Petrolia Inc.

Petrolia Inc.

January 15, 2008 10:43 ET

Petrolia: Closing of a Private Placement of $3,000,000 With Pilatus Energy

RIMOUSKI, QUEBEC--(Marketwire - Jan. 15, 2008) - Petrolia (TSX VENTURE:PEA) has completed its private placement of $3,000,000 announced on October 10, 2007 with Pilatus Energy.

Pursuant to such placement, Petrolia issued to Pilatus Energy 3,000,000 common shares at a price of $1.00 per share and 3,000,000 warrants, each giving the right to subscribe a common share at a price of $1.00 per share for the next 18 months. These securities are subject to a holding period of four months and one day. No finder's fee was paid in connection with the placement.

The proceeds will be used for the development of the Haldimand oil field and the other properties of Petrolia, as well as for its working capital.

Pursuant to this placement, Petrolia now has 34,160,054 issued and outstanding shares.

About Petrolia

Petrolia is a junior oil exploration company operating mainly in Gaspesie. Petrolia holds exploration rights to more than 2.4 million acres (9,600 km2). With its right of first refusal, Petrolia also holds additional interests in more than 1.4 million acres (5,885 km2) held by Junex.

The TSX Venture Exchange disclaims all responsibility regarding the credibility or accuracy of this press release.

Contact Information

  • Petrolia Inc.
    Isabelle Proulx
    Investor Relations
    418-657-1966 (Quebec)
    418-724-0112 (Rimouski)
    Petrolia Inc.
    Andre Proulx