UPDATE: Petroamerica Discovers Oil in Une Formation; Stocks Record New Year Highs

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Petroamerica Oil Corp. (PTA.V) announced the results of its Las Maracas-6 well drilled on the Las Maracas Field in the Llanos Basin of Colombia. The well has successfully tested 29 degree API oil from a new reservoir interval, the Une Formation, at rates of approximately 600 barrels of oil per day.

The Las Maracas Field has now produced oil from 3 different reservoir intervals, the Mirador, Gacheta and Une Formations.

PTA went up by nearly 6% to a new year high of 37 cents. Volume traded is over 227,000.



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