Petroamerica Provides an Update on the Las Maracas-4 Well Results and Las Maracas Production, Colombia
CALGARY, Aug. 16, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce preliminary results of its Las Maracas-4 well (the "well") drilled on the Los Ocarros Block in the Llanos Basin of Colombia. The well was spud on July 30, 2012 and has reached total depth with electrical logs indicating more than 65 feet of prospective oil pay in the Mirador and Gacheta formations. Additionally, the Las Maracas-3 well is now producing approximately 2,000 barrels of oil per day from the Gacheta formation ("bopd") with an electro-submersible pump.
The well reached a total depth of 12,522 feet measured depth ("MD") on August 13, 2012. A petrophysical evaluation of the LWD (logging-while-drilling) logs, indicates that the well encountered a total net oil pay of more than 65 feet (MD); 30.5 feet (MD) in the Mirador formation and 35 feet (MD) in the Gacheta formation. The reservoir properties and oil saturations are similar to those found in the Las Maracas-2 sidetrack and the Las Maracas-3 wells. Following wire-line logging, the well is expected be cased and the Tuscany 119 rig is expected to move to the El Eden Block to drill the exploration well, La Casona-1. A work over rig is expected to be brought in to complete the Las Maracas-4 well as a Gacheta producer.
The Las Maracas-3 well is now producing from the Gacheta through the long-term test facility at rates of approximately 2,000 bopd and the Las Maracas-2 sidetrack well continues to produce at rates of 1,085 bopd from the Mirador Formation. As a result of these production additions, as of August 15, 2012, the Company's working interest production was 1,627 bopd (1,497 bopd net after royalties).
Petroamerica holds a 50% participating interest in the Los Ocarros Block. The operator of the block, Cepcolsa, has transferred its 50% participating interest to Parex Resources Colombia Ltd. Sucursal, which is still pending approval by the ANH (Colombian National Hydrocarbon Agency).
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica has interests in seven blocks and two oil discoveries, all located in Colombia's Llanos Basin. Petroamerica's shares are listed on the TSX Venture Exchange under the symbol "PTA".
This news release includes forward-looking statements related to the expected occurrences in relation to the properties identified, including expectations regarding the casing, drilling and completion of the well. A multitude of factors can cause actual events to differ significantly from any anticipated development and although Petroamerica believes that the expectations represented by such forward-looking statements are reasonable; there can be no assurance that such expectations will be realized. These forward looking statements are based upon assumptions that Petroamerica has made concerning the oil and gas industry in Colombia, the reliability of available data regarding the properties, and the continuing market for oil and gas. Risk factors may include the uncertainty of conducting operations under a foreign regime, the availability of labour and equipment, the fluctuating price of oil and gas, and Petroamerica's dependence upon other participants in the property areas. Neither Petroamerica nor any of its subsidiaries nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
Although the Company believes that the expectations represented by the forward-looking statements contained herein are reasonable, undue reliance should not be placed on the forward-looking statements because there can be no assurance that such expectations will be realized. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Data obtained from logging the Las Maracas-4 well, including statements made herein regarding analogies to the Las Maracas-3 well, should be considered to be preliminary until a further and detailed analysis or interpretation has been done on such data. The reader is cautioned not to unduly rely on such results as such results may not be indicative of future performance of the well or of expected production results for the Company in the future.
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.
SOURCE: Petroamerica Oil Corp.For further information:
President and CEO
Executive Vice President Exploration & Business Development