Petroamerica reported its wholly owned subsidiary, Compound Hydrocarbons has been recognized by the ANH (National Hydrocarbon Agency) as a restricted operator for a Type 1 block in the 2010 Bid Round. The Bid Round is scheduled to occur in June, 2010.

Paul Kroshko, President and CEO commented, "We are very pleased with this acceptance by the ANH. It is a sign of our growing profile in the country, and this acceptance will help to attract more corporate development opportunities."

ANH's responsibility is to manage Colombia's Oil & Gas resources, representing the Colombian government and its citizens when designating exploration areas.

There are 228 blocks in 24 Colombian basins that are available in the bidding round.

Colombia continues to play a crucial role in oil & gas discovery on a global scale. In 2008, nearly $3.5 billion was invested in the Exploration & Production sector in Colombia from foreign sources.

In 2009, foreign investment grew 11 per cent to $3.89 billion. The expectation is the number will continue to increase in 2010. Additionally, nearly 50 percent of the blocks that were explored in 2008 and 2009 yielded positive results.

"We are also looking forward to producing from our first oil discovery shortly, and drilling the Playon well in the northern part of Colombia in Q3 this year," said Mr. Kroshko.

Tags: Petroamerica Oil Corp