Petra Petroleum Inc. Signs Lease Agreement With Greek Government for Ioannina Block

Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Greek Government yesterday signed a Lease Agreement for the
Ioannina block with the consortium of Petra Petroleum and Energean Oil & Gas.
The contract was signed by the Minister of Environment, Energy and Climate
Change, Mr. Ioannis Maniatis, in the presence of the Vice President of the Greek
Government, Mr. Evangelos Venizelos and the Ambassador of Canada in Greece, Mr.
Robert Peck.


Ioannina is an onshore block, located in Epirus, North Western Greece, covering
an area of 4,187 square kilometers. The area has analogues of proven and
producing oil fields in Albania, Italy and the wider region of the Adriatic Sea,
leading Energean and Petra to estimate that up to 100 million barrels of oil or
2 trillion cubic feet of natural gas could potentially be discovered. The
investment programme for the planned three exploration phases over 7 years, will
consist of 2D seismic data reprocessing, geological surveys, new seismic data
acquisition in the 1st phase and the drilling of two wells during phases 2 and
3. The consortium consists of TSX-V listed Petra Petroleum (20% working
interest) and Energean (80% working interest and Operator). The lease agreement
is subject to Greek Parliament ratification.


Robert Lambert, President and Chief Executive officer of the Corporation
commented: "This is a significant milestone in the Corporation's development and
we are delighted that the Greek Government has had the confidence in Petra to
participate in this highly prospective licence. We must now go on and secure
other similar high quality exploration opportunities in our focus areas".


Pete Hughes, Vice President, Corporate Development added: "On this key day in
the Corporation's history, it is important to underline that the Corporation's
growth strategy of M&A activity will be aligned to our focus areas of Europe,
the Middle East and Africa, which plays to the strengths of our management
team".


Cautionary Statements

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Undue reliance should not be placed on such
forward-looking information, which only applies as of the date of this news
release, and no assurance can be given that such future events will occur. The
Corporation disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petra Petroleum Inc.
Robert A. Lambert
President and Chief Executive Officer
[phone]


Petra Petroleum Inc.
Pete Hughes
Vice President, Corporate Development
[phone]