CALGARY, June 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 start of appraisal drilling at its La Casona discovery on the El Eden Block in the Llanos Basin of Colombia. The La Casona-2 appraisal well was spud on May 30, 2013 and is targeting the Gacheta and Une Formations that tested light oil and gas in the La Casona-1 discovery well, and will evaluate the Mirador Formation which was not flow tested at La Casona-1. The well is expected to be drilled to a target depth of approximately 16,000 feet and is expected to take approximately 60 days to drill and complete. Upon completion of drilling operations at the La Casona-2 well, the drilling rig is expected to mobilise and drill the Rumi-1 exploration well on the same block.
The construction of the long-term test facility, including gas compression, at La Casona-1 is underway and it is anticipated that the La Casona-1 well will be placed on long-term production test towards the end of the third quarter of this year.
Petroamerica holds a 40% non-operated participating interest in the El Eden Block, 15% of which is still pending approval by the Colombian National Hydrocarbon Agency (ANH).
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces approximately 5,000 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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