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Last C$0.14 CAD
Change Today +0.01 / 8.00%
Volume 4.2M
PTA On Other Exchanges
As of 3:59 PM 03/31/15 All times are local (Market data is delayed by at least 15 minutes).

petroamerica oil corp (PTA) Snapshot

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08/25/14 - C$0.45
52 Week Low
02/12/15 - C$0.11
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petroamerica oil corp (PTA) Details

Petroamerica Oil Corp., together with its subsidiaries, is engaged in the acquisition, development, exploration, and production of oil and gas properties in Colombia. The company holds interests in the Los Ocarros, LLA-10, El Eden, El Porton, and Balay blocks covering approximately 273,000 net acres of land located in the Llanos Basin. Petroamerica Oil Corp. is headquartered in Calgary, Canada.

Founded in 2010

petroamerica oil corp (PTA) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$300.3K
Executive Chairman
Total Annual Compensation: C$309.5K
Chief Financial Officer
Total Annual Compensation: C$213.0K
Compensation as of Fiscal Year 2013.

petroamerica oil corp (PTA) Key Developments

Petroamerica Announces Oil Discovery at Langur-1X

Petroamerica Oil Corp. announced that testing operations have established a stabilized test rate of 760 barrels of oil per day (bopd) from the Langur-1X exploration well on the LLA19 Block in the Llanos Basin of Colombia. After being drilled to 13,717 feet TD, the Langur-1X exploration well was cased to evaluate 14.5 feet of Gacheta C oil pay. Two intervals were perforated and the well was tested for fifteen days under flow-assistance by coiled tubing and nitrogen, establishing a stabilized flow rate over the last 24 hours of 760 bopd of 24° API oil (380 bopd net to the Company before royalty) with a 27% watercut. The watercut was steadily decreasing for the duration of the test from approximately 50% at the beginning of the test, to 26% at the time the well was shut-in. This watercut behaviour is not typical of water break-through from an active aquifer and the produced water is not interpreted to be coming from a nearby oil-water contact. The well has been equipped with an electric submersible pump and is expected to produce at rates in excess of 1,000 bopd during an extended production test. Operator Pacific Stratus Energy Colombia Corp. (50% working interest (WI)) and Petroamerica (50% WI subject to ANH - National Hydrocarbon Agency) are currently assessing potential follow-up drilling locations to the Langur-1X discovery well.

Petroamerica Oil Corp. Provides Capital Expenditure Guidance for the First Six Months of 2015 and for the Year 2014; Announces Production Results for the Month and Year of 2014; Announces Production Plan for the First Six Months of 2015

Petroamerica Oil Corp. provided capital expenditure guidance for the first six months of 2015. For the six months of 2015, the company is expected to be $20 million, of which $6 million will be allocated towards exploration activities, $7 million for appraisal activities and $7 million for facilities upgrades and workovers. With this reduced capital program Petroamerica expects its working interest production (before royalties) to average 5,400 barrels of oil equivalent per day ("boepd") for the first six months of 2015. The Company has placed all development drilling plans on hold for the first six months of the year. Total capital expenditure for the 2014 fiscal year is currently estimated at approximately $44 million, down from the previous projection of $53 million from September 2014. The company's exploration and appraisal drilling program for the first six months of 2015 includes two exploration wells, both of which are substantially carried; at the Garza-Roja-1 well the Company will pay 5.5% of the well costs to maintain a 50% working interest and at the Calatea-2 well, the Company will pay 20% of the well costs to retain a 50% working interest. The drilling program also includes one appraisal well, which is considered a low risk follow-up to the Langur-1X discovery well where Petroamerica holds a 50% working interest. Given the current oil price environment, development drilling activities on the Company's Putumayo properties have been deferred. Production for the month of December 2014 averaged 5,379 boepd (98% liquids). 2014 December production was below expectations due to a number of temporary operational events including: Delayed completion of the Quinde-3 well pending reperforation and potential stimulation now anticipated in January of 2015; Sand production in existing Quinde wells that resulted in the rig initially assigned to development drilling activities being diverted to carry out workover operations on these producing wells; Water disposal restrictions at the Las Maracas field that have since been improved with the tie-in of an additional injection well and chemical stimulation of existing injection wells. Production for the entire year 2014 averaged 6,246 boepd (98% liquids). These production volumes include December field estimates, which may be subject to minor reconciliation adjustments.

Petroamerica Oil Corp. Announces Management Changes

Petroamerica Oil Corp. announced the following changes to its Board and Management team as part of the company's succession plan. Effective immediately, Dr. Ralph Gillcrist, who has been the company's Chief Operating Officer and Executive Vice President since December 2012 and joined the company as Vice President of Exploration in October 2010, will assume the role of President and Chief Executive Officer and will accept a seat on the Board of Directors. Mr. Nelson Navarrete, who has been President and CEO of the company since January 2011, will move to the position of Executive Chairman, succeeding Mr. Jeffrey Boyce who has been Executive Chairman of the company since January 2011; Mr. Boyce will become the Lead Executive Director of the company.


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