Petroamerica Shareholders Approve Share Consolidation, Re-Approve Shareholder Rights Plan and Re-Elect Board of Directors

CALGARY, Nov. 27, 2014 /CNW/ - Petroamerica Oil Corp. (TSX-V:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia is pleased to announce that all of the resolutions put forth at its Annual General and Special Meeting of Shareholders held on November 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 auditors for the coming year, the shareholders also approved the proposed share consolidation plan (the "Share Consolidation"), approved the proposed number of board seats and elected the directors, and re-approved the Company's shareholders rights plan (the "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 ten 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 TSXV 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; 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 re-approved the Rights Plan, with some minor amendments. The re-approval was implemented in accordance with the original Rights Plan agreement between the Company and Computershare Trust Company of Canada, as rights agent, dated September 14, 2011. A copy of the Rights Plan is available on SEDAR at www.sedar.com.

About Petroamerica:
Petroamerica Oil Corp. is a Canadian oil and gas exploration and production company with interests in twelve blocks, located in Colombia's Llanos and Putumayo Basins. Petroamerica's 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.