Petra Petroleum Inc. Announces Selection for Award of Exploration Licence in Greece

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Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has been selected as Preferred Bidder for the
Ioannina Contract Area under the Greece Open Door invitation process for
hydrocarbon exploration rights.


The Corporation has joined with Energean Oil & Gas S.A. ("Energean") for the
award of the Ioannina Contract Area, a 4,187 sq. km onshore block, located in
north-western Greece, adjacent to the Albanian border. The licence participants
are Energean (80% and "Operator") and the Corporation (20%), together with
Schlumberger as Strategic Technical Partner.


The Corporation and Energean are planning to conduct a seismic work programme to
evaluate both deep and shallow prospects in order to confirm a suitable location
for exploration drilling.


Robert Lambert, President and Chief Executive Officer of the Corporation,
commented: "We are delighted to have partnered with Energean and to be selected
for this licence award in this highly prospective region of Greece, which is on
trend with large discoveries and producing fields in Albania and is geologically
similar to the producing regions of southern Italy. The award of this licence
interest is an important step for the Corporation in building an exploration
portfolio within our focus areas of Europe, Africa and the Middle East. In
addition we are continuing to seek other opportunities to create a diversified
exploration and production portfolio and asset base."


The Hellenic Republic Ministry of Environment, Energy and Climate Change has
currently invited the Corporation, through the Operator, to finalize the licence
agreement.


The Corporation's partner, Energean, is an international independent oil and gas
exploration and production company headquartered in Athens, Greece, and is the
sole current oil and gas operator in Greece, operating the development areas of
Prinos and South Kavala, where it holds 100% interests.


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws. Readers are cautioned to not place undue reliance on
forward-looking statements. Actual results and developments, including whether
or not the Corporation is successful in obtaining exploration licences may
differ materially from those contemplated by these statements. The
forward-looking statements in this press release are made as of the date of this
release and the Corporation undertakes no obligation to update publicly or
revise any forward-looking statements whether as a result of new information or
otherwise, except as required by applicable securities laws. The Corporation
undertakes no obligation to comment on analyses, expectations or statements made
by third-parties in respect of the Corporation or its financial or operating
results or (as applicable) their securities.


The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petra Petroleum Inc.
Robert A. Lambert
President & Chief Executive Officer
bob.lambert@petrapetroleum.com

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