Petrolia Announces Full Exercise of Underwriters' Option to Purchase Additional Units

RIMOUSKI, QUEBEC--(Marketwire - April 23, 2012) -

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

In relation to the financing disclosed last week, Pétrolia (TSX VENTURE:PEA) is pleased to announce that Laurentian Bank Securities Inc. and National Bank Financial Inc. (the "Underwriters") have exercised their option (the "Underwriters' Option") to acquire 528,170 additional units at a price of $1.42 per unit, bringing the total gross proceeds from the Underwriters' private placement to $5.75 million. Each unit is made up of one common share and one-half of one common share purchase warrant. Each whole warrant allows the bearer to acquire one common share of the Company at a price of $1.78 per common share for a period of 36 months following the closing date. Closing of the Underwriters' Option is scheduled to coincide with the closing of the Underwriters' private placement on or about May 15, 2012.

Including the private placement of Investissement Québec, Pétrolia will receive total gross proceeds of $15.75 million from the financings announced last week. Upon closing, the Company will have approximately $22 million in cash to fund its exploration program and working capital requirements.

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 55,036,698 million 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.