Rodinia Oil Corp.

April 29, 2011 14:37 ET

Rodinia Oil Corp. Releases 2010 Year End Financial and Operating Results

CALGARY, ALBERTA--(Marketwire - April 29, 2011) - Rodinia Oil Corp. ("Rodinia" or the "Corporation") (TSX VENTURE:ROZ) is pleased to announce the release of its 2010 year end financial and operating results. A copy of Rodinia's audited consolidated financial statements and related management's discussion and analysis ("MD&A") can be obtained at the Corporation's website at and on SEDAR at

"We are extremely proud of our achievements in 2010 and we expect drilling to begin on our first target in the Officer Basin, South Australia during the second quarter," said Paul Bennett, Chief Executive Officer and President of Rodinia. "Australia's stable political and economic regime supports the exploration of oil and natural gas and we look forward to continuing to increase shareholder value through the successful execution of our growth strategy throughout 2011."

2010 Annual Highlights

  • On May 28, 2010, Rodinia closed its initial public offering of 52.5 million units ("Units"), each Unit comprised of one Class "A" common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant") at a price of $1.00 per Unit for gross proceeds of $52.5 million.
  • On June 11, 2010, in connection with its initial public offering, Rodinia announced the completion of the agent's over-allotment option for gross proceeds of $4.9 million with the issue of 4.7 million Common Shares at $0.95 per Common Share and 3.9 million Warrants at $0.10 per Warrant.
  • In June 2010 Rodinia was awarded two new Petroleum Exploration Permit Applications by the State of Western Australia covering approximately 22,880 square kilometers (or approximately 5.7 million acres) of exploration acreage in Western Australia.
  • Rodinia commenced its Phase III Officer Basin seismic survey, which was awarded to Terrex Seismic of Perth, Western Australia.
  • Rodinia awarded the contract to carry out its initial exploration drilling program to Ensign Australia Pty. Limited ("Ensign"), a subsidiary of Ensign International Services, utilizing Ensign's heavy triple Rig #16. Rodinia's contract with Ensign includes four firm wells with the option to extend the contract to drill four additional wells with Rig #16 as part of this program.

Subsequent Event

  • On April 20, 2011 Rodinia announced that Ensign's Rig #16 had begun mobilizing 2,000 kilometres to the Officer Basin to commence drilling of "Mulyawara 1", the first well in Rodinia's 2011 exploratory drilling program. Mulyawara 1 is expected to spud in mid-May and drilling is expected to take approximately six weeks.

2011 Operational Update

On March 29, 2011, the Corporation announced that its Board of Directors had approved a 2011 capital expenditure budget of $42 million net to Rodinia ($52.5 million gross), consisting of four exploratory wells and the completion of its Phase III seismic program.

Focusing on onshore oil exploration, Rodinia plans on initially drilling four wells to an average depth of 3,000 meters in Petroleum Exploration Licenses ("PEL") 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, along with seismic currently being acquired through the Phase III program.

Rodinia has since entered into a Deed of Access with the Australian Department of Defence, allowing it to explore within the Woomera Prohibited Area ("WPA") within PEL 81 in South Australia. This Deed of Access allows Rodinia to enter the WPA, subject to various terms and conditions in relation to notification of timing for access, people entering and equipment to be used during the seismic survey.

Rodinia has proposed more than 400 kilometres of 2D seismic within the WPA, all in conjunction with its current seismic activities within PELs 81 and 253. As part of its Phase III seismic program, Rodinia has already acquired approximately 1,830 kilometres of 2D seismic which will specifically define the structures and drilling locations surrounding the Corporation's proposed 2011 drill targets.

About Rodinia Oil Corp.

Rodinia is an international oil and gas exploration corporation. Its Common Shares and Warrants are listed on the TSX Venture Exchange under the symbols "ROZ" and "ROZ-WT" respectively. Rodinia is engaged in the exploration, acquisition and development of onshore petroleum and natural gas assets in Australia's Officer Basin. Founded in 2006, Rodinia is one of the first companies to undertake onshore exploration in the Officer Basin and has access to large tracts of exploratory lands. Rodinia has offices in Calgary, Alberta and Adelaide, South Australia.

Forward-Looking Statements

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 management's future plans and operations. 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 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) accepts responsibility for the adequacy or accuracy of this release.

Contact Information