Petroamerica Receives Key Colombian Government Approvals

Petroamerica Oil Corp. (PTA.V), which continues to trade near year lows, announced that its wholly owned subsidiary Petroamerica International Corp. has been recognized by the ANH (National Hydrocarbon Agency) as to its participating interests in the El Porton, El Eden and Los Ocarros Blocks in the Llanos basin of Colombia. 

In front of the ANH the company now officially holds a 50% participating interest in the Los Ocarros block, which includes a 100% participating interest in the Las Maracas discovery subject to a potential back-in by the non-consenting party, a 25% participating interest in the El Porton Block and a 25% participating interest in the El Eden Block.

The company subsequently farmed out half of its participating interest in the Los Ocarros block to Parex Resources Colombia Ltd. Sucursal who is expected to now be in a position to apply to the ANH for the recognition of its participating interest share. 

This transfer is subject to approval by operator of the block.

Berny Polanía

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