Bio-American Capital Corp. has Been Awarded Two Petroleum Prospecting Licenses in Papua New Guinea.

Energy Editors/Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 18, 2004

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

The first license that has been awarded by the Papua New Guinea Government to Cheetah is - Petroleum Prospecting License ("PPL") #249. PPL #249 consists of 75 blocks of land. Each block has a land dimension of 9 kilometers by 9 kilometers, making the total acreage of PPL #249 approximately 1.5 million acres.

PPL #249 is located in the Aitape Basin, of Papua New Guinea. According to the results of the 2003 Papua New Guinea, New Venture Government Report, the potential for oil is high with numerous oil seeps indicating a potential source for generating oil. The report indicates that there are sedimentary sections of up to 6,000m present, with an interpreted oil window of 1,900m to 4,200m. A preliminary assessment of the petroleum system, indicated the geological risk to be medium to high.

The second license that has been awarded by the Papua New Guinea Government to Cheetah is -PPL #250. PPL consists of 100 blocks of land and is approximately 2 million acres. PPL # 250 is located in the Central Highlands Region of Papua New Guinea. The Central Highland Region defines the northwestern periphery of the oil producing Papuan Basin. The region has generated interest because of the oil discoveries in the nearby Southern Highlands Province and outcroppings of similar geological sequence in the area. Numerous hydrocarbon seeps have been reported from the area.

With the award of Petroleum Prospecting Licenses #249 and #250, Cheetah has assembled one of the largest land positions focused on petroleum exploration, in all of Papua New Guinea.

"The awarding of these two licenses is an important step in the company's development." says Ted Kozub, recently appointed CEO of Bio-American Capital Corp. "We intend to advance the exploration of these properties as diligently as possible."

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