CALGARY, July 8, 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 spud of the Las Maracas-11 development well at its Las
Maracas Field on the Los Ocarros Block in the Llanos Basin of Colombia.
Las Maracas-11 was spud on July 1, 2013 and is targeting attic oil in
the Mirador Formation. Upon completion of drilling operations for Las
Maracas-11, the drilling of the Las Maracas-12 well is expected to
commence. Not including these two wells, the Company expects that an
additional three wells (one development, one appraisal and one water
disposal) will be drilled on the field prior to the end of 2013.
Current production on the Las Maracas Field is from 11,000 to 11,600
barrels of oil per day, however future production targets will be based
on well performance and the results of the current wells and upcoming
appraisal and development drilling program.
Petroamerica holds a 50% non-operated participating interest in the Las
Petroamerica Oil Corp. is a junior oil and gas exploration and
production company with activities in Colombia. Petroamerica produces
over 5,500 barrels of oil per day (Company working interest) and has
interests in six 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
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
COO, Executive Vice President
Tel Bogota, Colombia: +57-1-744-0644
Tel Calgary, Canada: +1-403-237-8300
Web Page: www.PetroamericaOilCorp.com