Petroamerica announces gas production start-up and exploration well casing

Source:Petroamerica Oil Corp.

Petroamerica announces gas production start-up and exploration well casing

Petroamerica Oil Corp. (PTA.V) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia is pleased to announce the start-up of production at its La Casona discovery and that the Rumi-1 exploration well is being cased for testing.

La Casona Discovery, El Eden Block (40% Working Interest)
The La Casona long-term test facility commenced production operations on December 2, 2013 , with La Casona-1 producing at restricted rates of approximately 350 barrels of oil per day ("bopd") and 1.5 million cubic feet per day ("MMCFD") of gas from the Une Formation. The produced gas is being compressed and sold and the rate will be restricted until trucking at the gas compression plant has been optimized.

The La Casona-2 appraisal well was drilled 600 meters away from La Casona-1, and is about to commence testing of the Mirador Formation, which was untested in the La Casona-1 well, using a service rig that was on location as of December 10, 2013 . It is expected that test results will be available before year-end.

Rumi-1 Exploration Well, El Eden Block (40% Working Interest)
The Rumi-1 exploration well, which was spud on November 16, 2013 , has reached its target depth of 14,620 feet and is being cased for testing. Wire-line logs indicate the presence of a gross hydrocarbon column of approximately 60 feet in the Une Formation of which 27 feet is interpreted to be net oil pay. Testing will be performed using the drilling rig so that results should be available before year-end.

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