Thursday, June 16th, 2011 - Rodinia Oil Corp.
CALGARY, ALBERTA--(Marketwire) - Rodinia Oil Corp. ("Rodinia") (TSX VENTURE: ROZ) today released its financial and operating results for the first quarter of 2011. A copy of Rodinia's unaudited condensed consolidated financial statements and related management's discussion and analysis ("MD&A") can be accessed either at www.sedar.com or on Rodinia's website (http://rodiniaoil.com/investor_info/financial_reports.php).

First Quarter 2011 Highlights                                              

 

--  On March 3, 2011, Rodinia announced it had entered into a Deed of Access

    with the Australian Department of Defence allowing Rodinia access to

    explore within the Woomera Prohibited Area ("WPA") within PEL 81 in

    South Australia. This access to the WPA was necessary, subject to

    various terms and conditions, in relation to notification of timing for

    access, people entering and equipment to be used during seismic survey.

    Approximately 400 kilometres of 2D seismic was acquired throughout the

    WPA in the first quarter of 2011.

--  On March 29, 2011 Rodinia's announced that its Board of Directors had

    approved a 2011 capital expenditure budget of $42.0 million net to

    Rodinia ($52.5 million gross) to include the drilling of up to four

    exploratory wells and the completion of its Phase III seismic

    acquisition program.

--  With a working capital surplus at March 31, 2011 of $44.3 million,

    Rodinia is well positioned to execute on its 2011 exploration drilling

    program.

--  Total expenditures of $9.5 million for the three months ending March 31,

    2011 were incurred in South Australia associated with Rodinia's Phase

    III seismic acquisition and interpretation program and drilling

    preparation expenses.

--  Rodinia acquired approximately 1,350 kilometres of 2D seismic during the

    first quarter of 2011 as part of the Phase III seismic program. Much of

    this seismic activity was covering Rodinia's proposed 2011 drill targets

    located in PEL 81 and PEL 253 and was acquired specifically to define

    those structures and drilling locations.

 

Subsequent Events                                                          

 

--  On April 20, 2011 Rodinia announced the mobilization of Ensign Australia

    Pty. heavy triple Rig #16 to the Officer Basin.

--  Rodinia announced in May 2011 that EnSearch, its joint venture partner,

    was no longer under Administration. EnSearch obtained new financing and

    as a result, Rodinia believes that EnSearch will continue to be able to

    meet its ongoing future financial obligations under its various joint

    operating agreements.

--  On the morning of June 9, 2011 Australian Central Standard Time, Rodinia

    began drilling Mulyawara 1 and it is expected to take approximately six

    to eight weeks to reach total depth after which prospective hydrocarbon

    shows will be tested. Rodinia has an 80% working interest in this well

    and prospect, and is the operator.

--  On June 9, 2011, Rodinia announced its second drilling location, Kutjara

    1, which has recently been hi-graded and re-confirmed by additional 2D

    seismic lines. Kutjara 1 is located in the west-central portion of PEL

    253 approximately 35 kilometres southeast of Mulyawara 1.

--  To date, Rodinia has completed 2,534 kilometres of 2D seismic in PEL 81

    and PEL 253 as part of the Phase III seismic program and plans to

    complete recording by the end of June 2011.

Contact Profile

Rodinia Oil Corp.


Rodinia is an international oil and gas exploration corporation. The Common Shares and Warrants are listed for trading on the TSX Venture Exchange under the symbols "ROZ" and "ROZ.WT" respectively. Rodinia is engaged in the exploration, acquisition and development of petroleum and natural gas assets in Australia's Officer Basin. Founded in 2006, Rodinia has access to large tracts of exploratory lands and is one of the first companies to undertake exploration in the Officer Basin. 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 Rodinia's drilling 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 www.sedar.com. 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.
Shauna MacDonald
P: (403) 538 5645
W: www.rodiniaoil.com

Keywords

Rodinia Oil, First Quarter, 2011, Finance, Financial, Highlights

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