Mr. Ralph Gillcrist reports

PETROAMERICA PAYS OFF DEBENTURES, MAINTAINS STRONG CASH BALANCE

Petroamerica Oil Corp. has repaid the outstanding principal and accrued interest, through its trustee Computershare Trust Company of Canada, of the Canadian-dollar-denominated $35-million debentures that matured on April 19, 2015. With the payment of the debentures complete, the company is now debt-free while holding approximately $27-million (U.S.) of cash. Further to this, the company remains in advanced discussions for the establishment of a new debt facility, which the company expects to finalize by the end of the second quarter of 2015.

We seek Safe Harbor.