January 04, 2011

Petroamerica re-elects five directors at AGM

Mr. Paul Kroshko reports

PETROAMERICA SHAREHOLDERS APPROVE CONTINUANCE TO ALBERTA AND RE-ELECT BOARD OF DIRECTORS

All of the resolutions put forth at Petroamerica Oil Corp.'s annual general and special meeting of shareholders held on Dec. 9, 2010, have been approved. In addition to the standard annual shareholder resolutions, which include the approval of Petroamerica's rolling stock option plan and the appointment of Deloitte & Touche LLP as auditor for the coming year, further resolutions were put forth and approved at the meeting and are described in more detail here.

The number of directors was set at five, and the election of the company's board of directors was passed. The five directors are:

• Michael Beckett: director of the company since October, 2009, also director of Endeavour Mining Corp. since 2002 (and chairman since 2008), and chairman of the Thomas Cook Group PLC since 2007;


• Jeffrey S. Boyce: chairman of the board and director of the company since October, 2009, also chairman and chief executive officer of Sure Energy Inc. since 2006;


• Paul Kroshko: director of the company since November, 2009;


• Augusto Lopez: director of the company since October, 2009; also director of Pacific Rubiales Energy Corp. since 2008;


• John Zaozirny: director of the company since October, 2009; also vice-chairman and a director of Canaccord Capital Corp. since 1986, chairman of Provident Energy Trust since 2001 and director of Pengrowth Corp. since 1987.

The company also received shareholder approval at the meeting to continue the company from British Columbia to Alberta. The continuance does not result in any change in the business of the company. The company commenced its current business in late 2009, at which time it relocated to Calgary, Alta., where its head office is located. Following shareholder approval of the continuance, articles of continuance were filed, and, effective Dec. 10, 2010, the company is an Alberta corporation. Copies of the articles of continuance and bylaws will be made available on SEDAR