Petroamerica Announces the Commencement of Drilling of the Las Maracas-2 Exploration Well in the Llanos Basin, Colombia

CALGARY, April 29 /CNW/ - Petroamerica Oil Corp. ("the Company") (TSX-V:PTA) is pleased to announce the April 27, 2011 spud of the Las Maracas-2 exploration well in the Los Ocarros Block, situated in the Llanos Basin of Colombia.  The Las Maracas-2 well is targeting the Carbonera C7, Mirador and Une reservoir formations in a fault trap defined by 3D seismic. The well will be directionally drilled by the Parker 268 drilling rig and is expected to reach its total depth of 13,100 feet (measured depth) by end June, 2011.

The Company, pursuant to a Farmin Agreement with Talisman Oil & Gas Colombia Limited, is entitled to a 50% participating interest in the Los Ocarros Block, subject to the approval of the National Hydrocarbon Agency (ANH) and the operator of the block, Cepsa Colombia S.A., a subsidiary of the Cepsa Group.

Petroamerica is a junior oil and gas company operating in Colombia and listed on the TSX Venture Exchange.

ON BEHALF OF PETROAMERICA OIL CORP.

"Nelson Navarrete"

President and CEO

Forward-Looking Statement

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, 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:

Nelson Navarrete
President and CEO
Petroamerica Oil Corp.
Tel: 57-1-629-3534
Email: investorrelations@pta-oil.com   
Colin Wagner
CFO
Petroamerica Oil Corp.
Tel: 403-237-8300
Email: investorrelations@pta-oil.com

 

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Petroamerica Oil Corp.

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