Petroamerica Succesfully Drills Las Maracas in Colombia

Petroamerica Oil Corp. a junior oil and gas company operating in Colombia is pleased to announce the drilling results for its Las Maracas-9 well on the Las Maracas Field, Los Ocarros Block, Colombia .

The Las Maracas-9 well was drilled as an S-style well targeting the attic oil in the Gacheta reservoir up-dip from the Las Maracas-3 well. In order to target the Gacheta in an attic position the well trajectory was intentionally designed not to intersect the Mirador reservoir in the field.

The well encountered the top of the main Gacheta reservoir 16 feet higher (true vertical depth) than at the Las Maracas-3 well and a petrophysical interpretation of the wireline logs indicates 42 feet of net oil pay (true vertical depth) in the main Gacheta reservoir. The Las Maracas-9 well has been completed to produce from the Gacheta and the Tuscany 119 rig is expected to mobilise to drill the La Casona-2 appraisal well, followed by the Rumi-1 exploration well, on the El Eden Block .

The Las Maracas Field is currently producing approximately 9,000 bopd with a total field watercut of 5.5%. The permanent production facility is scheduled to be online by the end of May 2013.

Petroamerica holds a 50 percent participating interest in the Los Ocarros Block where the Las Maracas field is situated, and a 40 percent participating interest on the El Eden Block .

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