LM-4 Results Out Petroamerica Oil Corp.
Transmitted by CNW Group on : September 17, 2012 19:40
Petroamerica Announces Successful Test Results from its Las Maracas-4 Well and Plans for Additional Drilling on the Las Maracas Field, Colombia
CALGARY, Sept. 17, 2012 /CNW/ - Petroamerica Oil Corp. (TSXV: PTA) ("Petroamerica" or the "Company"), a junior oil and gas company operating in Colombia is pleased to announce that following initial flow testing, its Las Maracas-4 well (the "well") drilled on the Los Ocarros Block in the Llanos Basin of Colombia, is now producing at a rate of approximately 1,500 barrels of oil per day ("bopd") with an electro-submersible pump ("ESP") from the Gacheta Formation. The well flow rate is currently restricted and it is anticipated that this oil rate will increase from 1,500 bopd to 2,000 bopd a week from now once access road and site congestion problems have been eased. These problems are a direct result of the arrival of the Tuscany 109 rig in anticipation of future development drilling and the removal of the work over rig used to complete and test the well, thereby limiting truck access for crude oil transportation.
It was announced on August 16, 2012, that after reaching its total depth and encountering oil pay in the Mirador and Gacheta Formations, as determined from electrical logs, the well was to be cased and tested using a work over rig. Upon testing the well flowed naturally for a period of 88 hours from a 12-foot perforated interval in the Gacheta Formation. During this test, the well produced light oil (30 degree API) at an average oil rate of approximately 1,400 bopd, with short-term peaks reaching more than 1,600 bopd. Following this flow test, the well was completed with an ESP and is now producing at restricted rates of approximately 1,500 bopd with minimal water (2.3% water cut) through a choke size of 23/64 of an inch and a minimum pump frequency of 28 hertz.
With the addition of the restricted production coming from the Las Maracas-4 well, the Las Maracas field is now producing at more than 4,600 bopd with minimal water through the long-term test facility; the Las Maracas-2 sidetrack well continues to produce at rates of approximately 1,150 bopd from the Mirador Formation, and the Las Maracas-3 and Las Maracas-4 wells, are producing approximately 2,000 bopd and 1,500 bopd, respectively, from the Gacheta Formation.
At September 17, 2012, the Company's total working interest production was 2,498 bopd (2,298 bopd net after royalties).
The Tuscany 119 rig used to drill the Las Maracas-4 well is currently drilling the La Casona-1 exploration well on the El Eden Block. The Tuscany 109 rig is currently being mobilized in order to drill the Las Maracas-5 and Las Maracas-6 wells, plus a water disposal well that is contingent to the results of the Las Maracas 5 and 6 wells. It is expected that the Las Maracas-5 well will be spud sometime during the first week of October 2012.
Petroamerica holds a 50% participating interest in the Los Ocarros Block. The operator of the block, Cepcolsa, has transferred its 50% participating interest to Parex Resources Colombia Ltd. Sucursal, which is still pending approval by the ANH (Colombian National Hydrocarbon Agency).
About Petroamerica:
Petroamerica Oil Corp. is a junior oil and gas exploration and production company with activities in Colombia. Petroamerica has production coming from two oil discoveries and has interests in seven exploration blocks, all located in Colombia's Llanos Basin. Petroamerica's shares are listed on the TSX Venture Exchange under the symbol "PTA".