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News Releases

Petroamerica announces issuance of options

May 27, 2011

Petroamerica Oil Corp. (TSX-V: PTA) (“Petroamerica” or the “Company”) is pleased to announce that it has issued options exercisable into a total of 5.5 million common shares to certain officers and employees of the Company with an exercise price of $0.20 per share, subject to regulatory approval. The options were issued pursuant to the Company’s stock option plan and vest as to one-third immediately and an additional one-third on each of the first and second year anniversaries of the date of grant and expire on May 25, 2021. The board of directors approved the issuance of the options to bring the compensation of the officers more in line with the Company’s peer group.

Petroamerica is a junior oil and gas company operating in Colombia and its shares are listed on the TSX Venture Exchange under the symbol “PTA”.

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.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.

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