CALGARY, Nov. 15, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), further to the operations update release on November 13, 2012, is pleased to announce the results of ongoing testing operations at its Las Maracas-5 well (the "well"), which flowed approximately 3,700 barrels of oil per day ("bopd") from the middle Gacheta sand only. This rate does not include production from the lower Gacheta sand.
The middle Gacheta sand, which produces in the Las Maracas-3 and Las Maracas-4 wells, was flow tested in the Las Maracas-5 well and produced 30 degree API oil from a 6-foot perforated interval at maximum rate of 3,762 bopd under natural flow conditions, with a watercut of 0.1% at the end of the test. The well was tested over a 13 hour period and had to be choked back due to storage capacity limitations at the well site. The well will now be completed as a Gacheta producer following which the Tuscany 109 rig is expected to be skidded to drill the Las Maracas-6 well.
The Las Maracas field is situated in the Los Ocarros block, Colombia, where Petroamerica holds a 50% participating interest.
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica has production coming from two oil discoveries 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".
This news release includes forward-looking statements related to the expected occurrences in relation to the properties identified including expectations regarding the results and timing of drilling test wells. 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 referenced wells, which may include 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 test results 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.
For further information:
President and CEO
Executive Vice President Exploration & Business Development