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

Petra Petroleum Inc. Signs Lease Agreement With Greek Government for Ioannina 
FOR: Petra Petroleum Inc. 
MAY 15, 2014 
Petra Petroleum Inc. Signs Lease Agreement With Greek Government for Ioannina
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) - 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. 
Petra Petroleum Inc.
Robert A. Lambert
President and Chief Executive Officer
+44 7837 463 596
Petra Petroleum Inc.
Pete Hughes
Vice President, Corporate Development
+44 7836 607 637 
INDUSTRY:  Energy and Utilities - Oil and Gas  
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