Petra Petroleum Inc. Announces Assignment of Its 20% Interest in Ioannina Lease in Greece

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 18, 2014) -

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Petra Petroleum Inc. (the "Corporation" or "Petra") (TSX VENTURE:PTL) wishes to announce that it has signed a Sale and Purchase Agreement with Energean Oil & Gas SA for the assignment of the Corporation's 20% interest in the onshore Ioannina Lease in north-western Greece. The closing of the transaction is subject to the approval of the Greek authorities. The transaction has been undertaken as part of the re-focusing of the Corporation's activities following its recently announced Plan of Arrangement with Mitra Energy Ltd.

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