I have been buying up PTA.wtb the last little bit... here are few of my DD notes.. Jan presentation has more info

* Disclaimer - I own PTA.wt.b so may be biased. As always do your own due dilligence and make your own investment decisions... you could lose your entire investment by investing in petroamerica or petroamerica warrants.

I think Petroamerica could be a MMT Jr. 
Here is why:
Company Name: Petroamerica
Symbol: PTA
Share price: 38.5 cents (Jan 11,2013)
Market Cap: 228 million
Warrants: Pta.wt.b - expiry - Each wt is exercisable for one common shr @
.35/shr for up to 36 months from date of closing. Wt expires on Friday, May 9, 2014  (warrant price 15 cents -Jan 11,2013)
The company has being rapidly increasing production since the Las Maracas field over the last 6 months in 2012.
As of Dec. 29, 2012, with the addition of production coming from Las Maracas-6 well, the company was producing 4,801 barrels of oil per day total company working interest or 4,396 barrels of oil per day net after royalty
With producing 4,396 bopd and a netback of $70 the company is currently making
$ 307,720 per day profit or approx 2 million a week!.  
$307k * 365 = $112 million cash flow
228market cap /112 million cash flow = PTA trading at approx 2x Cashflow
*note netbacks were $72.58 in Q3 2012 using a brent price of $106.82 - brent is currently well above $110
Company has stated several times it plans to at least double production in 2013.
Here is a link to a webcast back in Oct -http://wsw.com/webcast/canaccord7/pta.v/
Catalysts in the near term:
Las Maracas 7 drill results and continued field development
CPO -1 drill results - Partner with PRE (50/50) - big potential if they hit
El Porton spud
LLA 10 spud
Petroamerica is right in the "sweet spot" for investing in Oil companies as you can see from the attached chart.
A link to the latest presentation posted on Friday is here