Petroamerica Announces Commencement of Exploration Drilling on the El Eden Block, Colombia

CALGARY, Sept. 10, 2012 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica"), a junior oil and gas company operating in Colombia is pleased to announce the start of exploration drilling on the El Eden Block in the Llanos Basin of Colombia, with the spud of the La Casona-1 exploration well on September 4, 2012.  The La Casona-1 well is targeting the Mirador, Une and Gacheta formations that produce in nearby fields. The La Casona-1 well is being drilled with the Tuscany 119 drilling rig.

Petroamerica holds a 40% participating interest in the La Casona-1 well, of which 15% is still pending ANH (Colombian National Hydrocarbon Agency) approval. Parex Resources Colombia Ltd. Sucursal ("Parex") will pay the first 65% of the dry-hole cost of the well. The current operator is Cepcolsa, however Parex has applied to the ANH to take over operatorship of the El Eden Block.

About Petroamerica:

Petroamerica Oil Corp. is a junior oil and gas exploration and development company operating in Colombia. Petroamerica has interests in eight blocks, comprising a total of 1.8 million gross acres. The Company's Balay and Las Maracas oil discoveries are located in Colombia's Llanos Basin, on the Balay and Los Ocarros Blocks, respectively. Petroamerica's shares are listed on the TSX Venture Exchange under the symbol "PTA".

Forward-Looking Statement

This news release includes forward-looking statements related to the expected occurrences in relation to the properties identified.  A multitude of factors can cause actual events to differ significantly from any anticipated development and although Petroamerica believes that the expectations represented by such forward-looking statements are reasonable; there can be no assurance that such expectations will be realized.  These forward looking statements are based upon assumptions that Petroamerica has made concerning the oil and gas industry in Colombia, the reliability of available data regarding the properties, and the continuing market for oil and gas.  Risk factors may include the uncertainty of conducting operations under a foreign regime, the availability of labour and equipment, the fluctuating price of oil and gas, the results of drilling and Petroamerica's dependence upon other participants in the property areas.  Neither Petroamerica 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 do 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.

Although the Company believes that the expectations represented by the forward-looking statements contained herein 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. 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.

SOURCE: Petroamerica Oil Corp.

For further information:

Nelson Navarrete
President and CEO

Colin Wagner
CFO

Ralph Gillcrist
Executive Vice President Exploration & Business Development

Tel Bogota, Colombia: +57-1-629-3534
Tel Calgary, Canada: +1-403-237-8300
Email: investorrelations@pta-oil.com
Web Page: www.PetroamericaOilCorp.com

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Petroamerica Oil Corp.

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