CALGARY, Dec. 11, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia is pleased to
announce the start-up of production at its La Casona discovery and that
the Rumi-1 exploration well is being cased for testing.
La Casona Discovery, El Eden Block (40% Working Interest)
The La Casona long-term test facility commenced production operations on
December 2, 2013, with La Casona-1 producing at restricted rates of
approximately 350 barrels of oil per day ("bopd") and 1.5 million cubic feet per day ("MMCFD") of gas from the Une Formation. The produced gas is being compressed
and sold and the rate will be restricted until trucking at the gas
compression plant has been optimized.
The La Casona-2 appraisal well was drilled 600 meters away from La
Casona-1, and is about to commence testing of the Mirador Formation,
which was untested in the La Casona-1 well, using a service rig that
was on location as of December 10, 2013. It is expected that test
results will be available before year-end.
Rumi-1 Exploration Well, El Eden Block (40% Working Interest)
The Rumi-1 exploration well, which was spud on November 16, 2013, has
reached its target depth of 14,620 feet and is being cased for testing.
Wire-line logs indicate the presence of a gross hydrocarbon column of
approximately 60 feet in the Une Formation of which 27 feet is
interpreted to be net oil pay. Testing will be performed using the
drilling rig so that results should be available before year-end.
Petroamerica Oil Corp. is a Canadian oil and gas exploration and
production company with activities in Colombia. Petroamerica produces
more than 6,000 bopd from two oil fields, is appraising two new
discoveries 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 and the anticipated timing of well results. 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 wells identified
in this press release, including barrels of oil and cubic feet of gas
produced and net feet of oil pay, 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