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.
President and CEO
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.
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