Petroamerica Oil Corp. (PTA.V) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce the start of drilling on its CPO-1 Block in the Llanos Basin of Colombia. The Altillo Oeste-1 well was spud by partner and operator, Pacific Rubiales Energy Corp., on December 30, 2012 . The well is targeting the Carbonera-7 and Cretaceous formations, some of which produce in adjacent fields. The well is expected to be drilled to a total depth of approximately 5,900 feet (measured depth) and is expected to take 20 days to drill and complete.
Petroamerica holds a 50% beneficial interest in the CPO-1 Block and will apply to the ANH (Colombian National Hydrocarbon Agency) to have this beneficial interest approved.