Petra Petroleum Inc. Signs Lease Agreement With Greek Government for Ioannina
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 -- 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
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".
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.
Vice President, Corporate Development
+44 7836 607 637
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