Bio-American Capital Corp. Approves 2004 Exploration Work Program as Proposed by Chief Geologist Jack Sari.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--May 5, 2004

Bio-American Capital Corp. (OTCBB:BIOA) announces that through its wholly owned subsidiary Cheetah Oil and Gas Ltd., ("Cheetah") it has approved a 2004 work program designed to further the energy exploration of its three recently acquired Petroleum Prospecting Licenses (PPL) in Papua New Guinea.

The 2004 work program is already underway. Geological and geophysical data is being compiled from the Department of Energy and Petroleum. Among other reports and data, this includes 422 line-kilometers of seismic data that was previously acquired on PPL #249, and on PPL #252 this includes 820 line-kilometers of previously acquired seismic.

All seismic and other data is being reprocessed and established within a data-base. Magnetic and gravity maps will be redrafted to evaluate structure and assess the need for future data acquisition. Field geological work is scheduled for all three PPL's in August and September to evaluate the potential petroleum system rocks and collect samples from both rock and hydrocarbon seeps. An assessment as to whether to acquire new airborne magnetic and gravity map data will then be made. Final compilation and prospect inventory mapping will then determine subsequent proposed drill-hole locations.

As well, as part of Cheetah's commitment to the people of Papua New Guinea, Cheetah's Community Affairs and Government Relationship Manager will coordinate a social awareness program prior to the commencement of geological field work.

Ted Kozub, the CEO of Cheetah, said, "We are actively working to advance our understanding of the geological potential of our projects. Jack Sari's leadership on the ground in Papua New Guinea is proving to be of significant value to us, and to shareholders."

Bio-American Capital Corp. through its wholly owned subsidiary Cheetah Oil and Gas Ltd. is actively engaged in acquiring high quality oil and gas exploration properties in Papua New Guinea.

Disclaimer: The Company relies upon the safe Harbor Laws of 1993, 1934, and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.