Rodinia Oil Corp.

November 29, 2010 20:07 ET

Rodinia Oil Corp. Announces Q3 Results & Year to Date Highlights

International Oil and Gas Company Highlights its Third Quarter Financial and Operational Performance

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2010) - Rodinia Oil Corp. (TSX VENTURE:ROZ) ("Rodinia") is pleased to announce the release of its Q3 2010 results, ending September 30, 2010. These statements are available for review at

"We are very proud of our achievements thus far in 2010 and look forward to continuing to increase shareholder value through the successful execution of our growth strategy," said Rodinia CEO, Paul Bennett. "We look forward to 2011 as we begin drilling our initial targets and implementing our operational strategy in this high-potential and exciting play."

2010 Highlights

  • May 28, 2010: Rodinia closes its initial public offering of 52,500,000 units at a price of $1.00 per unit for gross proceeds of $52.5 million.
  • June 11, 2010: Rodinia announces the completion of the agent's over-allotment option in connection with its initial public offering. Through the over-allotment option, the agents have purchased an additional 4,700,000 Class "A" common shares in the capital of Rodinia at a price of $0.95 per Common Share and an additional 3,937,500 purchase warrants at a price of $0.10 per warrant.
  • June 23, 2010: Rodinia is awarded two new Petroleum Exploration Permit Applications by the State of Western Australia covering approximately 22,880 square kilometers (or approximately 5,654,000 acres) in Western Australia.
  • August 11, 2010: Rodinia awards the contract for its planned Phase III Officer Basin seismic survey to Terrex Seismic of Perth, Western Australia. 
  • October 25, 2010: Rodinia awards the contract to carry out its initial six well drilling program to Ensign Australia Pty. Limited ("Ensign") using Ensign's Rig 16. Rodinia's drilling program will initially test six separate large structural targets in the Officer Basin in South Australia. Rodinia's contract with Ensign includes four firm wells with the option to extend the contract to drill four additional wells (eight total) with Rig 16 as part of this program. Rodinia expects drilling to begin in February 2011.

Operational Update

Management continues to focus on Rodina's well-defined operational strategy. Focusing on onshore oil exploration, Rodinia plans on initially drilling six wells to an average depth of 3,000 meters in Petroleum Exploration Licenses 81 and 253 in the Officer Basin in South Australia. These wells will test prospects identified in Rodinia's Phase I and Phase II seismic programs acquired between 2007 and 2009. Drilling is expected to commence by February 2011 and, with drilling success, production is expected to begin in late 2011.
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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's head office is in Calgary, Alberta, Canada.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Rodinia, including, without limitation, those listed under the headings "Forward-Looking Statements" and "Risk Factors" in Rodinia's final prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These 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) accepts responsibility for the adequacy or accuracy of this release.

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