Mr. Jamie Craver of Amber Capital reports

AMBER CAPITAL UK LLP: PRESS RELEASE AND EARLY WARNING REPORT

On Dec. 11, 2015, Amber Capital UK LLP, on behalf of Amber Global Opportunities Master Fund Ltd., which is an investment fund managed by it, acquired ownership and control of 152,000 common shares of Petroamerica Oil Corp. The acquired shares represent approximately 0.14 per cent of the issued and outstanding common shares of the company (based upon the 108,888,215 common shares stated to be outstanding as of Nov. 26, 2015, by the company in the company's management's discussion and analysis for the interim period ended Sept. 30, 2015, filed with Canadian securities regulators on Nov. 26, 2015).

After giving effect to the acquisition, the offeror beneficially owns and controls 10,889,000 common shares in the capital of the company, representing in the aggregate approximately 10 per cent of the outstanding common shares of the company (based upon the 108,888,215 common shares stated by the company to be outstanding as of Nov. 26, 2015).

The acquired shares were purchased on the Toronto Stock Exchange at an average price of $1.2574 per common share.

The offeror acquired the acquired shares for investment purposes and may or may not purchase or sell securities of the company in the future on the open market or in private transactions, depending on market conditions and other factors material to the offeror's investment decisions, and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities.