SUITE 3123 – 595 BURRARD STREET

VANCOUVER, BC, V7X 1J1

TEL: 604-609-6110 FAX: 604-609-6145

PETROAMERICA TESTS OIL FROM THE BALAY-1 EXPLORATION WELL

March 11, 2010 TSXV – PTA

Petroamerica Oil Corp. (the ‘Company’) is pleased to announce that the Balay-1
exploration well has flow tested at stabilized rates of up to 1314 barrels per day, through
a 24/64 inch choke, of 28.3 degree API oil with 0.3% watercut from a 20ft perforated
interval in the Upper Mirador formation, at very low drawdown. Testing of the well
continues.

The Company, through its wholly-owned Panamanian subsidiary, Petroamerica

International Corp., is entitled, upon fulfilling its obligations in a Farmin Agreement with
Petrobras Colombia Limited and the approvals from the ANH and the other partner on
the Balay Block, to a 15% participating interest in the Balay Block.

ON BEHALF OF PETROAMERICA OIL CORP.

“A. Paul Kroshko”

President and CEO

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

A. Paul Kroshko
President and CEO
Petroamerica Oil Corp.

Tel: 403-237-8300
Email: investorrelations@pta-oil.com

or

Colin Wagner
CFO
Petroamerica Oil Corp.

Tel: 403-237-8300
Email: investorrelations@pta-oil.com