Petrolia Inc.
TSX VENTURE : PEA

Petrolia Inc.

May 20, 2011 17:09 ET

Petrolia Inc.: Allocation of Stock Options

RIMOUSKI, QUEBEC--(Marketwire - May 20, 2011) - Petrolia Inc. (TSX VENTURE:PEA) - Pursuant to its compensation policy and incentive plan, Pétrolia's board of directors can award stock options at its quarterly meetings. On May 19, 2011, 500,000 stock options were awarded to a member of the management team. The price was set at $1.69 per share, and the options are due to expire on May 18, 2016. This program provides that the stock option exercise be staggered over a period of three years between May 19, 2011 and May 18, 2016.

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 15,000 km² (2.7 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 50 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.

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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