CALGARY,
April 20, 2015 /CNW/
- Petroamerica Oil Corp. (TSX-V:PTA)
("Petroamerica" or the "Company"), a Canadian oil and
gas company operating in Colombia
is pleased to announce that it has repaid the outstanding principal
and accrued interest, through its trustee Computershare Trust
Company of Canada, of the Canadian
dollar denominated $35 million
debentures that matured on April 19,
2015. With the payment of the debentures complete, the
Company is now debt free while holding approximately US
$27 million of cash. Further to
this, the Company remains in advanced discussions for the
establishment of a new debt facility which the Company expects to
finalise by the end of the second quarter of 2015.
About Petroamerica:
Petroamerica Oil Corp. is a Canadian oil and gas
exploration and production company with interests in twelve blocks,
located in Colombia's Llanos and
Putumayo Basins. Petroamerica's shares are listed on the TSX
Venture Exchange under the symbol "PTA".
Forward-Looking Statement
This news
release includes information that constitutes "forward-looking
information" or "forward-looking statements". More particularly,
this news release contains statements concerning expectations
regarding the addition of a new debt facility and the timing
thereof. The forward-looking statements contained in this document
and the assumptions, opinions and views of the Company relating
thereto are solely opinions and forecasts which are uncertain and
subject to risks. A multitude of factors can cause actual events to
differ significantly from any anticipated developments and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, undue reliance should
not be placed on the forward-looking statements because there can
be no assurance that such expectations will be realized. Material
risk factors include, but are not limited to: the risks of the oil
and gas industry in general, such as operational risks in exploring
for, developing and producing crude oil and natural gas, market
demand and unpredictable shortages of equipment and/or labour;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; fluctuations in oil
and gas prices, foreign currency exchange rates and interest rates,
sources and availability of debt capital and reliance on industry
partners.
The forward-looking statements contained in
this document are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither the Company nor any of its
subsidiaries nor any of its officers, directors or employees
guarantees that the assumptions underlying such forward-looking
statements are free from errors nor does any of the foregoing
accept any responsibility for the future accuracy of the opinions
expressed in this document or the actual occurrence of the
forecasted developments.
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.
SOURCE Petroamerica Oil Corp.