PetroNova appoints new Director

PetroNova Inc., a company engaged in the exploration and development of oil and natural gas resources in Colombia, today announced that at the recommendation A.V. Securities Inc., the finder of PetroNova's previously announced $8 million private placement, it has appointed Marcel Apeloig to serve as a Director of the company.

Antonio Vincentelli, President and Chief Executive Officer of PetroNova, said:

"PetroNova welcomes Mr. Apeloig to its Board of Directors. Mr. Apeloig's experience as a Director of a TSX-listed Colombian oil and gas company (Suroco Energy Inc.), combined with his experience in corporate finance and capital markets, will be an asset to PetroNova as we continue to progress our exploration and development program in the Llanos and Caguan-Putumayo Basins."

Mr. Apeloig is Partner, Director and President of Activalores Casa de Bolsa, a Caracas-based brokerage firm, overseeing corporate finance, financial advisory services and securities distribution. Prior to joining Activalores, Mr. Apeloig held progressive positions in credit and relationship management at Citibank, leading to his role as Vice-President and Director of the Local Corporate Group, where he reported to the Country Corporate Officer and served as a member of the Executive Committee.

Mr. Apeloig has served as President of the Asociación Venezolana de Casas De Bolsa (Venezuelan Association of Brokerage Houses) and a member of the board of directors of several companies including Suroco Energy Inc., Asociación Venezolana de Ejecutivos de Finanzas (Venezuelan Association of Executives in Finance) and Bolsa de Valores de Caracas (Caracas Stock Exchange). He graduated Simón Bolívar University's Electrical Engineering program cum laude, and received a Master of Science degree in Industrial Engineering from Stanford University.

PetroNova is engaged in the exploration for, and the acquisition and development of, oil and natural gas resources in South America, specifically in Colombia. The company's assets currently include the company's interests in the PUT-2 and Tinigua Blocks located in the Caguan-Putumayo Basin in Colombia, both of which are operated by the company, and the non-operated Llanos Blocks located in the Llanos Basin in Colombia.