Petra Petroleum Inc. Provides an Update on Implementation of Its Strategy

Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to provide
a progress update on the implementation of its strategy.


The Corporation's core business strategy is to acquire, explore and develop oil
& gas properties principally in the Mediterranean, North Africa and the Middle
East regions and to date the Corporation has executed various early phases of
this strategic plan, including assessing a number of properties and licenses for
potential acquisition.


To date the Corporation has submitted applications for several exploration
permits offshore Spain, four exploration licenses in the Cyprus 2nd Offshore
Licensing Round and a joint application for an onshore exploration license in
Greece.


Currently, two of the licenses applied for by the Corporation in Cyprus have
been awarded to Total, with the other two applications remaining under
consideration by the Cypriot authorities. In Spain, license award decisions have
not yet been made, though we are aware that the area has also attracted
attention from a number of major companies. The Corporation's joint application
with Energean Oil & Gas in Greece remains under consideration.


To complement its high impact exploration strategy in the Mediterranean area,
the Corporation is also currently actively seeking to acquire production or near
term development assets and evaluating a number of opportunities in the United
Kingdom North Sea and Western Canada. In addition, the Corporation has expanded
its exploration focus area and is now considering opportunities in East Africa,
West Africa and the Middle East.


President and Chief Executive Officer Robert Lambert commented:

"We believe that we are close to receiving some decisions on license awards in
the Mediterranean region. In addition we have been active in evaluating a number
of production and development assets in the United Kingdom and Western Canada as
well as some interesting exploration ventures in Africa and the Middle East. We
are hopeful of being able to announce the Corporation's first license or
property acquisition 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 licenses 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.


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