Petroamerica cases Balay-1 as potential oil producer

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

The first well on the Colombian license, Balay-1 was spud in November 2009. The Balay Block lies to the northeast of the Corcel Block and recent discoveries located in the Llanos Basin of Colombia. 

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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