Screen shot 2013-08-20 at 2.56.34 PM

Click for news release

"Petroamerica Oil Corp. (TSXV:PTA) has released the results from its Las Maracas-10 development well, which tested under natural flow, light 29.8-degree API oil at an average rate of approximately 1,000 barrels of oil per day 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."

News Release: 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

Upcoming drilling:

  • Las Maracas-12 development drilling expected Q3/2013
  • La Casona-1 long-term test Q3/2013
  • La Casona-2 appraisal drilling Q3/2013
  • Rumi-1 exploration drilling Q3/2013
  • Las Maracas-14 appraisal drilling expected Q4/2013
  • Las Maracas-15 appraisal drilling expected Q3/2013
  • La Guira-1 exploration drilling Q4/2013

Stock performance:

PTA 3 Year

PTA 3 Year

Contributors to this website are long PTA. Always do your own due diligence.