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Petroamerica announces the start of drilling operations on its CPO-1 block with the spud of Altillo Oeste-1

Thursday, Jan 03, 2013

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".

SOURCE Petroamerica Oil Corp.

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