Rodinia Oil Corp.

October 25, 2010 09:01 ET

Rodinia Oil Corp. Secures Rig for Officer Basin Drilling Program

CALGARY, ALBERTA--(Marketwire - Oct. 25, 2010) - Rodinia Oil Corp. (TSX VENTURE:ROZ) ("Rodinia") is pleased to announce that its Australian subsidiary, Officer Basin Energy Pty. Ltd., has executed an agreement with Ensign Australia Pty. Limited ("Ensign") to engage Ensign's Rig 16 to carry out its initial six well drilling program. 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.

"We are thrilled to have secured Ensign's Rig 16 for our drilling program and look forward to working with Ensign as we continue to explore this world-class onshore play," said Paul Bennett, CEO of Rodinia. "The contracting of this rig puts us one step closer to evaluating the immense hydrocarbon potential of the Officer Basin. Of all the rigs currently working in Australia, Ensign's Rig 16 best suits our technical requirements for drilling in the Officer Basin."

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. The un-risked, undiscovered prospective oil resource recoverable from these prospects ranges from 775 - 12,376 million barrels according to independent reserve evaluation firm, Ryder Scott Company (December 31, 2009). These prospects occur in an area that appears mature for oil as opposed to natural gas.

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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 has offices in Calgary, Alberta, Canada and Adelaide, South Australia. 

About Ensign International Energy Services

Ensign is an Australian-based integrated drilling company, specializing in the drilling of all forms of hydrocarbon and geothermal wells. It is a wholly owned subsidiary of Ensign Energy Services Inc. of Canada, which has more than 50 years of experience specializing in the drilling of petroleum and natural gas wells.

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) accept responsibility for the adequacy or accuracy of this release.

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