Petra Petroleum Inc. Announces Applications for Exploration Permits in Spain

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COMMON SHARE STATES. 


Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that it has recently submitted applications for a number of exploration
permits offshore Spain. These applications are further steps in the execution of
the Corporation's E&P strategy which focuses on high impact exploration areas of
the Mediterranean and North Africa region. The blocks are relatively unexplored
and could have the potential for large commercially-attractive gas prospects on
the doorstep of the large European gas market.


The Corporation has established a wholly owned subsidiary in Spain and has
deposited an aggregate security deposit of approximately 1.0 million Euros with
the Spanish Treasury. The Corporation has applied as the sole permit holder and
operator, and has signed a conditional agreement with two strategic industry
partners to undertake a high quality exploration work programme, once the
permits have been awarded. The applications are currently under review by the
Ministry to determine their validity, following which a public notice would be
placed in the Official State Gazette to start the application evaluation process
and which could lead to a potential award of permits in due course. At this
time, the Corporation has not received any indication that these permits will be
awarded.


Robert Lambert, President and Chief Executive Officer of the Corporation,
commented: "These permit applications are located in a very prospective area of
the Western Mediterranean Sea and, following our recent Cyprus exploration
licence applications, they are further steps in the implementation of our high
impact exploration strategy in the region. We will work hard to turn these
applications in to permit awards and at the same time we will continue to seek
opportunities to build a diversified exploration portfolio and production 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 permits, 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.


Not for distribution to U.S. Newswire Services or for dissemination in the
Common Share States. Any failure to comply with this restriction may constitute
a violation of U.S. Securities laws.