Petra Petroleum Inc.

Petra Petroleum Inc.

May 25, 2012 16:53 ET

Petra Petroleum Inc. Announces Applications for Exploration Permits in Spain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2012) -


Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to announce that it has recently submitted applications for a number of exploration permits offshore Spain. These applications are further steps in the execution of the Corporation's E&P strategy which focuses on high impact exploration areas of the Mediterranean and North Africa region. The blocks are relatively unexplored and could have the potential for large commercially-attractive gas prospects on the doorstep of the large European gas market.

The Corporation has established a wholly owned subsidiary in Spain and has deposited an aggregate security deposit of approximately 1.0 million Euros with the Spanish Treasury. The Corporation has applied as the sole permit holder and operator, and has signed a conditional agreement with two strategic industry partners to undertake a high quality exploration work programme, once the permits have been awarded. The applications are currently under review by the Ministry to determine their validity, following which a public notice would be placed in the Official State Gazette to start the application evaluation process and which could lead to a potential award of permits in due course. At this time, the Corporation has not received any indication that these permits will be awarded.

Robert Lambert, President and Chief Executive Officer of the Corporation, commented: "These permit applications are located in a very prospective area of the Western Mediterranean Sea and, following our recent Cyprus exploration licence applications, they are further steps in the implementation of our high impact exploration strategy in the region. We will work hard to turn these applications in to permit awards and at the same time we will continue to seek opportunities to build a diversified exploration portfolio and production 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 permits, 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.

Not for distribution to U.S. Newswire Services or for dissemination in the Common Share States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

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

Contact Information

  • Petra Petroleum Inc.
    Robert A. Lambert
    President and Chief Executive Officer
    +44 7837 463596