Petroamerica Oil Corp. starts drilling of the Las Maracas-5 well on the Los Ocarros Block in the Llanos Basin of Colombia, which was spud on September 30, 2012. The well is primarily targeting production from the Mirador Formation but it will also test the deeper Gacheta reservoir in a structurally low position. The well is being drilled with the Tuscany 109 drilling rig, and upon its completion, is expected to be followed closely by the Las Maracas-6 well and a possible water disposal well.

The Company further announces that the logistical circumstances previously limiting crude oil production and transportation at the Las Maracas Field no longer apply, and since September 22, 2012 the field has been producing at more than 5,000 barrels of oil per day (bopd) with minimal water (less than 3% water cut).

Tags: Petroamerica Oil Corp