐ 1 La Pluma ‐ La Pluma ‐ 1 La Morena ‐ 1 La Morena “D” Prospect (best estimate) 1 Best Prospective Tillavá Sur Tillavá Sur ‐ 1 “N” Prospect Resources PNA W.I Best Prospective 1.6 MMBbl • Environmental license Resources PNA W.I Petrotech Certification 1,4 MMBbl SE Best Prospective D Resources PNA W.I received for El Tigre area received for El Tigre area 51,2 MMBbls 51 2 MMBbls Tapara ‐ 1 Tapara • 1 st well planned for Q4 2014 Pendare Trend Low Prospective Resources Best Certification Pending High 5

CPO ‐ 13 Block In the Heart of the Heavy Oil Belt Pendare W.I. Production (bbls/d) 1 Pendare Discovery • Producing 90 bbls/d net to PNA’s W.I. from two wells as at August 2014 1 • 2P reserves of 1.7 mmbbls 2 • 2D seismic and results of the Caño Sur block to the east suggest larger trend • 117 km 2 3D seismic being interpreted to 2 3D 117 k i i b i i d assess the trend and build a development plan • Plans to drill an appraisal well in Q4 2014 Pendare Discovery Pacific Rubiales Quifa SW field Pendare W.I. Reserves 2 Heavy Oil Reserves (mmbls) PDP 157 PUD 1,053 Quifa/Rubiales Trend Proven 1,210 (El Tigre) Probable 484 2P 1,694 6 1. Company reports 2. Petrotech Engineering Ltd. as at February 28, 2013

CPO ‐ 13: Next Steps 1240000 1240000 1260000 1260000 1280000 1280000 940000 940000 ± Pendare Discovery J • Complete interpretation of the 3D seismic M QUIFA • Initiate a four ‐ well drilling campaign to delineate the Pendare discovery and explore its d li t th P d di d l it trend (Q4 2014) 920000 920000 CPO 13 CAÑO SUR El Tigre Area Pendare 5H Pendare ‐ 5H • Initiate an exploratory drilling campaign of up to l d ll f Pendare ‐ 2 Pendare ‐ 1 four exploratory wells to appraise the Quifa SW RUBIALES Pendare ‐ 3 Pendare ‐ 4 900000 900000 extension (Q4 2014) N La Morena ‐ 1 Tillavá Este ‐ 1 La Pluma ‐ 1 Tillavá Sur ‐ 1 D Producer Wells Pendare ‐ 5H Location Tapara ‐ 1 Pendare ‐ 2 Horizontal Well 880000 880000 Pendare ‐ 1 CPO 13 CPO ‐ 13 Pendare ‐ 3 Pendare 3 0 2,75 5,5 11 QUIFA SW Qui ‐ 35 Kilometers El Embrujo ‐ 1 Pendare ‐ 4 CAÑO SUR Qui ‐ 78 1240000 1260000 1280000 Qui ‐ 216 CPO ‐ 13 Tillavá Este ‐ 1 La Morena 1 La Morena ‐ 1 La Pluma ‐ 1 Tillavá Sur ‐ 1 7

CPO ‐ 7: Atarraya Discovery CPO ‐ 7 Highlights • PetroNova holds a 20% W.I. (Operator: Tecpecol) Atar r aya • Best estimate prospective resources of 11.6 Discover Discover y y B i i f 11 6 mmbbl net to PNA’s W.I. 2 Atarraya Discovery • Producing ~190 bbls/d net to PetroNova’s Producing 190 bbls/d net to PetroNova s W.I. from two wells as at August 2014 1 • 2P reserves of 1.2 mmbbls 3 Atarraya W.I. Reserves 3 Light & Medium g Reserves (mmbls) PDP 300 PUD 526 Proven 826 Probable 356 2P 1,182 8 1. Company reports 2. Petrotech Engineering Ltd. as at December 31, 2013 3. Petrotech Engineering Ltd. as at February 28, 2013