Petroamerica Cases Balay-1, Onshore Colombia

Petroamerica announced that the Balay-1 exploratory well has reached total depth and has been partially logged. After positive indications while drilling and logging, the Balay-1 well is being cased to be tested.

The Company, through its wholly-owned Panamanian subsidiary, Petroamerica International Corp., is entitled, upon fulfilling its obligations in a Farmin Agreement with Petrobras Colombia Limited and the approvals from the ANH and the other partner on the Balay Block, to a 15% participating interest in the Balay Block, located in the Llanos basin in Colombia.

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