PETROAMERICA ANNOUNCES COMMENCEMENT OF DRILLING THE BALAY-2 APPRAISAL WELL
CALGARY, Oct. 18 /CNW/ - Petroamerica Oil Corp. is very pleased to announce the September 27, 2010 spud of the Balay-2 appraisal well in the Llanos Basin of Colombia. The Balay-2 well is being drilled directionally by Nabors Drilling Rig No. 119 from the same surface platform as the Balay-1 discovery well, and is expected to reach total depth by mid December, 2010.
The Company, through its wholly-owned Panamanian subsidiary, Petroamerica International Corp., is entitled, pursuant to a Farmin Agreement with Petrobras Colombia Limited, to a 15% participating interest in the Balay Block, subject to the approval of the National Hydrocarbon Agency (ANH), the application for which approval was filed with the ANH on September 10, 2010.
Petroamerica is a junior oil and gas company operating in Colombia and listed on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
This news release includes forward-looking statements. When used in this document, words such as "expect" or "anticipate", and similar expressions identify forward-looking statements. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development and although the Company believes that the expectations represented by such a forward-looking statement are reasonable; there can be no assurance that such expectations will be realized. Neither the Company nor any of its subsidiaries nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
For further information:
A. Paul Kroshko
President and CEO
Petroamerica Oil Corp.
Tel: 403-237-8300
Email: [email protected]
or
Colin Wagner
CFO
Petroamerica Oil Corp.
Tel: 403-237-8300
Email: [email protected]
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