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Petroamerica farms in on Pacific Rubiales CPO-1 Block

^{Published on 2009-11-26 06:19:40 - Market Wire}
 

TSXV - PTA

VANCOUVER, Nov. 26 /CNW/ - Petroamerica Oil Corp (the "Company") announces that it has been awarded a farm-in by Pacfic Rubiales Energy Corp. (TSX - PEG) on the CPO-1 Block which is located in the Llanos Basin of Colombia. This farm-in results from Petroamerica Oil Corp.'s participation in a recently completed private competitive bid process conducted by Pacific Rubiales Energy Corp.

The company will provide 100% of the total investment required to complete the first phase of the minimum exploratory program (MEP) for the block, in exchange for a 50% working interest in the block. The 36 month-long first exploration phase of the MEP requires a minimum investment of US$9.6 million, which will be spent on the acquisition of 200 km of 2D seismic, the drilling of one exploratory well and geological and geophysical studies.

The CPO-1 Block lies on trend and to the north east of the Caracara field.

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.