Petra Petroleum Inc.

Petra Petroleum Inc.

March 03, 2009 09:00 ET

Petra Petroleum Inc.: Update to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2009) - Petra Petroleum Inc. (TSX VENTURE:PTL) ("Petra" or the "Company") is pleased to provide the following update to its shareholders.

Given the current instability of the capital markets and the recent decline in gas commodity prices, management is evaluating various alternatives to its current development plans, which include a horizontal test well on its Woodford Shale prospect in Oklahoma.

Such alternatives being investigated include, but are not limited to:

1. Drilling a vertical well, at a significantly reduced cost, to test three deeper prospective oil formations and to core the gas formation of the Woodford Shale for analysis; and

2. Drilling a vertical test well on its Naples gas prospect in Mississippi, also at a reduced cost.

Management is preparing detailed budgets, pro forma cash flows and time schedules for these and other alternative strategies to reduce costs, minimize risk and maximize the potential of near term cash flow. Shareholders will be updated when management's comparative analysis is complete and plans are finalized.

Presently, the Company has cash, net of liabilities, of approximately $3.8 million, or $0.145 per issued common share.

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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