Petra Petroleum Inc. Announces Signature of a Letter of Intent to Participate
in a Petroleum Lease in Alberta, Canada
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/16/13 -- Petra
Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has entered into a Letter of Intent
with Grail Hydrocarbon Canada Ltd ("Grail") in respect of an
opportunity to acquire a 75% participating interest in a crown lease
in the Strome Field area of Alberta, Canada (the "Acquisition").
The lease encompasses an abandoned Lower Mannville Ellerslie
reservoir oil pool and the Corporation's evaluation of the project
area suggests the presence of a commercially-attractive recoverable
volume of by-passed oil. A large number of other oil pools with
significant remaining recoverable oil volumes also exist in the
general area. The timing of the Acquisition is dependent on
satisfactory completion of further definitive transactional
documentation, including a Sale & Purchase Agreement, as well as
final detailed due diligence, regulatory approval and board approval
from both parties.
Robert Lambert, President and Chief Executive Officer of the
Corporation, commented: "Our low-cost entry into an under-valued oil
producing area of Alberta represents a step change in our quest to
build a sustainable exploration and production company. We are also
delighted to participate in this venture with a highly experienced
management team at Grail and we look forward to working with them to
identify further opportunities in the near future."
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 and production licences and
leases 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 Corporatio
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
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.
Petra Petroleum Inc.
Robert A. Lambert
President & Chief Executive Officer
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