This afternoon Petroamerica Oil Corp. ($PTA) announced flow results of 3762 bopd (50% of which are net to PTA) from Las Maracas 5, a development well at their core oil field.
This is a big number and these results do not include the lower zone of the well which could also yield pay.
Today’s announcement follows up Tuesday’s news of a discovery at La Casona 1, which eliminated the concentration risk; Petroamerica is no longer a ‘one asset’ company. Our expectations have been exceeded by both announcements.
KCR Fund Portfolio Manager and Casey Research Chief Energy Strategist Marin Katusa told us, “I like the geology and production results… Oil companies in Colombia are significantly undervalued.”
More on PTA:
Disclaimer: We own Petroamerica Oil Corp. shares and reserve the right to sell them at any time without notice. This is not investment advice. Please do your own due diligence and talk to a licensed investment advisor before buying or selling any security (We are not investment advisors). Also, Petroamerica’s 2013 production guidance is forward looking and unrisked. Please see Petroamerica’s disclaimer. All facts to be verified by the reader. These are opinions, not advice. We seek safe harbour.