CALGARY, Sept. 10, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica"), a junior oil and gas company operating in Colombia is pleased to
announce the start of exploration drilling on the El Eden Block in the
Llanos Basin of Colombia, with the spud of the La Casona-1 exploration
well on September 4, 2012. The La Casona-1 well is targeting the
Mirador, Une and Gacheta formations that produce in nearby fields. The
La Casona-1 well is being drilled with the Tuscany 119 drilling rig.
Petroamerica holds a 40% participating interest in the La Casona-1 well,
of which 15% is still pending ANH (Colombian National Hydrocarbon
Agency) approval. Parex Resources Colombia Ltd. Sucursal ("Parex") will pay the first 65% of the dry-hole cost of the well. The current
operator is Cepcolsa, however Parex has applied to the ANH to take over
operatorship of the El Eden Block.
Petroamerica Oil Corp. is a junior oil and gas exploration and
development company operating in Colombia. Petroamerica has interests
in eight blocks, comprising a total of 1.8 million gross acres. The
Company's Balay and Las Maracas oil discoveries are located in
Colombia's Llanos Basin, on the Balay and Los Ocarros Blocks,
respectively. 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. 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, the results of drilling 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
Executive Vice President Exploration & Business Development
Tel Bogota, Colombia: +57-1-629-3534
Tel Calgary, Canada: +1-403-237-8300
Web Page: www.PetroamericaOilCorp.com