Mr. Nelson Navarrete reports

PETROAMERICA SHAREHOLDERS APPROVE SHARE CONSOLIDATION, RE-APPROVE SHAREHOLDER RIGHTS PLAN AND RE-ELECT BOARD OF DIRECTORS

All of the resolutions put forth at Petroamerica Oil Corp.'s annual general and special meeting of shareholders held on Nov. 26, 2014, have been approved by an overwhelming majority of the votes cast. In addition to the approval of Petroamerica's rolling stock option plan and the appointment of Deloitte LLP, Chartered Accountants, as auditor for the coming year, the shareholders also approved the proposed share consolidation plan, approved the proposed number of board seats and elected the directors, and reapproved the company's shareholders rights plan. Following approval of the share consolidation, the directors are authorized to consolidate the issued and outstanding common shares of the company on a basis of one new common share for every 10 existing common shares, or at a lesser ratio that the directors, at their discretion, determine to be appropriate. It is anticipated that the share consolidation will be implemented at a date in the future when the board considers it to be in the best interest of the company. The board is also authorized to either not proceed with or abandon the share consolidation at any time it determines, at its discretion. The share consolidation is subject to TSX Venture Exchange approval, which Petroamerica expects to receive shortly.

The number of directors was set at six, and the shareholders elected the following directors of the company:

• Michael Beckett -- director of the company since October, 2009;
• Jeffrey S. Boyce -- executive chairman of the board since January, 2011, and director of the company since October, 2009;
• Augusto Lopez -- director of the company since October, 2009;
• Nelson Navarrete -- director of the company since June, 2011, and president and chief executive officer of the company since January, 2011;
• Juan Szabo -- directory of the company since July, 2015;
• John Zaozirny -- director of the company since October, 2009.

The company's shareholders also reapproved the rights plan, with some minor amendments. The reapproval was implemented in accordance with the original rights plan agreement between the company and Computershare Trust Company of Canada, as rights agent, dated Sept. 14, 2011. A copy of the rights plan is available on SEDAR.