CALGARY, Jan. 24 /CNW/ - Petroamerica Oil Corp. ("Petroamerica" or the "Company") announces that it 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. Navarrete has held various positions with Ecopetrol, namely; E&P Executive Vice President, Production Vice-President and Reservoir Manager.  During his tenure with Ecopetrol, he was instrumental in leading and consolidating new business opportunities and for taking Ecopetrol public.  Mr. Navarrete was also responsible for the development of producing oil fields through association contracts with BP, Chevron, Petrobras, Metapetroleum, Occidental and others. Mr. Navarrete has also held several board positions with some of the subsidiaries of Ecopetrol, namely; Ecopetrol America Inc. Ecopetrol Peru, Ecopetrol de Brasil, Savia (Peru) and Hocol S.A. Mr. Navarrete received his Masters in Petroleum Engineering from the University of Tulsa in 1992 and his B.Sc. in Petroleum Engineering from the American University in Bogotá Colombia in 1985.

Mr. Paul Kroshko has resigned as President, CEO and Director of Petroamerica effective immediately.The Board of Directors would like to thank 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 endeavours.

The Board would also like to announce the appointment of Mr. Ronald Pantin to the Board of Directors, effective January 21, 2011.  Mr. Pantin has served on the advisory board to Petroamerica since October 2009.  Mr. Pantin is the CEO of Pacific Rubiales Energy Corp., which is the largest independent oil and gas exploration and production company in Colombia. Mr. Pantin worked in the Venezuelan oil industry for twenty-three years prior to founding Pacific Rubiales.  Mr. Pantin has held a number of senior positions within Petroleos de Venezuela, including being President of Petroleos de Venezuela Services.  Immediately after PDVSA, Mr. Pantin was President of Enron Venezuela.  He began his professional career with Maraven, and affiliate of PDVSA, where he held a variety of positions including Exploration & Production Planning Manager, Petroleum Engineering Manager, Treasurer, Operations Manager in the Production Division, and Corporate Planning Manager.

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. He is the current Chairman, CEO and Director of Sure Energy Inc., former President & CEO and Co- Founder of Vermilion Resources Ltd. (Vermilion Energy is now a $4 billion international oil and gas company) and Clear Energy Inc. Mr. Boyce currently sits on the Board of Directors of a number of public and private companies.

In addition, Petroamerica is pleased to announce the appointment of David Dolberg as Manager of Geosciences; he will be reporting to Ralph Gillcrist, the company's Vice-President of ExplorationMr. Dolberg is a Professional Geophysicist with more than 29 years of exploration and production experience in South America, North America and Europe, utilizing and integrating well and seismic information to find, define, appraise, and produce potential hydrocarbon accumulations.  For the previous 6 years Mr. Dolberg was Kurdistan Exploration Manager, Technical Team Lead for Peru, and Geophysical Advisor for the Colombia Team at Talisman.  Additionally, Mr. Dolberg was Exploration Manager Scotian Shelf for Norsk Hydro, and has 19 years experience with Mobil, working the Gulf of Mexico, California, Wyoming, Montana, Alaska and the North Sea.  He holds a MS in Geology from the University of Montana and a BS in Geology from Northern Arizona University.

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."

In an effort to better communicate with all its shareholders Petroamerica will be holding an Investor Conference Call at 11:00 a.m. MST on Monday January 24, 2011.

The call in numbers for the call are as follows:

416-695-7806 (Toronto)
888-789-9572 (North American toll free)
800-6578-9818 (International toll free)
Participant Pass Code: 4356043

A replay of this call will be available for two weeks starting at 1:00pm MST, January 24, 2011 by calling 905-694-9451 (Toronto), 800-408-3053 (North America toll free), or 800-3366-3052 (International toll free), passcode 2213153 followed by the pound sign.

Petroamerica is a junior oil and gas company operating in Colombia and its shares are listed on the TSX Venture Exchange under the symbol "PTA".

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 any questions related to the above, please contact Colin Wagner, CFO, or Jeff Boyce, Executive Chairman, at 403-237-8300

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Petroamerica Oil Corp.

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