Petroamerica shareholders approve shareholder rights plan and re-elect Board of Directors; Petroamerica announces issuance of options

CALGARY, Nov. 30, 2011 /CNW/ - Petroamerica Oil Corp. (TSX-V: PTA) ("Petroamerica" or the "Company"), is pleased to announce that all of the resolutions put forth at its Annual General and Special Meeting of Shareholders held on November 29, 2011 have been approved. In addition to the standard annual shareholder resolutions which include the approval of Petroamerica's rolling stock option plan and the appointment of Deloitte & Touche LLP, Chartered Accountants as auditors for the coming year, further resolutions were put forth and approved at the meeting, and are described in more detail below.

The number of directors was set at five, and the election of the Company's Board of Directors was passed:

  • Michael Beckett - Director of the Company since October 2009. Also director of Endeavour Mining Corporation since 2002 (and Chairman since 2008).
  • Jeffrey S. Boyce - Executive Chairman of the Board since January 2011, and Director of the Company since October 2009. Also Chairman and Chief Executive Officer of Sure Energy Inc. since 2006.
  • Augusto Lopez - Director of the Company since October 2009. Also Director of Pacific Rubiales Energy Corp. since 2008.
  • Nelson Navarrete - Director of the Company since June 2011; President and Chief Executive Officer of the Company since January 2011.
  • John Zaozirny - Director of the Company since October 2009. Also Vice-Chairman and a director of Canaccord Capital Corporation since 1986, Chairman of Provident Energy Trust since 2001, and Director of Pengrowth Corporation since 1987.

The Company also received shareholder approval at the meeting to ratify and confirm the adoption of a shareholder rights plan (the "Rights Plan") which was implemented pursuant to the shareholder rights plan agreement (the "Agreement") entered into between the Company and Computershare Trust Company of Canada, as rights agent, on September 14, 2011. The Rights Plan took effect immediately upon execution of the Agreement and the Company is pleased to announce the confirmation by shareholders. A copy of the Rights Plan is available on SEDAR at

Petroamerica is also pleased to announce that it has issued options exercisable into a total of 12.01 million common shares to certain directors, officers, employees and consultants of the Company with an exercise price of $0.135 per share, subject to regulatory approval. The options were issued pursuant to the Company's stock option plan and expire on November 29, 2021. The options vest in thirds, with one third vesting upon issuance and one third vesting on each of the first and second anniversaries of issuance. The board of directors approved the issuance of the options to bring the compensation of the directors, officers, employees and consultants more in line with the Company's peer group.

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:

Nelson Navarrete
President and CEO
Petroamerica Oil Corp.
        Colin Wagner
Petroamerica Oil Corp.
Tel: 57-1-629-3534
        Tel: 403-237-8300

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