Petrolia Announces $1.0 Million Bought Private Placement

RIMOUSKI, QUEBEC--(Marketwired - June 19, 2013) -

NOT FOR DISTRIBUTION TO PRESS SERVICES IN THE UNITED STATES AND NOT FOR CIRCULATION IN THE UNITED STATES

Pétrolia (TSX VENTURE:PEA) is pleased to announce that it has entered into an agreement with Laurentian Bank Securities Inc. (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase, on a bought deal private placement basis, 1,428,572 Units of the Company at a price of $0.70 per Unit (the "Issue Price") for total gross proceeds to the Company of $1,000,000 (the "Offering"). Each Unit is made up of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $1.00 per common share for a period of 36 months following the closing date. The common shares issued pursuant to the Offering will qualify for the Quebec Stock Savings Plan II (the "QSSP II").

The Company has also granted the Underwriter an option to acquire up to 214,286 additional Units, exercisable in full or in part at any time up to 48 hours prior to the closing date, at the Issue Price (the "Underwriter's Option"). In connection with the Offering, the Company has agreed to pay the Underwriter a cash commission equal to 7.0% of the gross proceeds from the Offering. By way of additional compensation, the Underwriter will be issued compensation options (the "Compensation Options") equal to 7.0% of the number of Units issued in connection with the Offering (including upon exercise of the Underwriter's Option). Each Compensation Option will be exercisable for one common share of the Company at a price of $0.70 per common share for a period of 24 months following the closing date.

The Units will be offered on a private placement basis to qualified investors in each of the provinces of Canada and in other jurisdictions in accordance with applicable registration exemptions. The Offering is expected to close on or about July 10, 2013 (the "Closing Date") and is subject to the satisfaction of certain conditions, including without limitation, obtaining all applicable regulatory approvals and the satisfactory completion of the Underwriter's due diligence review.

The net proceeds of the Offering will be used to support working capital and other general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 68 002 800 shares issued and outstanding.

Forward-looking statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.