Petroamerica BODThe past actions and inaction of the incumbent Board clearly
demonstrate a deficient and unaccountable structure that lacks the
necessary direction, vision and incentives to create shareholder
value. This lack of stewardship and supervision is visibly apparent
in the share price of Petroamerica, which is not reflective of the
book value of Petroamerica. The incumbent Board has failed to
articulate a cogent strategy for building long term value for all
stakeholders, notwithstanding multiple requests to do so. The
incumbent Board has been "assessing various opportunities" as part of
Petroamerica's "ongoing strategic evaluation" and reviewing
"additional corporate opportunities and assets that may be available
to Petrodorado in various industries (emphasis added) in South
America" as well as continuing to "evaluate the go forward plan" for
Petrodorado for months, yet shareholders have little or nothing to
show for it. The Concerned Shareholders believe Petroamerica
shareholders deserve better attention to their investment.