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News Releases

Petroamerica announces the financial results for three months ended March 31, 2012 with highlights on Balay oil production revenue and the Las Maracas production start up

May 28, 2012

Calgary, Alberta (May 28, 2012) - Petroamerica Oil Corp. (TSX-V: PTA)(“Petroamerica” or the “Company”), a junior oil and gas company operating in Colombia, is pleased to announce the financial and operating results for the three months ended March 31, 2012. Copies of the Company’s Management Discussion and Analysis (“MD&A”) and Financial Statements have been filed with the Canadian Securities Regulatory Authorities and can be viewed or downloaded at the Company’s website at www.petroamericaoilcorp.com or at www.sedar.com.

Highlights include:

(all balances in Canadian dollars, unless otherwise noted)

• The Balay field declared commercial in March 2012;
• The generation of $1.6 million in production revenue from the Balay field, net after royalty, achieving an average sales price of almost US $120 per barrel and an operating netback of approximately US $83 per barrel for the quarter;
• Announcement of $35,000,000 in debt financing, effectively fully funding the Company’s operations for the current year;
• Completion of 3D seismic program on CPO-1.

Please download .pdf file for more information