Petroamerica Names New President, CEO

Petroamerica has appointed Mr. Nelson Navarrete as President and Chief Executive Officer effective January 21, 2011.

Mr. Navarrete has over 24 years of oil and gas exploration and production experience through his extensive career with the State Oil Company of Colombia - Ecopetrol.

Mr. Paul Kroshko has resigned as President, CEO and Director of Petroamerica effective immediately. The Board of Directors would thanked Mr. Kroshko for his contributions in building Petroamerica's assets and team during the early stages of its development and wish him well in his future endeavors.

The Board also announced the appointment of Mr. Ronald Pantin to the Board of Directors , effective January 21, 2011. Mr. Pantin has served on the advisory board toPetroamerica since October 2009.

In association with these changes, Mr. Jeff S. Boyce will become Executive Chairman to provide assistance to the new CEO and Petroamerica's management team during this time of transition.

Mr. Boyce is a Calgary based, senior oil and gas executive with over 30 years of domestic and international experience in building, financing and managing public oil and gas companies.

In addition, Petroamerica announced the appointment of David Dolberg as Manager of Geosciences; he will be reporting to Ralph Gillcrist, the company's Vice- President of Exploration. Mr. Dolberg is a Professional Geophysicist with more than 29 years of exploration and production experience in utilizing and integrating well and seismic information to find, define, appraise, and produce potential hydrocarbon accumulations.

Jeff Boyce "is extremely pleased with the announced additions to the company's management team and board of directors. These adjustments will enable Petroamerica to broaden its management and technical expertise, while at the same time enhance its industry and government relationships in Colombia. The company is now in a position to implement a more balanced corporate strategy to grow its business in Colombia, while continuing with its aggressive exploration efforts."