CALGARY, ALBERTA, Jan. 10, 2011 (Marketwire) --
Rodinia Oil Corp. (TSX VENTURE:ROZ) ("Rodinia") would like to update its shareholders and other interested parties regarding its operations and the recent extraordinary rain and flooding in Australia.
Phase III Seismic Program
No weather delays occurred in Rodinia's Phase III seismic program to date and none are anticipated for the remainder of the program. Approximately 308 km (15%) of this Phase III seismic program have been acquired, all in PEL 253 (South Australia). The Terrex seismic crew has returned to the field after a three-week seasonal holiday break and is again recording seismic data. The seismic line clearing crew, which took a break to repair and maintain its equipment, is also back in the field.
Rodinia is still waiting for final clearance from the Department of Defence for the seismic crew to enter the Woomera Prohibited area in the eastern portion of PEL 81. Notification of final clearance is anticipated by mid-January.
All of the seismic data near Rodinia's initial four drilling locations has now been acquired, processed and is currently being interpreted.
2011 Drilling Program
Rodinia awarded the contract to drill four firm wells (and up to four optional wells) to Ensign International Drilling in November 2010. Ensign will be supplying its heavy triple Rig #16 for Rodinia's drilling operations.
Rig #16 is currently under contract to a third party in the Cooper Basin, Australia. There has been significant local rainfall and flooding (with accompanying road closures) in the Cooper Basin. However, Rig #16 was safely moved ahead of an advancing river flood and has now spudded its current and last well for the third party. This well is scheduled for approximately 75 drilling days, although local rain and resupply issues may extend this time slightly.
Delays prior to the delivery of Rig #16 to the third party, as well as heavy rains in the Cooper Basin throughout the second half of 2010, have delayed Rodinia's access to Rig #16, which is now expected to be in late March 2011 at the earliest. As a result, the spud date for Rodinia's first Officer Basin well is now expected to occur in mid-April 2011.
About Rodinia Oil Corp.
Rodinia, an international oil and gas corporation listed on the TSX Venture Exchange under the symbol "ROZ", is engaged in the exploration, acquisition and development of world-class onshore petroleum and natural gas assets in Australia's Officer Basin. Founded in 2006, Rodinia is one of the first companies of its kind to undertake onshore exploration in the Officer Basin and has access to large tracts of potential oil resources in the region. Rodinia has offices in Calgary, Alberta, Canada and Adelaide, South Australia.
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Rodinia, including, without limitation, statements pertaining to regulatory approval for the issuance of stock options, including the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rodinia's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, Rodinia does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Rodinia Oil Corp.
Vice President Finance and Chief Financial Officer
Brookline Public Relations