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 Maracas Field.
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 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.
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