Petra Petroleum Inc. Announces Applications for Exploration Licences in the Republic of Cyprus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) -

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Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to announce that the Corporation has submitted a number of applications for exploration licences in the Cyprus 2nd Offshore Licensing Round.

These applications are initial steps in the execution of the element of the Corporation's strategy to focus on emerging high impact exploration areas of the Mediterranean region. The application blocks have the potential to provide commercially attractive exploration opportunities and have the attributes to expose the Corporation to a major resource potential.

The Corporation has applied as the sole licence holder and operator for a number of high-potential exploration blocks in the Eastern Mediterranean area, to the south and west of the island of Cyprus. Pursuant to the requirements of the licence round, the Corporation has purchased a seismic data package and a regional geological report at a cost of approximately $800,000.

The applications will now be subject to detailed evaluation by an Advisory Committee to the Minister of Commerce, Industry and Tourism and on the conclusion of which the Corporation may be invited to sign one or more Exploration and Production Sharing Contracts.

Robert Lambert, President and Chief Executive Officer of the Corporation, commented: "We are delighted to have submitted these applications in the proven prospective area of the Eastern Mediterranean Sea in the vicinity of recent giant gas discoveries by Noble Energy. These applications are the initial steps in the implementation of our high impact exploration strategy in the Mediterranean/North Africa region. We will now work hard to turn these applications into licence awards and at the same time will continue to seek opportunities to create a diversified exploration and production portfolio and asset base."

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.