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News Releases

Petroamerica over-allotment option exercised

June 9, 2011

Petroamerica Oil Corp. (TSX-V: PTA) ("Petroamerica" or the "Company") is pleased to announce that, in connection with its recently closed bought deal financing of units of the Company ("Units"), each Unit consisting of one common share in the capital of the Company ("Common Share") and one half of one common share purchase warrant (each whole common share purchase warrant being a "Warrant") (the "Offering"), the syndicate of underwriters led by Raymond James Ltd., and including GMP Securities L.P., Haywood Securities Inc., Canaccord Genuity Corp. and Jennings Capital Inc. (collectively, the "Underwriters"), have exercised a portion of the over-allotment option (the "Option") granted to them. Pursuant to the Option, the Underwriters have acquired an additional 5,499,500 Units at a price of $0.20 per Unit for gross proceeds to the Company of $1,099,900 bringing the aggregate gross proceeds of the Offering to $31,599,900.

The net proceeds from the Offering will be used to fund the exploration and development of the Company’s petroleum assets in Colombia and for general business development, acquisitions, and working capital purposes.

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.

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".

Forward Looking Statements:

This news release includes forward-looking statements. More particularly, this news release contains statements concerning the use of proceeds from the Offering. The forward-looking statements contained in this document, including expectations, assumptions, opinions and views of the Company or cited from third party sources 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 a 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. Neither the Company nor any of its subsidiaries nor any of its officers 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.

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 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Nelson Navarrete President and CEO , Petroamerica Oil Corp.

or

Colin Wagner, CFO, Petroamerica Oil Corp.

Tel: 403-237-8300

Email: investorrelations@pta-oil.com