PTL

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COMMON SHARE STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE
A VIOLATION OF U.S. SECURITIES LAWS.


Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has submitted an application in the Greece Open
Door invitation process for hydrocarbons exploration rights.


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


Robert Lambert, President and Chief Executive Officer of the Corporation,
commented: "We are delighted to have partnered with Energean to submit this
application 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 addition of this license interest
would complement our existing exploration permit applications in Cyprus and
Spain, as we seek to develop a high impact exploration portfolio in the
Mediterranean region. In addition we are continuing to seek other opportunities
to create a diversified exploration and production portfolio and asset base."


The application will now be subject to evaluation by the Hellenic Republic
Ministry of Environment, Energy and Climate Change and on the conclusion of
which the Corporation, through the Operator, may be invited to negotiate and
sign a 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.


For further information contact:

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.

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