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Petroamerica Updates Testing Results from Colombia Well

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Petroamerica Oil Corp. presented preliminary drilling results for its Las Maracas-8 well on the Los Ocarros Block, and provide the results of selective testing for the La Casona-1 well on the El Eden Block, Colombia.

The Las Maracas-8 well was targeting the northern extension of the Las Maracas field and reached its total depth in a record drilling time of 10 days. A petrophysical evaluation of wireline logs from the well indicates more than 56 feet (true vertical depth (TVD)) of net pay, comprising 34 feet (TVD) in the Mirador Formation and 22 feet (TVD) in the middle Gacheta reservoir. The well is currently being cased, and it is expected that the well will be completed as a Mirador producer initially. Following completion, the rig is expected to drill Las Maracas-9 that will target the Gacheta and Une reservoirs.

The Las Maracas Field is currently producing between 8,000 to 9,000 barrels of oil per day (bopd) in total and the permanent production facility is still on schedule for completion by the end of May 2013.

The Company also carried out an extensive testing program of the Une and Gacheta reservoirs in its La Casona-1 well using a workover rig.

The Une Formation in La Casona-1 flow tested at an average rate of 1,700 bopd and 6 million cubic feed per day (MMcf/d) of gas over a 56-hour period. The well produced under natural flow conditions and the quality of the crude oil produced was 35 degree API. The measured watercut at the end of the test was 1 percent.

A number of basal Gacheta sands, not previously described in net pay numbers that were announced in the November 13, 2012 press release, were also tested and produced 105 bopd of light 24 degree API oil and 0.5 MMcf/d of gas. The watercut at the end of the test was 2 percent. A middle Gacheta sand was also tested separately yielding no flow to surface. It is speculated that this last test was dry due to either formation damage, or the well required more clean-up time to flow naturally.

The Mirador Formation, which had good oil shows and potential hydrocarbon pay from logs, could not be tested in this well due to a poor cement bond. It is expected that the Mirador, Gacheta and Une reservoirs will be further evaluated with a follow-up well, La Casona-2, to be drilled later this year.

The operator of the block is currently procuring production facilities that include natural gas compression equipment and plans to use the produced gas as a power source at the Las Maracas and Kona production facilities. Production from the La Casona discovery is expected to commence sometime during the third quarter of 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 in the El Eden Block, 15 percent of which is still pending approval by the Colombian National Hydrocarbon Agency (ANH), where the La Casona discovery is located.

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