CALGARY, May 3, 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 drilling results for its Las Maracas-9 well on the Las Maracas Field, Los Ocarros Block, Colombia.
The Las Maracas-9 well was drilled as an S-style well targeting the attic oil in the Gacheta reservoir up-dip from the Las Maracas-3 well. In order to target the Gacheta in an attic position the well trajectory was intentionally designed not to intersect the Mirador reservoir in the field. The well encountered the top of the main Gacheta reservoir 16 feet higher (true vertical depth) than at the Las Maracas-3 well and a petrophysical interpretation of the wireline logs indicates 42 feet of net oil pay (true vertical depth) in the main Gacheta reservoir. The Las Maracas-9 well has been completed to produce from the Gacheta and the Tuscany 119 rig is expected to mobilise to drill the La Casona-2 appraisal well, followed by the Rumi-1 exploration well, on the El Eden Block.
The Las Maracas Field is currently producing approximately 9,000 bopd with a total field watercut of 5.5%. The permanent production facility is scheduled to be online by the end of May 2013.
Petroamerica holds a 50% participating interest in the Los Ocarros Block where the Las Maracas field is situated, and a 40% participating interest on the El Eden Block.
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces more than 4,500 barrels of oil per day from two oil discoveries, has one new discovery under appraisal and has interests in seven exploration 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 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.
President and CEO
COO, Executive Vice President