Petrolia Inc.

Petrolia Inc.

March 19, 2007 07:00 ET

Petrolia Board of Directors Gains Expertise

RIMOUSKI, QUEBEC--(CCNMatthews - March 19, 2007) - The oil company Petrolia (TSX VENTURE:PEA) announces the addition of two new experts to its Board of Directors with the arrival of Mr. Arnold E. Baron and Mr. Albert Wildgen. These nominations indicate the Company's objective of concentrating its efforts on the development of its oil production. "It became essential to set the Petrolia-Haldimand #1 discovery on a solid base of technical expertise and ensure a financial structure fitted to the Company's development needs," stressed President Andre Proulx of Petrolia.

The nomination of Mr. Arnold E. Baron as a board member brings Petrolia the in-house expertise needed for the supervision of production work at the Haldimand oil field. Arnold E. Baron is a petroleum and mechanical engineer with experience in oil and gas production acquired around the world. Indeed, since 1957, he has acted as a consultant and has held different position in oil production, notably as a drilling supervisor and oil project manager for companies such as Texas Crude Energy, Esso Standard Oil, Paul Cameron, Western Egyptian Petroleum, Agip Denmark, Agip Iberia, and many others. Mr. Baron is a graduate of Texas A&M University where he completed three years of petroleum geology studies.

Furthermore, the Board will recommend, at its next Annual Meeting, to welcome Mr. Albert Wildgen as Board member. Mr. Wildgen's experience and skills in international financial management will bring another dimension to the Company's future financing. Mr. Wildgen received his licence en droit at the Universite de Paris I, Pantheon-Sorbonne in 1976. He was called to the Barreau des Avocats in Luxemburg in 1977. In 1980, he joined the law firm of Mr. Victor Bodson, a former Luxemburg Minister and Member of the European Commission in Brussels. Until December 31, 2002, he was Associate Director of the law firm of Wildgen & Partners, one of the largest business law firm in Luxemburg. Mr. Wildgen sits on the boards of directors of a number of holding companies and multinational financing companies and Middle Eastern banking groups. He has also sat on the board of directors of Fidal International, as well as that of KLegal International, companies bringing together 2,800 lawyers from different countries.

The bringing on line and management of oil resources are new activities for all Quebec exploration companies, which explains lead times of Haldimand production and of the evaluation of reserves in the oil field discovered by Petrolia. Since Petrolia is accompanied by two partners to bring the Haldimand oil field production on line, a joint operating agreement (JOA) must be implemented between the three parties. In order to avoid having to renegotiate each time, Petrolia has requested that this agreement (JOA) automatically apply to all new discoveries located on the licenses that Petrolia purchased from Junex in 2005. "Before it becomes a producing company, the Board deems it essential to ensure the profitability of such an operation and hereupon rest all the negotiations of this agreement.

Since Petrolia could make a second discovery, it thus becomes a priority to ensure the long-term interest of its shareholders," emphasized Andre Proulx.

As well, during these negotiations, Petrolia carried out independent studies in order to re-evaluate the production capacity of the Petrolia-Haldimand #1 well. Several expert opinions are awaited concerning this re-evaluation, as well as the road to be followed to reach certification of oil reserves. The Company believes that the right conditions are now in place to support the conclusion of this agreement, and that the development work on the Petrolia-Haldimand well will recommence following its signing.

The same applies for the European financing announced in November. The Board has indeed underestimated the lead times of certain procedures for one of the groups, but it maintains that the financing is going forward as expected and that the two groups retain their interest in investing.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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