Petroamerica Drilled Two Exploration Wells & Acquired Additional WI on Llanos-10 Block

Source: www.gulfoilandgas.com 11/6/2014, Location: South America

Petroamerica Oil Corp., a Canadian oil and gas company operating in Colombia is pleased to announce the commencement of drilling operations on two of its exploration properties in the Llanos Basin of Colombia .

The Zampona-1 exploration well was spud on October 28, 2014 and is targeting Mirador, Gacheta and Une formations on the next fault trend to the east of the currently producing Las Maracas Field. The well is expected reach a total depth of approximately 12,700 feet (measured depth). Zampona-1 is situated on the Los Ocarros Block where Petroamerica holds a 50% working interest ("WI").

The Langur-1x exploration well was spud on November 4, 2014 and is targeting Mirador, Gacheta and Une formations in a highly prospective low-side fault closure. The well is expected reach a total depth of approximately 13,800 feet (measured depth). The Langur-1x well is situated in the Llanos-19 block, where Petroamerica holds a 50% participating interest, subject to ANH (National Hydrocarbon Agency) approval, and the Company will pay 100% of the drilling costs up to a cap of US $17 million .

Results for both of these wells are expected before year-end.

Petroamerica is also pleased to announce that it has reached an agreement with Petromont Colombia S.A. Sucursal Colombia ("Petromont") to acquire an additional 5.5% working interest from Petromont on the Llanos-10 Block for a total consideration of US $850,000 . Under this agreement Petroamerica, along with Parex Resources Colombia Ltd. Sucursal ("Parex"), the other partner on the block, will each assume an equal share of Petromont's 11% WI and Parex will assume operatorship of the block. With the completion of this agreement, Petroamerica and Parex now each hold a 50% WI in the Llanos-10 Block, subject to ANH approval.


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