Petroamerica Announces the Spud of the La Guira-1 Exploration Well
CALGARY, Oct. 11, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a junior oil company operating in Colombia is pleased to announce the start of drilling operations at its La Guira-1 exploration well on the Los Ocarros Block in the Llanos Basin of Colombia. The La Guira-1 exploration well was spud on October 9, 2013 and is targeting the Mirador, Gacheta and Une Formations which produce at the adjacent Las Maracas Field. This well is expected to be drilled to a total depth of 12,500 feet and is expected to take up to one month to drill and case. The La Guira prospect is a potential satellite to the Las Maracas Field, and is located on the next fault block to the immediate south.
Petroamerica holds a 50% non-operated participating interest in the Los Ocarros Block.
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces more than 6,000 bopd from two oil fields, is appraising two new discoveries and has interests in six exploration blocks, 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 and drilling activities identified. 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.
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
COO, Executive Vice President