PETROAMERICA SHAREHOLDERS APPROVE CONTINUANCE TO ALBERTA AND RE-ELECT BOARD
OF DIRECTORS

TSXV: PTA

CALGARY, Dec. 13 /CNW/ - Petroamerica Oil Corp. ("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 December 9, 2010 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), and Chairman of the Thomas Cook Group plc since 2007.
• Jeffrey S. Boyce - Chairman of the Board and Director of the Company since October 2009. Also Chairman and Chief Executive Officer of Sure Energy Inc. since 2006.
• Paul Kroshko - Director of the Company since November 2009.
• Augusto Lopez - Director of the Company since October 2009. Also Director of Pacific Rubiales Energy Corp. since 2008.
• 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 continue the Company from British Columbia to Alberta (the "Continuance"). The Continuance does not result in any change in the business of the Company. The Company commenced its current business in late 2009, at which time it relocated to Calgary, Alberta, where its head office is located. Following shareholder approval of the Continuance, Articles of Continuance were filed and, effective December 10, 2010, the Company is an Alberta corporation. Copies of the Articles of Continuance and By-laws will be made available on SEDAR at www.sedar.com.

For further information:

A. Paul Kroshko
President and CEO
Petroamerica Oil Corp.

Tel: [phone]
Email: [email protected]

or

Colin Wagner
CFO
Petroamerica Oil Corp.
Email: [email protected]