Legal problems with Putumayo-7 + share consolidation comingJust read the first paragraph of the news release. The block is still subject to approval.
CALGARY, ALBERTA--(Marketwired - Sept. 25, 2014) - Petroamerica Oil Corp. (TSX VENTURE:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia, holds a 50% interest in the Putumayo-7 block (subject to ANH approval) following a May 2014 farmin with PetroCaribbean Resources Ltd.
Petroamerica has recently become aware of an allegation made by GeoGlobal Resources Inc. ("GGR") in a press release issued by it and Key Capital Corporation on September 19, 2014 that GGR has a right to a 10% carried interest and an option for a 40% interest in the Putumayo-7 block.
Petroamerica, in consultation with its counsel, considers the allegations of GGR to an on-going interest and option in the Putumayo-7 block to be without merit.