CALGARY, Feb. 4, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to
announce the production test results from its Las Maracas-7 well (the "well") in the Las Maracas Field, Los Ocarros Block, Colombia. The well
encountered potential net oil pay in the Mirador, main Gacheta and
basal Gacheta reservoirs. The basal Gacheta sand and the main Gacheta
sand were production tested yielding maximum rates of approximately
1,500 barrels of oil per day ("bopd") and 2,500 bopd, respectively. The well is now on production flowing
naturally from the basal Gacheta sand.
A flow test was conducted over the basal Gacheta for a 19-hour period on
a 26/64-inch choke. This interval produced light oil (29 degree API)
under natural flow from a 5-foot perforated interval, at a stabilized
rate of approximately 1,049 bopd and 0.4 % water-cut at the end of the
test. The average oil rate following fluid unloading was 1,301 bopd,
with short-term peaks reaching more than 1,495 bopd.
The flow test over the main Gacheta sand was carried out for 9 hours on
a 32/64-inch choke. This interval produced light oil (30 degree API)
under natural flow from a 6-foot perforated interval, at a stabilized
rate of approximately 2,027 bopd and 0.4% water-cut at the end of the
test. The average oil rate following fluid unloading was 1,972 bopd,
with short-term peaks reaching more than 2,482 bopd.
This well has now been placed on production, and as of January 31, 2013
the Las Maracas field was producing approximately 9,400 bopd. However,
it is anticipated that the Las Maracas field will produce an average of
approximately 8,500 barrels bopd until the permanent production
facility becomes operational in the second quarter of this year. The
Mirador reservoir will be produced later on in the life of the field.
Petroamerica holds a 50% participating interest in the Los Ocarros Block
where the Las Maracas Field is located.
Petroamerica Oil Corp. is a junior oil and gas exploration and
production company with activities in Colombia. Petroamerica produces
approximately 4,000 barrels of oil per day from two oil discoveries,
has one new discovery under appraisal and interests in seven
exploration blocks, all located in Colombia's Llanos Basin.
Petroamerica's shares are listed on the TSX Venture Exchange under the
This news release includes forward-looking statements related to the
expected occurrences in relation to the properties and drilling
activities identified including anticipated production rates. 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 the initial testing results at the well identified in
this press release, including barrels of oil produced and levels of
water-cut, should be considered to be preliminary until a further and
detailed analysis or interpretation has been done on such data. The
well test results obtained and disclosed in this press release are not
necessarily indicative of long-term performance or of ultimate
recovery. 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
COO, Executive Vice President
Tel Bogota, Colombia: +57-1-744-0644
Tel Calgary, Canada: +1-403-237-8300
Web Page: www.PetroamericaOilCorp.com