Petra Petroleum Inc.

Petra Petroleum Inc.

September 06, 2011 10:58 ET

Petra Petroleum Inc.: Revised Business Strategy and Appointment of Key Member to Leadership Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Company") is pleased to announce the adoption of its revised business strategy and the appointment of a new key member of the Company's Leadership Team.

The Company's revised business strategy is to re-focus its energy and petroleum activities internationally. The Company plans to acquire, explore and develop oil and gas assets in proven and prospective petroleum basins in the Middle East, North Africa and Mediterranean (MENAM) region, including an initial focus on the emerging trend of world class offshore gas discoveries of the Eastern Mediterranean area. We will seek to leverage the international exploration experience of the Company's new Leadership Team in identifying early life cycle opportunities and we will deploy our business development and technical skills to create a diversified resource base. We are actively evaluating a number of attractive opportunities in basins with known petroleum systems and favourable risk-reward profiles. We will continue to seek new ventures which aim to position the Company to grow rapidly through the timely exploration and development of potentially significant petroleum resources. Further information can be found on the Company's new website which can be accessed at

The Company has also appointed Andrew Boetius to the new position of Director, Finance & Administration with an effective start date of September 12, 2011. Mr. Boetius is a UK Chartered Management Accountant and he spent the majority of his career in the exploration, production, and energy sectors. He held a number of roles during a 14 year career with Amerada Hess Corporation, both in its upstream and downstream businesses. In his last role with Amerada Hess, Mr. Boetius held the role of Finance Director for its UK energy marketing and trading business, and was a member of the management team that sold this division to the TXU group. Thereafter he performed an interim management role for the Fortum Group, successfully achieving the divestment of their UK energy marketing business. In his most recent position, Mr. Boetius was Chief Financial Officer for a small oil and gas exploration company, Index Oil and Gas, focused on the US onshore gulf coast, and based in Houston.

Robert Lambert, President and Chief Executive Officer of Petra Petroleum Inc., commented, "Andy Boetius is a very important addition to the Company's growing Leadership Team, particularly at this very exciting time for the Company when we are embarking on new international exploration ventures that will position the company for future growth and success."

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.

Contact Information

  • Petra Petroleum Inc.
    Robert A. Lambert
    Chief Executive Officer

    Petra Petroleum Inc.
    Michael Atkinson
    (604) 689-1428