Petroamerica closes $20,020,000 private placement

TSXV - PTA

VANCOUVER , Nov. 4 /CNW/ - Petroamerica Oil Corp (the "Company") announces that it has closed its previously announced private placement of 28,600,000 units at $0.70 per unit for gross proceeds of $20,020,000 . Each unit consists of one share and one warrant entitling the holder to purchase an additional share at $1.25 per share for five years. A cash finders fee of 5% has been paid in connection with the placement. Proceeds will be used to advance the Company's exploration programs on its hydrocarbon projects in Colombia . The shares and warrants issued are subject to a hold period expiring on March 5, 2010 .

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.

For further information: Gordon Keep, Corporate Secretary, Tel: [phone]