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.
About Petroamerica:
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".
Forward-Looking Statement
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.
<p> Nelson Navarrete<br/> President and CEO </p> <p> Colin Wagner<br/> CFO </p> <p> Ralph Gillcrist<br/> Executive Vice President Exploration & Business Development </p> <p> Tel Bogota, Colombia: +57-1-744-0644<br/> Tel Calgary, Canada: +1-403-237-8300<br/> Email: <a href="mailto:investorrelations@pta-oil.com">investorrelations@pta-oil.com</a><br/> Web Page: <a href="http://www.PetroamericaOilCorp.com" cr="true">www.PetroamericaOilCorp.com</a> </p>