Petroamerica Announces Initial Test Results of more than 3,250 BOPD of Light Oil from the Mirador with its Las Maracas-8 Well

CALGARY, April 22, 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 initial test results for its Las Maracas-8 well on the Las Maracas Field, Los Ocarros Block, Colombia.

The Las Maracas-8 well was tested over a 23-hour period from a 12-foot perforated interval in the Mirador reservoir at variable choke sizes. The well was started with an electro-submersible pump ("ESP") and, after removing the completion fluid, produced at rates of more than 3,250 barrels of oil per day ("bopd") of light 36 degree API oil through a 21/64-inch choke size for approximately 2 hours. In order not to disrupt production operations at the field, the ESP was turned off and the well was choked back and flowed naturally at variable choke sizes. When flowing naturally, during the first part of the test for a four-hour period, the average flow rate was more than 1,800 bopd on a 16/64-inch choke. The high initial test rates are reflective of the high deliverability of this Mirador reservoir. The well is now on production at approximately 1,100 bopd under natural flow with a 20.5/64-inch choke and a 3.2% watercut. This well will initially be a Mirador producer, and it is expected that the Gacheta oil pay will be produced later on.

Additionally, the Las Maracas-13 well has been completed and tested as a water injector, and Las Maracas-9, which is targeting the attic oil in the Gacheta and Une reservoirs in an up-dip position from Las Maracas-3, was spud on April 15, 2013 and is currently drilling ahead at approximately 9,700 feet in the Carbonera C1 Formation.

The Las Maracas Field is producing between 8,500 to 9,400 bopd in total and the permanent production facility is still on schedule for completion by the end of May 2013.

Petroamerica holds a 50% participating interest in the Los Ocarros Block where the Las Maracas field is situated.

About Petroamerica:

Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces more than 4,000 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".

Forward-Looking Statement

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.

Nelson Navarrete
President and CEO

Colin Wagner
CFO

Ralph Gillcrist
COO, Executive Vice President

Tel Bogota, Colombia: [phone]
Tel Calgary, Canada: [phone]
Email: [email protected]
Web Page: www.PetroamericaOilCorp.com