CALGARY, Jan. 20, 2014 /CNW/ - Petroamerica Oil Corp. (TSXV: PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia is pleased to
announce that the La Guira-2 appraisal well, located on the Los Ocarros
Block, has been cased for testing.
After the La Guira-2 appraisal well reached its target depth of 12,600
feet the well was logged and the decision was made to case the well for
testing. Testing will be performed on the Mirador and Gacheta
Formations using a work-over rig and will commence once the rig is
secured and on site.
The La Guira-2 well was drilled as a sole risk operation, and
Petroamerica currently holds 100% of the working interest ("WI") in this well. The other 50% WI partner in the Los Ocarros Block does
have the right to re-establish their WI position in this well subject
to a penalty payment based on the total cost of this well.
Petroamerica Oil Corp. is a Canadian oil and gas exploration and
production company with activities in Colombia. Petroamerica produces
more than 6,300 barrels of oil equivalent per day and has interests in
five 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
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
Tel Bogota, Colombia: +57-1-744-0644
Tel Calgary, Canada: +1-403-237-8300
Web Page: www.PetroamericaOilCorp.com