Petroamerica Oil Corp. provide its 2013 capital program of $70.0 million for exploration, appraisal and development activities in Colombia which is expected to be fully funded through existing working capital and cash flow.

In 2013 Petroamerica's activities are expected to remain focused solely on the Llanos Basin of Colombia. The Company intends to participate in the drilling of five exploration wells throughout the year, with two exploration wells on the CPO-1 Block, and one each on the El Porton, LLA-10 and Los Ocarros Blocks, one well to appraise the La Casona discovery on the El Eden Block and up to six development wells and one water-disposal well on the Las Maracas Field.

Further to this, the Company expects to complete the permanent production facility at the Las Maracas Field, which is designed to initially handle up to 40,000 barrels of fluid per day and expected to be operational by the end of the second quarter 2013, as well as the Balay permanent production facility.

Tags: Petroamerica Oil Corp