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TEL: 403-237-8300 FAX: 403-237-9738

News Releases

Petroamerica shareholders approve continuance to Alberta and re-elect Board of Directors

December 13, 2010

PETROAMERICA SHAREHOLDERS APPROVE

CONTINUANCE TO ALBERTA

AND RE-ELECT BOARD OF DIRECTORS

December 13, 2010 TSXV: PTA

Calgary, Alberta, Canada – Petroamerica Oil Corp. ("Petroamerica" or the

"Company"), is pleased to announce that all of the resolutions put forth at its Annual

General and Special Meeting of Shareholders held on December 9, 2010 have been

approved. In addition to the standard annual shareholder resolutions which include the

approval of Petroamerica’s rolling stock option plan and the appointment of Deloitte &

Touche LLP, Chartered Accountants as auditors for the coming year, further resolutions

were put forth and approved at the meeting, and are described in more detail below.

The number of directors was set at five, and the election of the Company’s Board of

Directors was passed:

Michael Beckett – Director of the Company since October 2009. Also

director of Endeavour Mining Corporation since 2002 (and Chairman since

2008), and Chairman of the Thomas Cook Group plc since 2007.

Jeffrey S. Boyce – Chairman of the Board and Director of the Company since

October 2009. Also Chairman and Chief Executive Officer of Sure Energy

Inc. since 2006.

Paul Kroshko – Director of the Company since November 2009.

Augusto Lopez – Director of the Company since October 2009. Also

Director of Pacific Rubiales Energy Corp. since 2008.

John Zaozirny – Director of the Company since October 2009. Also Vice-

Chairman and a director of Canaccord Capital Corporation since 1986,

Chairman of Provident Energy Trust since 2001, and Director of Pengrowth

Corporation since 1987.

The Company also received shareholder approval at the meeting to continue the

Company from British Columbia to Alberta (the “Continuance”). The Continuance does

not result in any change in the business of the Company. The Company commenced its

current business in late 2009, at which time it relocated to Calgary, Alberta, where its

head office is located. Following shareholder approval of the Continuance, Articles of

Continuance were filed and, effective December 10, 2010, the Company is an Alberta

corporation. Copies of the Articles of Continuance and By-laws will be made available

on SEDAR at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

A. Paul Kroshko

President and CEO

Petroamerica Oil Corp.

Tel: 403-237-8300

Email: investorrelations@pta-oil.com

or

Colin Wagner

CFO

Petroamerica Oil Corp.

Email: investorrelations@pta-oil.com