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UPDATE: Petroamerica Adds To Wednesday's Gains, Hits New Yr Highs As Provides Two Colombia Updates

Petroamerica Oil Corp. (PTA.V), which gained more than 4% Wednesday, has added to that and hit new year highs today as it announced the start of drilling on its CPO-1 Block in the Llanos Basin of Colombia. The Altillo Oeste-1 well was spud by partner and operator, Pacific Rubiales Energy Corp. (PRE.TO), on December 30, 2012. Yesterday, Petroamerica also announced the results of its Las Maracas-6 well drilled on the Las Maracas Field in the Llanos Basin of Colombia.

On the CPO-1 Block, PTA said the well is targeting the Carbonera-7 and Cretaceous formations, some of which produce in adjacent fields. The well is expected to be drilled to a total depth of approximately 5,900 feet (measured depth) and is expected to take 20 days to drill and complete. Petroamerica holds a 50% beneficial interest in the CPO-1 Block and will apply to the ANH (Colombian National Hydrocarbon Agency) to have this beneficial interest approved.

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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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