Petroamerica Oil Corp. (PTA.V) shares are currently trading at 19.5 cents, a yr high.
The shares have climbed more than 18% today. The company yesterday announced preliminary results of its Las Maracas-4 well drilled on the Los Ocarros Block in the Llanos Basin of Colombia. The well was spud on July 30, 2012 and has reached total depth with electrical logs indicating more than 65 feet of prospective oil pay in the Mirador and Gacheta formations. Additionally, the Las Maracas-3 well is now producing approximately 2,000 barrels of oil per day from the Gacheta formation with an electro-submersible pump.
The well reached a total depth of 12,522 feet measured depth on August 13, 2012. A petrophysical evaluation of the LWD (logging-while-drilling) logs, indicates that the well encountered a total net oil pay of more than 65 feet ( MD ); 30.5 feet ( MD ) in the Mirador formation and 35 feet ( MD ) in the Gacheta formation. The reservoir properties and oil saturations are similar to those found in the Las Maracas-2 sidetrack and the Las Maracas-3 wells. Following wire-line logging, the well is expected be cased and the Tuscany 119 rig is expected to move to the El Eden Block to drill the exploration well, La Casona-1. A work over rig is expected to be brought in to complete the Las Maracas-4 well as a Gacheta producer.
The Las Maracas-3 well is now producing from the Gacheta through the long-term test facility at rates of approximately 2,000 bopd and the Las Maracas-2 sidetrack well continues to produce at rates of 1,085 bopd from the Mirador Formation. As a result of these production additions, as of August 15, 2012, the company's working interest production was 1,627 bopd (1,497 bopd net after royalties).
Petroamerica holds a 50% participating interest in the Los Ocarros Block. The operator of the block, Cepcolsa, has transferred its 50% participating interest to Parex Resources Colombia Ltd. Sucursal, which is still pending approval by the ANH (Colombian National Hydrocarbon Agency).
More than 5.7 million shares have changed hands, making PTA the second most actively traded on the TSXV.