Drilling Commenced at Petroamerica's Las Maracas Well

Petroamerica announced the April 27, 2011 spud of the Las Maracas-2 exploration well in the Los Ocarros Block, situated in the Llanos Basin of Colombia. The Las Maracas-2 well is targeting the Carbonera C7, Mirador and Une reservoir formations in a fault trap defined by 3D seismic. The well will be directionally drilled by the Parker 268 drilling rig and is expected to reach its total depth of 13,100 feet (measured depth) by end June, 2011.

The Company, pursuant to a Farmin Agreement with Talisman Oil & Gas Colombia Limited, is entitled to a 50% participating interest in the Los Ocarros Block, subject to the approval of the National Hydrocarbon Agency (ANH) and the operator of the block, Cepsa Colombia S.A., a subsidiary of the Cepsa Group.