Petroamerica announces the start of drilling operations on its CPO-1 block with the spud of Altillo Oeste-1

1/3/2013

Petroamerica announces the start of drilling operations on its CPO-1 block with the spud of Altillo Oeste-1

CALGARY -- Petroamerica Oil announce 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, on December 30, 2012. 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 ft 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 Colombian National Hydrocarbon Agency to have this beneficial interest approved.

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