Colombia: Petroamerica to get Llanos interests

By OGJ editors
– Petroamerica Oil Corp., Calgary, will acquire participating interests from a Talisman Energy Inc. unit in four Llanos basin exploratory blocks in Colombia.

Cepsa Colombia SA operates the Los Ocarros, El Sancy, El Porton, and El Eden blocks, which cover more than 441,000 acres gross in a prospective trend. In El Porton, results from the Calatea-1 well are expected by early 2011.

Petroamerica will pay Talisman (Colombia) Oil & Gas Ltd. $18 million to earn a 25% participating interest in El Porton and 50% interests in Los Ocarros and El Sancy. Petroamerica will earn its 25% interest in El Eden, excluding the Chiriguaro-1 discovery, after paying Talisman's 50% share to a cap of $7.85 million to drill one exploratory well at a future date.

Transfer of rights in all four blocks is subject to approval by the Colombian National Hydrocarbon Regulatory Authority ANH.

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