VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) - Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to announce that the Greek Government yesterday signed a Lease Agreement for the Ioannina block with the consortium of Petra Petroleum and Energean Oil & Gas. The contract was signed by the Minister of Environment, Energy and Climate Change, Mr. Ioannis Maniatis, in the presence of the Vice President of the Greek Government, Mr. Evangelos Venizelos and the Ambassador of Canada in Greece, Mr. Robert Peck.
Ioannina is an onshore block, located in Epirus, North Western Greece, covering an area of 4,187 square kilometers. The area has analogues of proven and producing oil fields in Albania, Italy and the wider region of the Adriatic Sea, leading Energean and Petra to estimate that up to 100 million barrels of oil or 2 trillion cubic feet of natural gas could potentially be discovered. The investment programme for the planned three exploration phases over 7 years, will consist of 2D seismic data reprocessing, geological surveys, new seismic data acquisition in the 1st phase and the drilling of two wells during phases 2 and 3. The consortium consists of TSX-V listed Petra Petroleum (20% working interest) and Energean (80% working interest and Operator). The lease agreement is subject to Greek Parliament ratification.
Robert Lambert, President and Chief Executive officer of the Corporation commented: "This is a significant milestone in the Corporation's development and we are delighted that the Greek Government has had the confidence in Petra to participate in this highly prospective licence. We must now go on and secure other similar high quality exploration opportunities in our focus areas".
Pete Hughes, Vice President, Corporate Development added: "On this key day in the Corporation's history, it is important to underline that the Corporation's growth strategy of M&A activity will be aligned to our focus areas of Europe, the Middle East and Africa, which plays to the strengths of our management team".
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Undue reliance should not be placed on such forward-looking information, which only applies as of the date of this news release, and no assurance can be given that such future events will occur. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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