Petra Petroleum Inc. Announces Applications for Exploration Licences in the Republic of Cyprus

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Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has submitted a number of applications for
exploration licences in the Cyprus 2nd Offshore Licensing Round.


These applications are initial steps in the execution of the element of the
Corporation's strategy to focus on emerging high impact exploration areas of the
Mediterranean region. The application blocks have the potential to provide
commercially attractive exploration opportunities and have the attributes to
expose the Corporation to a major resource potential.


The Corporation has applied as the sole licence holder and operator for a number
of high-potential exploration blocks in the Eastern Mediterranean area, to the
south and west of the island of Cyprus. Pursuant to the requirements of the
licence round, the Corporation has purchased a seismic data package and a
regional geological report at a cost of approximately $800,000.


The applications will now be subject to detailed evaluation by an Advisory
Committee to the Minister of Commerce, Industry and Tourism and on the
conclusion of which the Corporation may be invited to sign one or more
Exploration and Production Sharing Contracts.


Robert Lambert, President and Chief Executive Officer of the Corporation,
commented: "We are delighted to have submitted these applications in the proven
prospective area of the Eastern Mediterranean Sea in the vicinity of recent
giant gas discoveries by Noble Energy. These applications are the initial steps
in the implementation of our high impact exploration strategy in the
Mediterranean/North Africa region. We will now work hard to turn these
applications into licence awards and at the same time will continue to seek
opportunities to create a diversified exploration and production portfolio and
asset base."


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws. Readers are cautioned to not place undue reliance on
forward-looking statements. Actual results and developments, including whether
or not the Corporation is successful in obtaining exploration licences may
differ materially from those contemplated by these statements. The
forward-looking statements in this press release are made as of the date of this
release and the Corporation undertakes no obligation to update publicly or
revise any forward-looking statements whether as a result of new information or
otherwise, except as required by applicable securities laws. The Corporation
undertakes no obligation to comment on analyses, expectations or statements made
by third-parties in respect of the Corporation or its financial or operating
results or (as applicable) their securities.