Petra Petroleum Inc. Announces Application for Exploration Licence in Greece

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) -

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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.

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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.