Petra Petroleum Inc. Update Regarding Proposed Private Placement

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.


Further to its press release dated May 5, 2011 Petra Petroleum Inc. (TSX
VENTURE:PTL) (the "Corporation") wishes to confirm that closing of the brokered
private placement (the "Private Placement") of up to 25,000,000 common shares of
the Corporation ("Common Shares") at a purchase price of $0.40 per Common Share
for aggregate gross proceeds of up to $10,000,000 is expected to occur by the
end of July.


Although a definitive agency agreement between the Corporation and Jones Gable &
Company Limited (the "Agent") has not yet been executed and there is no
assurance the Private Placement will close as expected, based on preliminary
information obtained by the Agent regarding potential subscribers to the Private
Placement, the Agent has indicated to the Corporation that the Private Placement
may result in the creation of insiders and a new "control person" (as such term
is defined in the policies of the TSX Venture Exchange). The creation of a new
control person through the issuance of Common Shares would require shareholder
approval pursuant to the policies of the TSX Venture Exchange.


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws relating to the proposal to complete the Private
Placement including statements regarding the terms and conditions of the Private
Placement and the anticipated timing for closing of the Private Placement.
Readers are cautioned to not place undue reliance on forward-looking statements.
Forward-looking statements are based on certain key assumptions made by the
Corporation, including assumptions regarding the ultimate terms of the proposed
Private Placement, the satisfaction of conditions to the completion of the
Private Placement and the receipt of all regulatory and stock exchange
approvals. Actual results and developments may differ materially from those
contemplated by these statements depending on, among other things, the risks
that the parties will not proceed with the Private Placement, that the ultimate
terms of the Private Placement will differ from those that currently are
contemplated, that the Private Placement will not be successfully completed for
any reason (including the failure to obtain the required approvals or clearances
from regulatory authorities). 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.