Petrichor Announces Negotiation of $500,000 Financing

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Petrichor Energy Inc. (TSX VENTURE:PTP)(FRANKFURT:YQN) (the "Company" or "PTP")
announces that it has negotiated, subject to acceptance by the Exchange, a
private placement for gross proceeds of $500,000. These funds will be raised by
the Company issuing a total of 2,000,000 Units (the "Units") at a price of $0.25
per Unit, each Unit consisting of one common share and one share purchase
warrant, each warrant entitling the holder thereof to purchase one additional
common share, exercisable for a period of two years from the date of issuance at
a price of $0.35 per share. Proceeds raised from the private placement will be
used for general working capital purposes.


Two officers of the Company, together with two associates of those officers,
have directly or indirectly subscribed for a total of 380,000 Units, and upon
closing of this private placement, those related parties will therefore acquire
an additional 380,000 shares in the capital stock of the Company which will
increase their pro rata shareholdings in the Company (the "Related Party
Transaction"). All of the independent directors of the Company, acting in good
faith, have determined that the fair market value of the securities being issued
and the consideration paid is reasonable and, with the value of the Related
Party Transaction being less than 25% of the Company's market capitalization, is
exempt from the formal valuation and minority shareholder approval requirements
of the Ontario Securities Commission's Rule 61-501.


ON BEHALF OF THE BOARD

Joe DeVries, Chief Executive Officer