Press release from CNW Group
Petroamerica Announces the Successful Testing of its Las Maracas-10 Well in Colombia and Encouraging Preliminary Results on the La Casona-2 Sidetrack Appraisal Well
Tuesday, August 20, 2013
Petroamerica Announces the Successful Testing of its Las Maracas-10 Well in Colombia and Encouraging Preliminary Results on the La Casona-2 Sidetrack Appraisal Well16:00 EDT Tuesday, August 20, 2013
CALGARY, Aug. 20, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia is pleased to announce the results from its Las Maracas-10 development well which tested under natural flow, light 29.8o API oil, at an average rate of approximately 1,000 barrels of oil per day ("bopd") from the Gacheta Formation.
The Las Maracas-10 development well was specifically targeting attic oil in the main Gacheta reservoir, however, it also unexpectedly encountered oil in the Mirador Formation on the downthrown side of the main fault delineating the field. The well encountered a total net pay thickness of 48 feet, 34 feet of which are in the Gacheta and Une Formations, and 14 feet in the Mirador Formation. The well produced on test under natural flow conditions, light oil (29.8o API) from a 16-foot perforated interval in the main Gacheta sand. The total duration of the test was 6 hours and the average oil rate through a 40/64 inch restricted choke was approximately 1,000 bopd with a wellhead pressure of 300 psi. Total oil recovered during the test was 436 barrels with 67 barrels of water and the water cut at the end of the test was approximately 1%. The well is currently shut-in and will be completed later on as a Gacheta producer utilizing a workover rig. The Tuscany 109 drilling rig was skidded and has commenced drilling the Las Maracas-12 development well, which will also target the Gacheta and Une Formations in an up-dip attic position.
A total of 11 wells have now been successfully drilled on the Las Maracas Field, resulting in 10 oil producers or potential oil producers (3 Mirador and 7 Gacheta) and one water disposal well. Petroamerica holds a 50% working interest in the Los Ocarros Block, where the Las Maracas Field is situated.
The La Casona-2 Sidetrack appraisal well, which is situated on the El Eden Block where Petroamerica holds a 40% working interest, is currently drilling at a depth of approximately 16,000 feet. While drilling through the Mirador Formation, the well encountered good hydrocarbon shows and LWD (logging-while-drilling) logs indicate the presence of oil pay. A full disclosure of the results of this well will be released after the well has reached its target depth, which is anticipated to be towards the end of August.
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica produces more than 5,500 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.
For further information:
President and CEO
COO, Executive Vice President
Tel Bogota, Colombia: +57-1-744-0644
Tel Calgary, Canada: +1-403-237-8300
Web Page: www.PetroamericaOilCorp.com