Petroamerica Dismisses Allegation for Rights in PUT-7

CALGARY, ALBERTA--(Marketwired - Sep 25, 2014) - Petroamerica Oil Corp. (TSX VENTURE:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia, holds a 50% interest in the Putumayo-7 block (subject to ANH approval) following a May 2014 farmin with PetroCaribbean Resources Ltd.

Petroamerica has recently become aware of an allegation made by GeoGlobal Resources Inc. ("GGR") in a press release issued by it and Key Capital Corporation on September 19, 2014 that GGR has a right to a 10% carried interest and an option for a 40% interest in the Putumayo-7 block.

Petroamerica, in consultation with its counsel, considers the allegations of GGR to an on-going interest and option in the Putumayo-7 block to be without merit.

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.