December 2010

Growth Through Exploration

Corporate Presentation

PetroNova Inc.

This Presentation includes and is based on forward-looking information and statements that are subject to risks and

uncertainties that could cause actual results to differ. Factors that might cause or contribute to such differences

include, but are not limited to, economic conditions globally, the impact of competition, political and economic

developments in the countries in which PetroNova operates, regulatory developments in Italy and internationally

and changes in oil prices and in the margins for PetroNova products. These expectations, estimates and projections

are generally identifiable by statements containing words such as "expects", "anticipates", "targets", "goals",

"projects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions.

Important factors that could cause actual results to differ materially from those expectations include, among others,

economic and market conditions in the geographic areas and industries that are or will be major markets for

PetroNova‘s businesses, oil prices, market acceptance of new products and services, changes in governmental

regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from

time to time. Although PetroNova believes that its expectations and the information in this Presentation were based

Cautionary Notes

time to time. Although PetroNova believes that its expectations and the information in this Presentation were based

upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations

will be achieved or that the actual results will be as set out in this Presentation. PetroNova is not making any

representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in

the Presentation, and neither PetroNova nor any of its directors, officers or employees will have any liability to the

reader or any other persons resulting from the reader's use of the information in the Presentation. PetroNova

undertakes no obligation to publicly update or revise any forward-looking information or statements in the

Presentation. The reader should consult any further disclosures PetroNova may make in documents it files with the

applicable securities regulators.

The Presentation is intended for educational and informational purposes only and do not replace independent

professional judgment. Statements of fact and opinions expressed are those of the participants individually. The

reader should consult with a lawyer, accountant and other professionals in respect of contents hereof.

1

• Mitigate geological risk inherent to exploration, by

following fundamental guidelines established for

participation in new areas:

• Presence of proven hydrocarbon systems in the area

• Existence and availability of sufficient technical

information to allow preliminary evaluation

Strategy

information to allow preliminary evaluation

• Proximity to infrastructure, existing or underdevelopment

• Attractive economics under conservative price forecasts

• Focus growth on high impact, moderate risk exploration

in Colombia through our existing 5 block portfolio

2

Blocks in the most prolific

Basins in Colombia

5 blocks onshore Colombia which PetroNova

participates in

2 blocks which PetroNova operates

Well Rounded Exploration Portfolio

CPO 7

COLOMBIA

VENEZUELA

Caguán - Putumayo Basin

Tinigua Block

Operator: PetroNova

90% W.I.

2 blocks which PetroNova operates

247Million barrels of oil, Unrisked Prospective

Resources (Best estimate) to PetroNova’s

W.I.*

1.84 Million acres, area covered by the 5 blocks

High working interests

* Independent engineer report (Petrotech Engineering Ltd.) dated April 30, 2010

CPO 6CPO 13

CPO 7

PUT 2

TINIGUA

ECUADOR

3

Llanos Basin

CPO 6, CPO 7 &

CPO 13 Blocks

Operator: Tecpecol

20% W.I.

Caguán - Putumayo Basin

PUT 2 Block

Operator: PetroNova

100% W.I.

Seasoned and Accomplished Team

• Seasoned team, with PDVSA experience, working

together since mid 90’s

• Successfully created and grew Inepetrol, an independent • Successfully created and grew Inepetrol, an independent

E&P company in Venezuela, to 4,000 boe/d and over 76

mmboe of 2P reserves

• Extensive Colombian experience

4

Management & Directors

Management Board of Directors

Antonio J. Vincentelli, President & CEODirector Inepetrol, Formerly Inelectra

Stelvio Di Cecco, CFODirector Inelectra, Inepetrol

José A. Paz, VP OperationsFormerly Inemaka, Inepetrol

Eugenio Ochoa, VP Exploration & Production

Anthony LambertCEO Daylight Oil & Gas

Judy StriplingCFO Pace Oil & Gas Ltd.

Ricardo Halfen Director Inelectra, Inepetrol

Antonio J. Vincentelli, President & CEOEugenio Ochoa, VP Exploration & Production Formerly Texas, Shell, PDVSA, Inepetrol

Juan M. Szabo, Director of Corporate

DevelopmentDirector Suroco Energy Inc.

Formerly VP Exploration & Production and CFO PDVSA

Antonio J. Vincentelli, President & CEO

Stelvio Di Cecco, CFO

Advisory Board

Ruben HalfenInelectra, Inepetrol

Luis E. ChristiansenInelectra, Inepetrol

5

Llanos Basin

CPO 6, 7 & 13

Blocks

CPO-6

CPO-13

CPO-7

Llanos BasinBlocks

CPO 6, 7 & 13 Blocks

• 20% W.I. on CPO 6, 7 and 13 blocks

• 1,638,038 combined gross acres

• Tecpecol S.A. is the operator and strategic partner

• ANH contracts, X factor (additional ANH royalty) of 39%, 47% and 32%, for blocks 6, 7 and 13 respectively

• Llanos Basin is the most prolific • Llanos Basin is the most prolific hydrocarbon basin in Colombia

• Rubiales field / Quifa block, 2P reserves: +550 mmbbl

• Caracara Block, 2P reserves: 40 mmbbl

• Ocelote field, 2P reserves: 50 mmbbl

• Recently acquired 2,075 km of 2D seismic over the 3 CPO blocks

7

CPE 6 CPE 7

0 15 30 45km

The Right Neighbourhood

Ocelote Field•Production: 10,300 bbl/d (2009)

•2P reserves: 50 mmbbl (2009)

•Gravity: 24° API

Sabanero Discovery•Maurel & Prom

•2 successful exploration wells

•Further extends Quifa / Rubiales

Caracara Block•Production: 20,000 bbl/d (2008)

•2P reserves: 40 mmbbl (2008)

•Gravity: 22 - 29° API

Mago-1 Discovery•Ecopetrol / Shell

•Nov 2010 exploration well

8

Guairuro Discovery•Pacific Rubiales / Talisman

•2 successful exploration wells

•Extends Quifa / Rubiales

structural trends to the west

•P50 prospective resource:

634 mmbbl

•4 additional wells planned for

Q4 2010

•Further extends Quifa / Rubiales

structural trend

0 15 30 45km

Rubiales and Quifa Fields•2P reserves: +550 mmbbl

•Producing 135,000 bbl/d (heavy

oil) in the Rubiales and Quifa

fields

•Production is expected to

increase to 225,000 bbl/d

•Nov 2010 exploration well

•Presence of crude oil in the

Carbonera formation, with a net

reservoir thickness of approx. 20

feet and average porosity of 30%

Pacific Rubiales’ Interpretation

“The Guairuro prospect

can be very large… If the

pinch-out locates at 2,400

ft or above, the trap will

Pacific Rubiales’ October 2010 Investor Presentation

9

ft or above, the trap will

be larger than the

Rubiales field.”Pacific Rubiales Management,

October 2010 Exploration

Portfolio Presentation

Slide 20

CPO 13 Resource Potential

• Prior to the Petrotech report:

• Minimal historic 2D seismic

• Identified 3 prospects & 5 leads

• P50 unrisked prospective resource: 38

mmbbl (7.6 mmbbl net to PetroNova)*

• Recent developments:

• 729 km of new 2D seismic, processing in progress

• Pacific Rubiales new discoveries: Quifa & Guairuro

• Multiple new leads based on preliminary data from field stacks

• Prospective resource: ? mmbbl

* Petrotech Engineering Ltd. report dated April 30, 2010

Mago-1 Discovery

100 15 30 45

km

Guairuro Discovery

• Pacific Rubiales / Talisman

• P50 prospective resource:

634 mmbbl

Mago-1 Discovery

• Ecopetrol / Shell

• Nov 2010 successful

exploration well

CPO 6 & 7 Resource Potential

• Prior to the Petrotech report:

• 3,127 km of historic 2D seismic

• Identified 6 prospects & 3 leads

• 100% W.I. P50 unrisked

prospective resource: 44.5

mmbbl (8.9 mmbbl net to

PetroNova)*

* Petrotech Engineering Ltd. report dated April 30, 2010

LEADSQUIFA

11

• Recent developments:

• New discoveries: Quifa and Sabanero

• 1,329 km of new 2D seismic acquired: CPO 6 data processed, CPO 7 processing in progress

• Reprocessed 510 km of CPO 6 historic seismic data based on information from new seismic

• Defined a series of new leads over the CPO 6 block

LEADS

PROSPECTS

HEAVY OIL BELT

EXPLORATION AREA

PRODUCTION AREA

OILFIELDS

PIPELINE

HISTORIC 2D

SEISMIC

2010 2D SEISMIC

0 15 30 45km

Sabanero Discovery

• Maurel & Prom

• 2 successful

exploration wells

Caguán-Putumayo Basin

PUT 2

Block

Caguán-

Putumayo

Basin

PUT 2 Block

• Operated by PetroNova with 100% W.I.

• 96,666 gross acres

• ANH contract, X factor of 1%

• Putumayo Basin is the Northern extension of the Oriente Basin of Ecuador and is one of Colombia’s most prolific basins

13

• Over 400 mmbbl of oil have been discovered in more than 28 oil fields

• Large exploration and development activities in neighbouring blocks

• Recently shot 100 km of new 2D seismic

0 10 20 30km

The Right Neighbourhood, Again

• Operated by PetroNova with 100% W.I.

Vast Exploration

$6.9 mm

Pacific Rubiales /

Talisman

$15.1 mm

Gran Tierra

Gran Tierra

Gran Tierra

Gran Tierra

Pacific Rubiales

/ AlangeTopoyaco Block•Pacific Rubiales / Alange

•P50 prospective res.: 89.3

mmbbl

•Drilling Topoyaco-1

•Topoyaco-2: 125 ft of oil

sands, 15% avg porosities and

55-72% oil saturation, 20o API

Azar BlockCostayaco Field•Gran Tierra

Moqueta Discoveries•Moqueta-1, 2 & 3 discoveries

(June, Aug & Oct 2010)

14

0 5 10 15km

Vetra / C&C

$14.8 mm

Pacific Rubiales

$9.1 mm

$6.9 mm

Gran TierraVetra / Suroco

Emerald / La Cortez

Ecopetrol

EXPLORATION

WELLS (SPUD OR

PLANNED)

PIPELINE

OILFIELDS

EXPLORATION AREA

PRODUCTION AREA

AWARDED IN

ANH 2010 ROUND

Lewis Energy /

Gran Tierra

Alea-1947-C Block•Vetra / Suroco

•100 km 2D seismic (2009)

•1 prospect and several leads

identified

•1 exploratory well planned for

2011

Azar Block•Gran Tierra

•76 km2 3D seismic underway

•Planned exploratory drilling:

•La Vega Este-1 (4Q 2010)

•Florida West-1 (2Q 2011)

•Gran Tierra

•2P reserves: 23.3 mmbbl

•Field production: 19,000 bbl/d

•Costayaco-10 drilled, expect

prod: 1,200 bbl/d

Maranta Block•Emerald / La Cortez

•Mirto-1 discovery (Sept 2009)

Ecopetrol

PUT 2 Prospects

“A“A--NW”NW”

LeadLead

PUT 2PUT 2“Nogal A”“Nogal A”

LeadLead

Canelo Canelo NorteNorte

ProspectProspect

NogalNogal--0101

Canelo Canelo SurSur

ProspectProspect

CAN

CAN-

CAN-2009-01

CAN-2009-03

CAN-2009-05

CAN-2009-07

CAN-2009-09

CAN-2009-11

CA

N-2

00

9-0

2

B-1

99

0-1

14

B-1

99

0-1

06

B-1987-01-EXT.

B-1

99

0-1

05

B-1990-110

CA

N-2

00

9-0

4

Lead “A-NW”

Canelo Sur

Canelo Norte

1082000

• 5 prospects identified, P50 prospective

resources: 53.4 mmbbl*

• Since Petrotech study:

• 100 km of new 2D seismic shot

• 2D seismic data exchange with

Alea-1947 C block

• Reprocessing original field data

of Nogal areaBlockBlock

“B” Lead“B” Lead

CedrilloCedrillo NorteNorteProspectProspect

Cedrillo SurCedrillo SurProspectProspect

MAX

M.L.

Min

NogalNogal--0101

ProspectProspect

PUT-2

BLOCK

ALEA-1947-C

BLOCK

MAX

M.L.

Min

Nogal-01

Prospect

Nogal-A

Lead

MAX

M.L.

Min1082000

Cedrillo Norte

Cedrillo Sur

15

of Nogal area

• 2 new leads identified

• Drilling first well Q2 of 2011

* Independent engineer report (Petrotech Engineering Ltd.) dated April 30, 2010

Caguán-Putumayo Basin

Caguán-

Putumayo

Basin

Tinigua

Block

Tinigua Block

• Operated by PetroNova with 90% W.I.

• 105,471 gross acres

• ANH contract, no X factor

• The Caguán-Putumayo Basin has seen

very little exploration since the 1970s

due to socio-political problems

• On trend with Capella Field

discovered in 2008, 42 mmbbl of 2P discovered in 2008, 42 mmbbl of 2P

reserves and 72 mmbbl of P50

contingent resource

• Tinigua block contains Uribe-1 pre-

existing exploration well with oil

shows and 1,160 ft sand column

17

0 15 30 45km

Capella Field•Sinochem and Canacol

•OOIP 2.2 billion bbl

•2P reserves: 42 mmbbl

•P50 contingent reserves:

72 mmbbl

Tinigua

Prospect

Uribe-1 Well

Drilled in 1977

3 Km

Tinigua Block Prospect

• The Tinigua prospect was identified after reprocessing and interpreting the 294

km 2D Uribe 1970-1971 survey, tied to the Uribe-1 well stratigraphic markers

• Uribe-1 exploration well was drilled off structure, but penetrated a gross sand

column of 1,160 ft

• The Tinigua prospect is a four-way closure at the crest of a large fault

propagation foldA B’

A A’

• Whole trap P50 prospective resource 197 mmbbl*

• 109 km2 3D seismic survey has been contracted

over Tinigua prospect

• Drill Tinigua prospect 2011 Q3

18

A’

BB’B

11 Km

• Drill Tinigua prospect 2011 Q3

* Independent engineer report (Petrotech

Engineering Ltd.) dated April 30, 2010

Porosity: 20%

Regional Geological Framework

-1100

-1000

-1000

-1000

-1200

-120

0

-1300

-1200

-120

0

-1200

-1200

-1100 -1100

962000 964000 966000 968000 970000 972000 974000 976000

8220

0082

4000

8260

0082

8000

8300

00

822000824000

826000828000

830000

TOTAL GROSS SAND: 1,160 Feet

2

Seal rock

Reservoir rock

Source rock

Oil Shows(Ditch Samples)�

URIBE-1 (TVD)Mirador Sandstones

Tertiary Objective

Excellent Source Rock

Macarena Gr. Shales

Time Structural Map

Top Mirador Fm.

HIGH (P10)

LOW (P90)

BEST (P50)

4192

2488

3491

Area

(Acres)

-1500

-1500

-1400-1400

-1200

-1300

-1400

-1300-1300

-1200-1200

962000 964000 966000 968000 970000 972000 974000 976000

8180

0082

0000

8220

00

818000820000

822000

0 1000 2000 3000 4000 5000m

MAX: 5706

ML: 4305

MIN: 1900

Acres

19

1 2

Macarena Gr. Sandstones

Cretaceous Objective

Time Structural Map

Top Macarena Gr.

Prospective Resource Summary

Petrotech Prospective Resources Estimates (April 30, 2010)

Unrisked

Prospective Resources

(mmbbl)

Average

COS**

Risked

Prospective Resources

(mmbbl)***

Blocks Low Best High % Low Best High

CPO 6 (20% W.I.) 0.5 2.0 6.5 30.0 0.2 0.6 2.1

CPO 7 (20% W.I.) 0.8 6.9 30.4 29.0 0.2 2.0 9.1CPO 7 (20% W.I.) 0.8 6.9 30.4 29.0 0.2 2.0 9.1

CPO 13 (20% W.I.) 3.0 7.6 17.4 21.0 0.6 1.6 3.7

Tinigua (90% W.I.) 49.6 177.1 349.4 36.2 17.2 64.1 125.7

PUT 2 (100% W.I.) 15.5 53.4 131.5 30.4 4.7 16.2 40.1

Total Net Resources 69.4 247.0 535.2 22.9 84.5 180.7

* PetroNova’s W.I. share before deduction of royalties

** Chance of success is the average Chance of Geological Success of all prospects and zones in block

*** Risked prospective resources estimated by applying average chance of successes estimates

20

Status Report

BlockPermits Seismic Program

DrillingSocial Environmental Acquisition Processing Interpretation

CPO 6 � In progress � � In progressQ1/Q2 first well

3 wells in 2011

CPO 7 � In progress � In progress In progress End of 2011CPO 7 � In progress � In progress In progress End of 2011

CPO 13 � In progress � In progress In progress End of 2011

PUT 2 � In progress � In progress In progress Mid 2011

TINIGUA In progress In progress Q4 2010 Mid 2011

21

• Short term goals:

• Complete the seismic acquisition, processing and

interpretation process

• Continue the selection and construction of drilling

locations

• Start drilling program in the first half of 2011

Disciplined Path Towards Growth

• Start drilling program in the first half of 2011

• Implement growth strategies through:

• Organic Growth

• Drilling identified prospects

• Generate new exploratory opportunities in current

acreage

• Participation in New Rounds

22

• Recent exploratory and outpost drilling in the Quifa block and Rubiales field

and a significant new discovery by Pacific Rubiales and Talisman in the CPE 6

block suggests a heavy oil trend extends over PetroNova’s bordering blocks

• PetroNova’s Caguán-Putumayo blocks are neighbouring Gran Tierra’s

Costayaco field and on trend with Sinochem and Canacol’s Capella field in the

• PetroNova operates and holds 100% and 90% W.I. in 2 blocks in the Caguán-

Putumayo Basin and a 20% W.I. in 3 blocks in the Eastern Llanos Basin

• PetroNova’s 5 blocks contain an estimated 247 mmbbl of P50 prospective

resources net to PetroNova’s W.I.*

The Opportunity

Outstanding portfolio of

Colombian blocks with

excellent growth potential

All assets located on trend

with major oil fields and

new discoveries

• PetroNova’s 80% partner is a prominent Latin American Group, with

production of 50,000 boe/d and 300 million boe of reserves is committed to

the exploration and development of its three Llanos Basin blocks in Colombia

• Seasoned management team that has delivered successful results working as

a team for more than 10 years in onshore and offshore projects in South

America

• Plan to commence a 9 well exploratory drilling program in Llanos blocks in

Q1/Q2, drill an exploration well in the PUT 2 block in Q2 and spud in the

Tinigua well in Q3

Costayaco field and on trend with Sinochem and Canacol’s Capella field in the

Ombu block

new discoveries

11 well exploration

program commencing in

first half 2011

Strategic partnership with a

world class operator

Management team with

proven operating

experience

23* Independent engineer report (Petrotech Engineering Ltd.) dated April 30, 2010

PetroNova Colombia Edificio Bogotá Trade Center

Carreras 10, calle 97A-13, Piso 5 ofic. 505

Bogotá D.C. Colombia

Tel: (571) 642.86.77