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Penta Nova Energy Corp, PNO.v C$.395

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By Bobwins

Posted: Thursday Feb 22 9:48:12AM 2018

PNO.v  C$.34  Something big happened to PentaNova.  They completely changed management teams and looks like they are changing directions.  Heavy oil guys are leaving so this is looking like a natural gas play in Colombia.  Leadership coming in is defintely experienced and qualified due to Gran Tierra connections but this ain't what I signed up for.  Sold yesterday for a small loss.  Have some warrants that are now going to have a tough time justifying the $C$1 strike price.  Will likely lose on those but moving on.  Bought some with the PNO.v money.  Valeura looks cheap, even after the big runup and if they hit on their next couple of wells will be worth several times current price.  Big IF but so was PNO.  

VANCOUVER , Feb. 15, 2018 /CNW/ - PentaNova Energy Corp. (the "Company") (PNO.V), is pleased to announce a new senior management team to continue the company's strategy of developing significant oil and natural gas resources in Colombia and Argentina .

The Company has appointed Dr. Ralph Gillcrist as Chief Executive Officer & President, Alan Aitchison as Chief Operating Officer and Rafael Orunesu as Vice President, Business Development and Country Manager, Argentina .  Dr. Gillcrist has also been appointed to the Board of PentaNova Energy Corp.

Dr. Ralph Gillcrist is an accomplished oil and gas executive with proven leadership and business experience in Latin America.  Dr. Gillcrist has over 28 years of experience in international oil and gas and has held various executive, technical, managerial and operating roles throughout Europe , Africa , Southeast Asia and South America for a number of international oil and gas companies. Dr. Gillcrist more recently served as Chief Executive Officer of Petroamerica Oil Corp. and is also an independent director at Madalena Energy Inc.

Mr. Alan Aitchison has over 30 years of corporate and resident in-country international experience throughout the world, predominantly in Latin America . Recently he served as Chief Operating Officer and as an in-country manager in Colombia for PetroGranada. Mr. Aitchison also spent 10 years in a variety of roles at Schlumberger, including Vice President of Production and prior to that held numerous technical and management roles that covered all aspects of facilities, production operations and evaluation of production and exploration wells.

Mr. Rafael Orunesu was Co-founder of Gran Tierra where he served as Vice President, Latin America and Country Manager for Peru and Argentina.  Prior to his position at Gran Tierra, he was Engineering Manager for Pluspetrol, responsible for planning and development operations in major oil and gas field developments in Peru . Mr. Orunesu has also been involved in numerous asset evaluations, purchases and divestments covering Latin America and North Africa .

Mr. Serafino Iacono has requested to step down as Executive Chairman of the Company but will be continuing on as an independent director. Mr. Jeffrey Scott has been appointed as non-executive Chairman and has a long-established relationship with the new management team.  Mr. Scott is the Founder and was Chairman of Gran Tierra Energy, a South American based E&P Company from 2004 to June of 2015. Mr. Scott is Executive Chairman of Sulvaris Inc., a private fertilizer technology company since February 2012 . Mr. Scott has been in the oil and gas business on both the E&P and service sides of the industry for over 34 years, with extensive management, financing, mergers and acquisition and public company experience.

Mr. Gregg Vernon and Mr. Warren Levy have resigned as President and President, Argentina Operations and the board would like to thank them for their services. Mr. Luciano Biondi has resigned as Chief Executive Officer of the Company, but will be remaining with the Company as a consultant.

The Company has agreed to issue 4.8 million common shares vesting over a three year period to the new management team as the inducement to join the Company. 

The Company further announces an aggregate grant of 8 million options with a vesting period of three years to the management group which will consist of the current options available for grant and phantom options at $0.36 per share for ten years.

PentaNova is investing in proven leadership to develop oil and natural gas fields it has acquired in areas surrounding some of the key energy producing areas in Colombia and Argentina . With significant experience in Latin America and global energy development, PentaNova's leadership is working with local partners and service providers, including YPF, Argentina's respected energy producer, to deliver the energy for Latin America's future.

By Bobwins

Posted: Friday Jan 19 3:19:01PM 2018

PNO.v/PENYF  C$.39    Drill rig mobilized to drill first well in Colombia.  If everything goes well, they will hit the first two ngas wells in Colombia, gain credibility and funding to drill out the heavy oil in Argentina.  Exciting that it only takes 30 days to drill and test.  Rig isn't there yet but we should have an answer by early March.

By Bobwins

Posted: Wednesday Jan 3 7:19:11PM 2018

PNO.v  +.015 to C$.42

Here is the background of Penta Nova and why I bought some shares.  Could be very big.  Keith Schaefer posted this article before Penta Nova presented at his Subscriber Summit in Oct 2017.

By Bobwins

Posted: Thursday Nov 16 11:11:20AM 2017

I have a small position in this junior energy company with big plans to develop heavy oil in Argentina.  The main reasons I like this junior are the mgmt background, the amount of proven reserves in Argentina and their plan to bootstrap operations in Argentina by developing gas in Colombia.  

Penta Nova has several big hitters amongst their founding members.  Serafino Iacono was the chairman of Pacifc Rubiales, which went from nothing to more than 150,000 bpd oil production in Colombia.  Frank Guistra is involved in several mining and energy companies and has a long track record of success.  

PNO plans a two step approach.  They have some land in Colombia and are getting ready to drill their first big ngas well late this year or early next.  South America doesn't have the pipeline infrastructure of the US so even though there appears to be plenty of ngas, it isn't readily accessible by the growing Colombia economy. Colombian gas production is falling and demand is rising. Local gas prices are around $5-6/mcf and are quite profitable.  Canacol is another Canadian energy company that has done well in Colombia focusing on ngas.  PNO expects good results from their first well and subsequent wells because of the location of the land and nearby results.  They expect the Colombia ngas production to help finance their main goal.  They hope to invest in cold flowing heavy oil in Argentina.  They control over 125,000 gross acres. and several BILLION barrels of heavy oil.  All the hoopla about shale oil and light oil development has left these types of fields without interest. 

Here is the latest presentation:

The current market cap is around C$71 million so there are plenty of shares already outstanding.  Company raised capital two times recently to fund the acquisition of the interests in Colombia and Argentina.  Those financings may be contributing to what I consider mediocre stock performance recently.  Each news release seems to bring lots of eager sellers.  My average cost is right at the current price.  Hoping first Colombian gas well will spark some interest.  


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