Petrolia Inc.
TSX VENTURE : PEA

Petrolia Inc.

May 27, 2016 16:30 ET

Petrolia Announces the Results of its Annual and Special Shareholder Meeting

QUEBEC CITY, QUEBEC--(Marketwired - May 27, 2016) - Pétrolia (TSX VENTURE:PEA) announces that, at its annual shareholder meeting held on May 26 2016, shareholders elected Mr. Alexandre Gagnon, Mr. Jacques Bourgeois, Mr. David McCallum, Mr. Myron Tétreault, Mr. Martin Bélanger and Mr. Charles Boulanger as Directors.

All other agenda items were also approved, including the ratification of the proposed rolling stock option plan corresponding to 10 % of the shares issued by the company. Company shareholders also approved the appointment of Ernst & Young s.r. l./S.E.N.C.R.L. as auditors of the company.

Pétrolia has also granted 225 000 stock options to a director of the company at an exercise price of 0,22 $ per share, expiring May 25, 2021.

In addition, subject to the approval of the TSX Venture Exchange, the Company wishes to announce that it has renewed for 5 years, a lease with a Director on private ownership of land for its operations in Quebec, and this in consideration of the issuance of 50,000 common shares of its capital.

The Company also announces certain changes to its management team.

M. Karl McLellan has been named to the Board of Directors and leaves his position as Pétrolia's Chief Financial Officer and Corporate Secretary. He will continue his involvement with the company as a Director. As such, Mr. McLellan will keep bringing his experience, vision and discipline to the company.

"For many years - and with the dedication he is known for - Mr. McLellan has been providing Pétrolia with the tools necessary to face its robust growth. On behalf of Pétrolia, I would like to salute the contribution made by Mr. McLellan in developing the company and its subsidiaries. I am also excited to continue to count on him on the Board of Directors.", stated Pétrolia CEO Alexandre Gagnon.

Mr. Mario Racicot, currently Pétrolia's Manager of Corporate Affairs, will become Pétrolia's Chief Financial Officer and Corporate Secretary. Mr. Racicot has more than fifteen years' experience in IT and Operations Management. Since 2001, he has held various management positions at National Bank of Canada and executive positions in its affiliate Innocap. He obtained a Master's in Business Administration (MBA) in financial management from Université du Québec à Montréal.

Finally, to complete the Pétrolia administrative team, the Company is pleased to announce the appointment of Ms. Joannie Proteau as Director of Finance. She will participate in the Company management committee. Ms. Proteau has acted as the company's Financial Analyst since April 2015.

Karl McLellan, CPA, CMA, MBA

Director, he was Pétrolia's Chief Financial Officer and Corporate Secretary from January 2010 to June 2016. He has more than 15 years of experience in finance and management. He held positions as Controller and Vice President of finance in many private firms. He obtained a Bachelor's degree in Business Administration from Université Laval and is also a certified management accountant (CMA). He also completed an MBA in management accounting. His professionalism, efficiency, and versatility are undeniable assets for Pétrolia

Mario Racicot, MBA

Now acting as Chief Financial Officer and Corporate Secretary, he was Pétrolia's Manager of corporate affairs since 2015. His main responsibilities include preparing the company's financial statements, upholding governance and audit rules, and controlling and monitoring the company's exploration costs. He also manages Human Resources and Information Technologies for the Pétrolia. Mr. Racicot has more than fifteen years' experience in Finance, IT and Operations Management. Since 2001, he has held various management positions at National Bank of Canada and executive positions in its affiliate Innocap. He obtained a Master's in Business Administration (MBA) in financial management from Université du Québec à Montréal. His professionalism, efficiency, and versatility are undeniable assets for Pétrolia.

Joannie Proteau CPA Auditor, CA .

Now Director of Finance, she was Pétrolia's Financial Analyst since April 2015. Her role is to make rigorous monitoring of current accounting standards and disclosure standards, as well as producing financial statements and other management reports. Since 2007, she holds a Bachelor of Business Administration with a specialization in accounting. Subsequently, she was admitted to the Order of Professional Accountants of Quebec. From 2008-2015, she was involved as a trainee, project manager and later as director certification in a major accounting firm in the Québec City region. With over seven years of experience in audit and preparation of financial reports, she is an asset to the team as a dynamic, organized and efficient professional.

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 92 420 195 shares issued and outstanding.

Disclaimer

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 or statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia disclaims any intention or 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.

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