Petroamerica tests oil from the Balay-1 exploration well

TSXV - PTA

VANCOUVER, March 11 /CNW/ - Petroamerica Oil Corp. (the 'Company') is pleased to announce that the Balay-1 exploration well has flow tested at stabilized rates of up to 1314 barrels per day, through a 24/64 inch choke, of 28.3 degree API oil with 0.3% watercut from a 20ft perforated interval in the Upper Mirador formation, at very low drawdown. Testing of the well continues.

The Company, through its wholly-owned Panamanian subsidiary, Petroamerica International Corp., is entitled, upon fulfilling its obligations in a Farmin Agreement with Petrobras Colombia Limited and the approvals from the ANH and the other partner on the Balay Block, to a 15% participating interest in the Balay Block.

ON BEHALF OF PETROAMERICA OIL CORP.

"A. Paul Kroshko"

President and CEO

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: A. Paul Kroshko, President and CEO, Petroamerica Oil Corp., Tel: (403) 237-8300, Email: investorrelations@pta-oil.com; or Colin Wagner, CFO, Petroamerica Oil Corp., Tel: (403) 237-8300, Email: investorrelations@pta-oil.com

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Petroamerica Oil Corp.

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