Petroamerica announces a new oil discovery in the Une Formation and successful appraisal of the Las Maracas field extension with its Las Maracas-6 Wel
Monday, Jan 07, 2013
CALGARY, Jan. 2, 2013 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce the results of its Las Maracas-6 well (the "well") drilled on the Las Maracas Field in the Llanos Basin of Colombia. The well has successfully tested 29 degree API oil from a new reservoir interval, the Une Formation, at rates of approximately 600 barrels of oil per day ("bopd"). The Las Maracas Field has now produced oil from three different reservoir intervals, the Mirador, Gacheta and Une Formations. The well has been completed with an electro-submersible pump and is now producing from the main middle Gacheta sand interval at a rate of approximately 1,850 bopd under natural flow and less than 0.5% water cut.

In terms of potential net pay thickness, this is the best well yet to be drilled on the Las Maracas Field. The petrophysical evaluation of the wireline logs indicates a total net oil pay of approximately 100 feet (measured depth or "MD"). Of this total amount, 25 feet (MD) are in the Mirador Formation, 53 feet (MD) in the producing middle Gacheta sand, 10.5 feet (MD) in the lower Gacheta and 11.5 feet in the Une Formation.

A flow test was conducted over the Une for a 15-hour period with the choke fully open. The Une interval produced light oil (29 degree API) under natural flow from a 4-foot perforated interval, at a stabilized rate of approximately 600 bopd and 1.5% water-cut at the end of the test. The average oil rate following fluid unloading was 642 bopd, with short-term peaks reaching more than 700 bopd.

The rig has now been skidded and is currently drilling the Las Maracas-7 well from the same surface location. Given the encouraging results coming from Las Maracas-6, Las Maracas-7 will continue to appraise the southern extension of the Las Maracas Field and is expected to be followed immediately thereafter by a water disposal well. At January 1, 2013, Las Maracas-7 had reached 12,195 feet (MD).

Petroamerica holds a 50% participating interest in the Los Ocarros Block where the Las Maracas Field is located.

As of December 29, 2012, with the addition of production coming from Las Maracas-6 well, the Company was producing 4,801 bopd total Company working interest or 4,396 bopd net after royalty.  Up to December 29, 2012, the average production for the month of December, 2012 was 4,087 bopd total Company working interest or 3,746 bopd net after royalty.

About Petroamerica:

Petroamerica Oil Corp. is a junior oil and gas exploration and production
company with activities in Colombia. Petroamerica produces over 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".

SOURCE Petroamerica Oil Corp.

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