CALGARY, Oct. 24, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a Canadian oil company operating in Colombia is pleased to provide an update for its current appraisal activities in Colombia.
La Guira Well, Los Ocarros Block (50% Non-Operated Working Interest)
The La Guira-1 exploration well on the La Guira prospect was spud on October 9, 2013 and drilled to a total depth of 12,500 feet. The well was cased and the Company expects to test the Mirador and Gacheta formations. The La Guira prospect is located approximately 7 kilometers to the south of the Las Maracas Field.
La Casona Discovery, El Eden Block (40% Non-Operated Working Interest)
The La Casona-2 appraisal well has been drilled and the rig is being released. Although the well was side-tracked due to mechanical issues in the original hole, the well was able to reach its target depth of 16,700 feet and evaluate the target formations. Drilling logs indicate potential oil pay in the Mirador Formation, which was untested in the La Casona-1 well, and in the Une Formation. Following the demobilization of the drilling rig, which is being moved to the Rumi-1 exploration prospect also located on the El Eden block, it is expected that a work-over rig will be brought in to test the Mirador Formation.
The long-term test production facility for the La Casona-1 well, which includes gas compression, is expected to be commissioned following the demobilization of the La-Casona-2 drilling rig. La Casona-1 production is expected to start during November 2013.
Petroamerica Oil Corp. is an oil and gas exploration and production company with activities in Colombia. Petroamerica produces more than 6,000 bopd from two oil fields, is appraising two new discoveries 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.
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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