PTL

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. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that the Corporation has entered into a letter of intent with an
operating company in the United Arab Emirates in respect of an opportunity to
acquire a large participating interest in a highly prospective onshore
exploration concession. The concession area lies on-trend with a number of
existing producing oil and gas fields and the Corporation's evaluation of the
project area suggests the presence of a number of attractive undrilled shallow
and deep exploration prospects. 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: "We are delighted to have secured access to this highly promising
onshore exploration concession, which is on trend with a giant producing field
in nearby Sharjah and in a region of proven petroleum potential. The acquisition
of this licence interest is another important step for the Corporation in
building an exploration portfolio within our focus areas of Europe, Africa and
the Middle East. In addition we are continuing to seek other opportunities to
create a diversified exploration and production portfolio and asset base."


Cautionary Statements

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 licences 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.


The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petra Petroleum Inc.
Robert A. Lambert
President & Chief Executive Officer
bob.lambert@petrapetroleum.com
www.petrapetroleum.com

(TSXV:PTL)
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(TSXV:PTL)
過去 株価チャート
から 6 2023 まで 6 2024