PTA.v weekly chart via Stockcharts.com as at Fri Nov 7, 2014 - 8:14AM PST

Petroamerica Oil PTA.v weekly chart via Stockcharts.com as at Fri Nov 7, 2014 - 8:14AM PST

Small-cap growth oriented Colombian oil and gas venture, Petroamerica Oil, symbol PTA on the TSX-Venture, announced two high-impact exploration wells are currently being drilled in Colombia with results expected by the end of the year.

The Zampona-1 and Langur-1x wells are both 50% net working interest to PTA. They are located in the Llanos Basin of Colombia, known for its high quality light oil product and unusually high flow rates.

Petroamerica's production (exiting 2014 at 7,400 barrels of oil equivalent per day) is centered around the Llanos Basin, where the 2012 Las Maracas discovery is now on a controlled decline.  Shares rose from $0.14 to $0.40 after that initial discovery.

The discovery of a new field(s) close to existing infrastructure would give Petroamerica a shot in the arm.

As part of their earn in, PTA will pay the full costs of the Langur-1x well to the cap of $17 million.

The market says PTA is worth roughly $206 million ($235 million market cap today, $35 million debt, $64 million cash as of August 31, 2014).

At the Subscriber Investment Summit in Vancouver on October 9, 2014, Petroamerica EVP and COO Ralph Gillcrist, commented on the company's upcoming catalysts and vision.

"We will be drilling 4 wells in the Llanos basin, and 3 exploration wells in the Putomayo basin. These are high impact wells, targeting 29 million barrels of mean, un-risked, working interest reserves for Petroamerica, so potentially tripling the current reserves base."

"What’s our vision moving forward? We would like to build the company. We think scale is important today in Colombia. We would like to build the company to levels of between 20-30000 barrels a day, with a 2P reserves base of more than 30 million barrels, a sustainable reserves life of more than 5 years. We think we can do that through a combination of organic growth, as we have demonstrated from within the portfolio, and selective acquisition when the market conditions are right."

PTA's joint venture partner Parex Resources (PXT:TSX) is hosting a conference call at 8:30AM PST this morning, and we will update this post if we hear anything important that pertains to PTA.

Read: Petroamerica Announces the Spud of Two Key Exploration Wells and the Acquisition of Additional Working Interest on the Llanos-10 Block

Also: Recent energy turmoil presents buying opportunity for Petroamerica Oil

Disclosure: Author is long PTA shares. Always do your own due diligence.