Petroamerica farms into Dyas/Serinpet on Ecopetrol Playon Block

TSXV - PTA

VANCOUVER, Dec. 3 /CNW/ - Petroamerica Oil Corp (the "Company") announces that it has signed a farm-in agreement with Dyas Colombia B.V. and Serinpet Ltda. (the "farmors") on the Ecopetrol Playon Block, which is located in the Middle Magdalena Basin of Colombia.

The agreement states that the Company is to pay 100% of the costs required to side track or drill and complete a new well on the Playon structure to earn 50% of the farmors' current interest in the block (23.5% net to the Company). The farmors currently hold their interest through an Agreement with Ecopetrol.

The assignment of interest is subject to Ecopetrol's approval.

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: For further information: Paul Kroshko, Chief Executive Officer, Tel: (403) 607-8184

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Petroamerica Oil Corp.

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