Petroamerica Announces the Start of Drilling Operations on its CPO-1 Block With the Spud of Altillo Oeste-1

Petroamerica Announces the Start of Drilling Operations on its CPO-1 Block 
With the Spud of Altillo Oeste-1 
CALGARY, Jan. 2, 2013 /CNW/ - Petroamerica Oil Corp. (TSXV:PTA) 
("Petroamerica" or the "Company"), a junior oil and gas company operating in 
Colombia is pleased to announce the start of drilling on its CPO-1 Block in 
the Llanos Basin of Colombia. The Altillo Oeste-1 well was spud by partner and 
operator, Pacific Rubiales Energy Corp., on December 30, 2012. The well is 
targeting the Carbonera-7 and Cretaceous formations, some of which produce in 
adjacent fields. The well is expected to be drilled to a total depth of 
approximately 5,900 feet (measured depth) and is expected to take 20 days to 
drill and complete. 
Petroamerica holds a 50% beneficial interest in the CPO-1 Block and will apply 
to the ANH (Colombian National Hydrocarbon Agency) to have this beneficial 
interest approved. 
About Petroamerica: 
Petroamerica Oil Corp. is a junior oil and gas exploration and production 
company with activities in Colombia. Petroamerica produces approximately 4,000 
barrels of oil per day (Company gross) from two oil discoveries, has one new 
discovery under appraisal 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 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. 
Nelson Navarrete President and CEO 
Colin Wagner CFO 
Ralph Gillcrist COO, Executive Vice President 
Tel Bogota, Colombia: +57-1-744-0644 Tel Calgary, Canada: +1-403-237-8300 Web 
SOURCE: Petroamerica Oil Corp. 
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CO: Petroamerica Oil Corp.
ST: Alberta
-0- Jan/02/2013 21:05 GMT
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