Petroamerica Provides a Testing Update with its Las Maracas-5 Well Flowing at 3,700 bopd

CALGARY, Nov. 15, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), further to the operations update release on November 13, 2012, is pleased to announce the results of ongoing testing operations at its Las Maracas-5 well (the "well"), which flowed approximately 3,700 barrels of oil per day ("bopd") from the middle Gacheta sand only. This rate does not include production from the lower Gacheta sand.

The middle Gacheta sand, which produces in the Las Maracas-3 and Las Maracas-4 wells, was flow tested in the Las Maracas-5 well and produced 30 degree API oil from a 6-foot perforated interval at maximum rate of 3,762 bopd under natural flow conditions, with a watercut of 0.1% at the end of the test. The well was tested over a 13 hour period and had to be choked back due to storage capacity limitations at the well site. The well will now be completed as a Gacheta producer following which the Tuscany 109 rig is expected to be skidded to drill the Las Maracas-6 well.

The Las Maracas field is situated in the Los Ocarros block, Colombia, where Petroamerica holds a 50% participating interest.