Petroamerica Oil Corp. Announces Vertical Amalgamation with Subsidiaries

CALGARY, Jan. 4, 2016 /CNW/ - Petroamerica Oil Corp. ("Petroamerica") (TSX-V: PTA), an international oil and gas company operating in Colombia, is pleased to announce that it has completed a vertical amalgamation (the "Vertical Amalgamation") with its wholly-owned subsidiaries, Aries Exploration Corp., Petroamerica Inc. and Petroamerica International Corp. (the "Subsidiaries") pursuant to subsection 184(1) of the Business Corporations Act (Alberta) (the "ABCA").  Each of the Subsidiaries is a private company incorporated under the ABCA.  The Vertical Amalgamation did not require shareholder approval and was completed to simplify the corporate structure of Petroamerica.  No securities were issued in connection with the Vertical Amalgamation. The shares of the Subsidiaries were cancelled without any repayment of capital in respect of them.

About Petroamerica:

Petroamerica Oil Corp. is a Canadian oil and gas exploration and production company with interests in fifteen blocks, located in Colombia's Llanos and Putumayo Basins. Petroamerica's shares are listed on the TSX Venture Exchange under the symbol "PTA".

SOURCE Petroamerica Oil Corp.

For further information: Ralph Gillcrist, President and CEO; Colin Wagner, CFO, 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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