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Petroamerica Announces Balay-3 Appraisal Well Results

Petroamerica Oil Corp. (PTA.V), which has been trading near a year low 8 cents, announced preliminary results from the Balay-3 appraisal well that was drilled to evaluate the northern extension of the Balay field in the Balay Block of the Llanos Basin, Colombia.

The Balay-3 well reached a total depth of 14,610 feet Measured Depth within the Guadalupe Formation, and the top of the main objective, the Mirador Formation, was encountered deeper than expected. A petrophysical evaluation of the wireline logs indicated 3 feet of net oil pay at the very top of the Mirador Formation. A cased-hole Drill Stem Test (13,960 feet to 13,985 feet MD) was run to evaluate this interval and was dry, meaning that no reservoir fluids were recovered due to the low permeability of the reservoir.

A second DST was performed at a lower interval (13,984 feet to 14,000 feet MD), recovering a cumulative volume of 1,200 barrels of formation water. A pressure build-up of this second interval was performed and the producing wells at Balay-1 and Balay-2 were monitored during testing. This data is now being evaluated and should provide invaluable information on reservoir pressure and connectivity between wells. Injectivity tests are currently underway with the objective of converting the Balay-3 well into a water disposal well as part of the Balay field development plan.

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

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