PetroCorp Group Inc. Announces Return of Capital

PetroCorp Group Inc. (NEX BOARD:PCG.H) (the "Corporation") announces today that
it has declared a return of capital on its outstanding common shares (the
"Common Shares") of $0.06 per share. The total return of capital paid will be
approximately $4,339,395. This return of capital will be payable on May 13, 2013
to shareholders ("Shareholders") of the Corporation of record on May 8, 2013
(the "Record Date"). 


Shareholders will receive $0.06 in cash for each Common Share held as of the
Record Date. Shareholders with an adjusted cost base of their Common Shares in
excess of $0.06 per share should not be subject to tax as a result of this
distribution. However, the adjusted cost base of their Common Shares will be
reduced by the amount of the distribution they receive. A capital gain should be
realized by Shareholders to the extent that this capital distribution exceeds
the adjusted cost base of their Common Shares. The Corporation is not required,
nor does it intend to issue any reporting slips with respect to this
distribution. Accordingly, any tax reporting slips which Shareholders may
receive from the Corporation will not reflect this capital distribution. 


The Corporation suggests that Shareholders obtain specific tax guidance where
required, and in particular non-residents, which may be subject to different tax
provisions and consequences according to their local tax laws. 


The Common Shares will commence trading on a "due bills" basis on NEX effective
from the opening on May 6, 2013 to and including the payment date: May 13, 2013.
Sellers of the Common Shares on NEX from May 6, 2013 to and including May 13,
2013 will not be entitled to the distribution and any distribution payments
received in accounts will be withdrawn. Holders including buyers on May 13, 2013
will be entitled to receive the distribution. The Common Shares will commence
trading on NEX on an ex-distribution basis effective from the opening on May 14,
2013. Also, note that for entitlement of the distribution, the last trading day
to purchase the Common Shares on NEX will be May 13, 2013. 


Following this distribution, the Corporation will hold approximately $1,200,000
in cash and cash equivalents and plans to review potential transactions for
future investment. Should there be no viable transactions available; the
Corporation will consider other alternatives, which may include winding up the
Corporation. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
PetroCorp Group Inc.
Larry Patriquin
Chief Executive Officer
[phone]


PetroCorp Group Inc.
Randy Fries
Interim Chief Financial Officer
[phone]