Bio-American Capital Corp. Has Been Awarded Petroleum Prospecting License 252 in Papua New Guinea and Appoints Jack Sari as Chief Geologist.

News Editors

PENTICTON, British Columbia--(BUSINESS WIRE)--April 8, 2004

Bio-American Capital Corp. (OTCBB:BIOA) announces that through its wholly owned subsidiary Cheetah Oil and Gas Ltd., ("Cheetah") it has been awarded an important new Petroleum Prospecting License in Papua New Guinea.

The license that has been awarded by the Papua New Guinea Government to Cheetah is Petroleum Prospecting License ("PPL") #252. PPL #252 consists of 92 blocks of land. Each block is 9 kilometers by 9 kilometers making the total acreage of PPL #252 approximately 1.84 million acres.

Located on the North-Eastern seaboard of Papua New Guinea, these lands are within the Ramu Basin which is itself part of the North New Guinea Basin. While oil exploration potential is strong, these lands have been the subject of great discussion with regard to their potential to host natural gas reserves. Seismic data review in all three North New Guinea basins indicate normal down-to-basement faults, which support basin evolution from extensional stress regime. Models indicate either an Early Miocene origin or Middle to Late Miocene. The Keram-1 exploration well drilled in 1973 at the Northern end of the Ramu Basin reached 6,546 feet and encountered a 985 foot Miocene carbonate section.

In-addition Bio-American Capital Corp. is pleased to announce the appointment of Mr. Jack Sari to be chief geologist for Cheetah.

Ted Kozub, the CEO of Cheetah, said, "For Cheetah to realize its potential within the near term, it was imperative to add depth to our management team. We are delighted to have Jack join our team and to have greatly enhanced our ability to pursue oil and gas opportunities in Papua New Guinea. With Jack on our team we are better able to manage our expansion into the Region."

Mr. Jack Sari, MSc, most recently worked as Technical Manager for Oil Search Ltd. in Port Moresby, Papua New Guinea. He was previously the Manager - Oil Assets, Manager - Technical, and Project Analyst for Orogen Minerals Ltd. also in Port Moresby, Papua New Guinea. Mr. Sari has also served as Senior Geologist for Oil Search Ltd. During the last 20 years Mr. Sari has participated in numerous international forums and published many research papers and reports focused on petroleum exploration.

Separately, Bio-American Capital Corp. also announces the awarding of 50,000 stock options to its CEO, Ted Kozub.

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.

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