Petra Petroleum Inc.

Petra Petroleum Inc.

May 12, 2009 09:00 ET

Petra Petroleum Inc.: Exploration Update to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - Petra Petroleum Inc. (TSX VENTURE:PTL) ("Petra" or the "Company") hereby provides the following update to its shareholders.

On March 2, 2009, the Company reported it was evaluating various alternatives to its previously disclosed development plans because of the current instability of the capital markets and the recent decline in gas commodity prices.

A decision was made to re-enter a plugged well on the Company's Naples Prospect, which was previously drilled and abandoned in 1943. The old logs indicated the potential for several hydrocarbon pay zones warranting further investigation. Rig operations commenced during the last week of April and the well was successfully cleaned to a depth of 8,515 feet. The open hole logs indicate the presence of several narrow productive sands. Other thicker sands, which appeared in the old logs, appear to be porous or nonproductive.

The Company has spent US$295,000 to date and has estimated it would cost an additional US$600,000 to complete the well and deliver the gas. The thinner pay sands lower the probability of achieving the production rates necessary for previously estimated returns on investment given current depressed gas prices. As a consequence, the well was plugged. The Company may, however, choose to complete the well in the future should commodities prices recover.

Management continues to evaluate its prospects and best use of available capital.

About Petra Petroleum

Petra is a Canadian based company involved in the acquisition, exploration and development of highly prospective oil and gas prospects in known productive locations within North America. It is currently exploring one non-conventional and one conventional gas prospect in Oklahoma (the "Woodford Shale") and Mississippi ("Naples") respectively.


Eric Boehnke, Chief Executive Officer

Forward-Looking Statements:

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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