Petroamerica Provides an Update on the Las Maracas-4 Well Results Production, Shares At Yr High

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 companyyesterday announced preliminary results of its Las Maracas-4 welldrilled on the Los Ocarros Block in the Llanos Basin of Colombia.The well was spud on July 30, 2012 and has reached total depth withelectrical logs indicating more than 65 feet of prospective oil payin the Mirador and Gacheta formations. Additionally, the LasMaracas-3 well is now producing approximately 2,000 barrels of oilper day from the Gacheta formation with an electro-submersiblepump.

The well reached a total depth of 12,522 feet measured depth onAugust 13, 2012. A petrophysical evaluation of the LWD(logging-while-drilling) logs, indicates that the well encountereda 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 oilsaturations are similar to those found in the Las Maracas-2sidetrack and the Las Maracas-3 wells. Following wire-line logging,the well is expected be cased and the Tuscany 119 rig is expectedto move to the El Eden Block to drill the exploration well, LaCasona-1. A work over rig is expected to be brought in to completethe Las Maracas-4 well as a Gacheta producer.

The Las Maracas-3 well is now producing from the Gacheta throughthe long-term test facility at rates of approximately 2,000 bopdand the Las Maracas-2 sidetrack well continues to produce at ratesof 1,085 bopd from the Mirador Formation. As a result of theseproduction additions, as of August 15, 2012, the company's workinginterest production was 1,627 bopd (1,497 bopd net afterroyalties).

Petroamerica holds a 50% participating interest in the LosOcarros Block. The operator of the block, Cepcolsa, has transferredits 50% participating interest to Parex Resources Colombia Ltd.Sucursal, which is still pending approval by the ANH (ColombianNational Hydrocarbon Agency).

More than 5.7 million shares have changed hands, making PTA thesecond most actively traded on the TSXV.

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