CALGARY, July 3, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica"), a junior oil and gas company operating in Colombia is pleased to
announce the start of the appraisal drilling program on the Los
Ocarros Block in the Llanos Basin of Colombia with the spud of the Las
Maracas-3 appraisal well on June 28, 2012. The Las Maracas-3 well will
appraise the Mirador discovery made by the Las Maracas-2 Sidetrack
well, announced August 2011 and on production since April 23, 2012.
Additionally, the Las Maracas-3 well has an important exploration
component targeting the deeper Une and Gacheta reservoirs that produce
in other fields in the vicinity. The Las Maracas-3 well will be drilled
to a total depth of 12,784 feet (measured depth) by the Tuscany 119
drilling rig and is expected to reach its total depth by mid-July,
2012. The Las Maracas-4 appraisal well will be drilled immediately
after the completion of the Las Maracas-3 well, and will further assess
the Mirador formation as well as any exploration discoveries made by
the Las Maracas-3 well.
Petroamerica holds a 50% participating interest in the Los Ocarros
Block. The contractual operator of the block is Cepcolsa, who has
transferred its 50% working interest to Parex Resources Colombia Ltd.
Sucursal. Final approval of this transfer by the ANH (Colombian
National Hydrocarbon Agency) is pending.
Petroamerica Oil Corp. is a junior oil and gas exploration and
development company operating in Colombia. Petroamerica has interests
in eight blocks, comprising a total of 1.8 million gross acres. The
Company's Balay and Las Maracas oil discoveries are located in
Colombia's Llanos Basin, on the Balay and Los Ocarros Blocks,
respectively. 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 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.
For further information:
President and CEO