UPDATE: Petroamerica Hits 18 Month Highs As Announces Results of Ongoing Testing Operations at Las Maracas-5 Well


Petroamerica Oil Corp. (PTA.V), a junior oil and gas exploration and production company with activities in Colombia, has hit 18 month highs this morning as it announced the results of ongoing testing operations at its Las Maracas-5 well, which flowed approximately 3,700 barrels of oil per day from the middle Gacheta sand only. It said this rate does not include production from the lower Gacheta sand. These results are further to the operations update release on November 13.

The middle Gacheta sand, which produces in the Las Maracas-3 and Las Maracas-4 wells, was flow tested in the Las Maracas-5 well and produced 30 degree API oil from a 6-foot perforated interval at maximum rate of 3,762 bopd under natural flow conditions, with a watercut of 0.1% at the end of the test. The well was tested over a 13 hour period and had to be choked back due to storage capacity limitations at the well site. The well will now be completed as a Gacheta producer following which the Tuscany 109 rig is expected to be skidded to drill the Las Maracas-6 well.

The Las Maracas field is situated in the Los Ocarros block, Colombia, where Petroamerica holds a 50% participating interest.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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