Petra Petroleum Inc. Announces Signature of a Letter of Intent to Participate in a Petroleum Lease in Alberta, Canada

Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has entered into a Letter of Intent with Grail
Hydrocarbon Canada Ltd ("Grail") in respect of an opportunity to acquire a 75%
participating interest in a crown lease in the Strome Field area of Alberta,
Canada (the "Acquisition").


The lease encompasses an abandoned Lower Mannville Ellerslie reservoir oil pool
and the Corporation's evaluation of the project area suggests the presence of a
commercially-attractive recoverable volume of by-passed oil. A large number of
other oil pools with significant remaining recoverable oil volumes also exist in
the general area. The timing of the Acquisition is dependent on satisfactory
completion of further definitive transactional documentation, including a Sale &
Purchase Agreement, as well as final detailed due diligence, regulatory approval
and board approval from both parties.


Robert Lambert, President and Chief Executive Officer of the Corporation,
commented: "Our low-cost entry into an under-valued oil producing area of
Alberta represents a step change in our quest to build a sustainable exploration
and production company. We are also delighted to participate in this venture
with a highly experienced management team at Grail and we look forward to
working with them to identify further opportunities in the near future."


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 and production
licences and leases 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.


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


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petra Petroleum Inc.
Robert A. Lambert
President & Chief Executive Officer
[e-mail]