VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2013) - Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to provide a progress update on the implementation of its strategy.
The Corporation's core business strategy is to acquire, explore and develop oil & gas properties principally in the Mediterranean, North Africa and the Middle East regions and to date the Corporation has executed various early phases of this strategic plan, including assessing a number of properties and licenses for potential acquisition.
To date the Corporation has submitted applications for several exploration permits offshore Spain, four exploration licenses in the Cyprus 2nd Offshore Licensing Round and a joint application for an onshore exploration license in Greece.
Currently, two of the licenses applied for by the Corporation in Cyprus have been awarded to Total, with the other two applications remaining under consideration by the Cypriot authorities. In Spain, license award decisions have not yet been made, though we are aware that the area has also attracted attention from a number of major companies. The Corporation's joint application with Energean Oil & Gas in Greece remains under consideration.
To complement its high impact exploration strategy in the Mediterranean area, the Corporation is also currently actively seeking to acquire production or near term development assets and evaluating a number of opportunities in the United Kingdom North Sea and Western Canada. In addition, the Corporation has expanded its exploration focus area and is now considering opportunities in East Africa, West Africa and the Middle East.
President and Chief Executive Officer Robert Lambert commented:
"We believe that we are close to receiving some decisions on license awards in the Mediterranean region. In addition we have been active in evaluating a number of production and development assets in the United Kingdom and Western Canada as well as some interesting exploration ventures in Africa and the Middle East. We are hopeful of being able to announce the Corporation's first license or property acquisition in the near future".
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 licenses 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.
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