Petra Petroleum Inc. Provides an Update on Implementation of Its Strategy
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/26/13 -- 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
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".
This news release contains "forward-lo
oking 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Petra Petroleum Inc.
Robert A. Lambert
President & Chief Executive Officer
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