Petroamerica Provides a Testing Update with its Las Maracas-5 Well Flowing at
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
theforward-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
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.
Nelson Navarrete President and CEO
Colin Wagner CFO
Ralph Gillcrist Executive Vice President Exploration & Business Development
Tel Bogota, Colombia: +57-1-744-0644 Tel Calgary, Canada: +1-403-237-8300
Email:firstname.lastname@example.org Web Page:www.PetroamericaOilCorp.com
SOURCE: Petroamerica Oil Corp.
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CO: Petroamerica Oil Corp.
NI: OIL FIELD
-0- Nov/15/2012 21:10 GMT
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