Mr. Nelson Navarrete reports

PETROAMERICA DISMISSES ALLEGATION FOR RIGHTS IN PUT-7

Petroamerica Oil Corp. holds a 50-per-cent interest in the Putumayo-7 block (subject to Agencia Nacional de Hidrocarburos de Colombia approval) following a May, 2014, farm-in 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 Corp. on Sept. 19, 2014, that GGR has a right to a 10-per-cent carried interest and an option for a 40-per-cent interest in the Putumayo-7 block.

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