Petra Petroleum Inc.

Petra Petroleum Inc.

July 30, 2012 09:30 ET

Petra Petroleum Inc.: Appointment of New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2012) - Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to announce the appointment of Andrew Boetius as Chief Financial Officer of the Corporation to replace John Downes who will now take up the role of Manager, Finance and Accounting. Bob Lambert, CEO, commented, "Andrew and John's appointments are part of a long-planned re-alignment of responsibilities to reflect the growing implementation of our Mediterranean Rim exploration strategy, which is managed by our London-based team. We thank John for his contributions as Chief Financial Officer to the Corporation over the past year and we are delighted to retain his valuable skills and continuity in our organisation in the management of our financial and accounting function in Vancouver." Mr. Boetius was previously Director, Finance & Administration since joining the Corporation in September, 2011.

In connection with his appointment, Andy Boetius has been granted an option to purchase up to a total of 100,000 common shares of the Corporation at the exercise price of $0.43 each for a period of five years from the date of grant.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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