Rodinia Oil Corp. releases second quarter 2011 financial and operating results

CALGARY, Aug. 30, 2011 /CNW/ -- 
CALGARY, Aug. 30, 2011 /CNW/ - (TSX-V: ROZ) - Rodinia Oil Corp. ("Rodinia") today released its financial and operating
 results for the second 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.


Second Quarter 2011 Highlights


    --  On June 9, 2011, Rodinia announced that it had spudded its
        first exploratory well, Mulyawara 1, located in the northwest
        corner of PEL 253 in the Officer Basin, South Australia.
        Mulyawara 1 is drilling vertically to an estimated total
        drilling depth of 2,700 metres to test five prospective
        reservoir horizons: Murnaroo, Tarlina, Mundallio, Emeroo and
        the deepest of which is the Aeolian Pindyin sandstone (also
        called the sub-salt unit). 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.

    --  Total capital expenditures of $23.9 million for the six months
        ending June 30, 2011 were incurred in South Australia
        associated with Rodinia's Phase III seismic acquisition and
        interpretation program and drilling preparation and drilling
        expenses.

    --  As at June 30, 2011 Rodinia had completed and processed 2,536
        kilometers of 2D seismic in PEL 81 and PEL 253 as part of the
        2011 capital budgeted Phase III seismic program.



2011 Capital Program Update


As of June 30, 2011, Rodinia had a working capital surplus of $29.7
 million with no debt. Rodinia is in the exploration stage of its
 development in the remote and under-explored Officer Basin in
 Australia. Its ability to finance its future operations is dependent
 upon the existence of economically recoverable hydrocarbons and its
 ability to obtain new sources of financing.


Given numerous mechanical and operational issues with the drilling of
 Mulyawara 1, drilling progress has been substantially slower than
 anticipated, resulting in cost overruns.


In light of lessons learned from this first exploratory well, Rodinia is
 in the process of reviewing and revising the existing drilling program
 and well designs for the remainder of the 2011 capital program.


On August 4, 2011, Rodinia announced that testing to date of Mulyawara 1
 had confirmed the existence of excellent reservoir quality rocks in the
 Neoproterozoic with the Eidacaran Age Murnaroo Formation having an
 average log porosity of 18% (commonly up to 23%). The well encountered
 small gas peaks and traces of hydrocarbon fluorescence exhibiting
 blooming cut over discrete intervals within the undifferentiated Upper
 Cryogenian.


Rodinia believes these findings are encouraging and they reduce the
 risks associated with source, migration and reservoir. However,
 Mulyawara 1 is still a high-risk venture and yet to be proven and the
 primary objectives of the well are yet to be intersected and lie below
 the prospective regional salt seals.


Additional Information


Rodinia's Annual and Special General Meeting of Shareholders will be
 held on Thursday November 10, 2011 at Rodinia's Conference Centre, Main
 Floor, 715 5 Ave. SW, Calgary, Alberta, Canada beginning at 3:30 p.m.
 (MT).


About 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. 


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p Susan Showers, Manager, Investor Relations /p p Rodinia Oil Corp.br/ Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P 2X6br/ Telephone: [phone]br/ Toll Free: [phone]br/ Fax: [phone] /p p Email: a href="mailto:[e-mail]"[e-mail]/abr/ Website: a href="http://www.rodiniaoil.com"www.rodiniaoil.com/a /p 

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