CALGARY, Feb. 4, 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 production test results from its Las Maracas-7 well (the "well") in the Las Maracas Field, Los Ocarros Block, Colombia. The well encountered potential net oil pay in the Mirador, main Gacheta and basal Gacheta reservoirs. The basal Gacheta sand and the main Gacheta sand were production tested yielding maximum rates of approximately 1,500 barrels of oil per day ("bopd") and 2,500 bopd, respectively. The well is now on production flowing naturally from the basal Gacheta sand.
A flow test was conducted over the basal Gacheta for a 19-hour period on a 26/64-inch choke. This interval produced light oil (29 degree API) under natural flow from a 5-foot perforated interval, at a stabilized rate of approximately 1,049 bopd and 0.4 % water-cut at the end of the test. The average oil rate following fluid unloading was 1,301 bopd, with short-term peaks reaching more than 1,495 bopd.
The flow test over the main Gacheta sand was carried out for 9 hours on a 32/64-inch choke. This interval produced light oil (30 degree API) under natural flow from a 6-foot perforated interval, at a stabilized rate of approximately 2,027 bopd and 0.4% water-cut at the end of the test. The average oil rate following fluid unloading was 1,972 bopd, with short-term peaks reaching more than 2,482 bopd.
This well has now been placed on production, and as of January 31, 2013 the Las Maracas field was producing approximately 9,400 bopd. However, it is anticipated that the Las Maracas field will produce an average of approximately 8,500 barrels bopd until the permanent production facility becomes operational in the second quarter of this year. The Mirador reservoir will be produced later on in the life of the field.
Petroamerica holds a 50% participating interest in the Los Ocarros Block where the Las Maracas Field is located.
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces approximately 4,000 barrels of oil per day from two oil discoveries, has one new discovery under appraisal and 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 including anticipated production rates. 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.
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