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

    




 CALGARY, Nov. 29, 2011 /CNW/ -  - Rodinia Oil Corp. ("Rodinia") today released its financial and operating  results for the third 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. 

 Third Quarter 2011 Highlights 




        --  During the third quarter 2011, Rodinia remained focused on the
            completion of its first exploration well, "Mulyawara-1". Due to
            operational and mechanical issues, drilling was substantially
            slower than anticipated. On October 13, 2011, Rodinia announced
            that the well reached a total measured depth of 2,691.2 metres.
            As there was a washout in portions of the wellbore, a
            definitive petrophysical interpretation of the deeper Pindyin
            zone was not possible due to the poor quality of the wireline
            logs. The decision was made to plug and abandon the well.
        --  Shows in the Neoproterozoic Mundallio and Emeroo sandstones in
            Mulyawara-1 are encouraging as they demonstrate an active
            mature petroleum system capable of generating hydrocarbons.  As
            well, the existence of excellent reservoir quality rocks in the
            upper Neoproterozoic formations was proven, with the Ediacaran
            Age Murnaroo sandstone having an average log porosity of 18%
            (commonly up to 23%). Small gas peaks and traces of hydrocarbon
            fluorescence exhibiting blooming cut over discrete intervals
            were also encountered.
        --  Total capital expenditures for the three and nine months ended
            September 30, 2011 totaled $11.1 million and $35.0 million
            respectively as compared to the $0.2 million and $0.5 million
            incurred in the same periods in 2010. The majority of
            expenditures were incurred in South Australia associated with
            Rodinia's Phase III seismic acquisition and interpretation
            program and drilling preparation and drilling expenses.
        --  As at September 30, 2011, Rodinia had a working capital surplus
            of $17.7 million with no debt.




 Subsequent Events 

 On October 13, 2011, Rodinia's Board of Directors adopted a Shareholder  Rights Plan (the "Rights Plan") to ensure the fair treatment of  shareholders in connection with any take-over offer for Rodinia, and to  provide the Board of Directors and shareholders with additional time to  fully consider any unsolicited take-over bid. On November 10, 2011, the  Rights Plan was approved by shareholders at Rodinia's Annual and  Special Meeting. 

 On November 2, 2011, Rodinia spudded its second wildcat exploration  well, "Kutjara-1", located approximately 45 km southeast of  Mulyawara-1. 

 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.  

Rodinia Oil Corp.


CONTACT:  Susan Showers, Manager, Investor RelationsRodinia Oil Corp.Suite 320, 715 5 Ave. SW, Calgary, Alberta, Canada T2P 2X6Telephone: [phone]Toll Free: [phone]Fax: [phone]Email: [e-mail]: www.rodiniaoil.com 


    

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