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
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
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.
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.
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