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 the appointment of Robert A. Lambert as Chief Executive Officer and a
member of the Corporation's board of directors. The Corporation also announces a
proposed private placement of up to $10,000,000.


A director of the Corporation, Michael Atkinson, stated today that "the
Corporation is thrilled to be adding such a proven international oil and gas
professional to its team. Mr. Lambert's experience and exposure to the global
oil and gas markets should lead to exciting opportunities for the Corporation.
Along with this financing, the Corporation's shareholders are well positioned
for unique exposure in the international oil and gas sector."


Proposed Appointment of Director and Officer

Mr. Lambert has been appointed as Chief Executive Officer and a member of the
board of directors of the Corporation. The following is a brief description of
the background and experience of Mr. Lambert.


Robert A. Lambert

Mr. Lambert has been involved in the international upstream petroleum industry
for over 40 years and has served in a variety of roles, including senior
technical, commercial and executive positions, ranging from the major oil
company sector to the independent and service sectors. Mr. Lambert retired from
ConocoPhillips in 2002 after 25 years of service during which Mr. Lambert worked
in many locations around the world, including Cairo, Jakarta, London, Houston,
Lagos, The Hague, Aberdeen and Baku. In 2005, Mr. Lambert co-founded GB
Petroleum Ltd. in London where, as Chief Executive Officer, Mr. Lambert created
an independent oil and gas company with exploration operations in four
countries. Towards the end of 2009, Mr. Lambert negotiated the sale of the
business to a private investment group and Mr. Lambert stepped down on June 30,
2010. Since that time, Mr. Lambert has been actively advising a variety of
petroleum sector businesses ranging from new start-ups to existing companies
with serious growth aspirations. Mr. Lambert has a BSc in Geology and a MBA
degree from Aberdeen University. Mr. Lambert is a Chartered Geologist (UK and
Europe), a Fellow of the Geological Society of London and a member of the United
Kingdom Institute of Directors.


Grant of Options

The Corporation granted a total of 1,800,000 stock options to Mr. Lambert
concurrently with his appointment as Chief Executive Officer and a member of the
Corporation's board of directors. Mr. Lambert received an initial upfront grant
of 1,200,000 stock options which are exercisable any time in the six months
immediately following the date on which they are granted, at an exercise price
of $0.43 per stock option.


To incentivise Mr. Lambert to maintain the pace of the Corporation's growth, Mr.
Lambert was also granted an additional award of 600,000 stock options which will
vest over a two (2) year period, at an exercise price of $0.60. The stock
options granted to Mr. Lambert will be exercisable for a period of five (5)
years from the date of issuance.


Private Placement

The Corporation intends to complete a brokered private placement (the "Private
Placement") of up to 25,000,000 Common Shares of the Corporation (the "Common
Shares") at a purchase price of $0.40 per Common Share for aggregate gross
proceeds of up to $10,000,000 on a "reasonable commercial efforts" basis. Jones,
Gable & Company Limited (the "Agent") will act as the exclusive agent for the
Private Placement. In consideration of the Agent's services, the Agent will
receive a fee of 7% of the aggregate gross proceeds of the Private Placement. In
addition, on the closing of the Private Placement (the "Closing"), the Agent
will be issued a compensation option entitling the Agent to subscribe for Common
Shares equal to 7% of the Common Shares issued under the Private Placement with
an exercise price of $0.40, exercisable for a period of 24 months after the date
of Closing. The Corporation shall also pay all costs and expenses incurred in
connection with the Private Placement, including without limitation, the
reasonable out of pocket fees and expenses for the Agent, all expenses of or
incidental to the creation, issuance, sale or distribution of the Common Shares,
Agent's counsel with regards to its reasonable fees, and the auditor's, transfer
agent's and filing fees.


The net proceeds of the Private Placement will be used by the Corporation to
finance for general working capital purposes and to pay costs associated with
future acquisitions.


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of
applicable securities laws relating to the proposal to complete the Private
Placement and the appointment of a director and officer, including statements
regarding the terms and conditions of the Private Placement, the use of proceeds
of the Private Placement and the proposed terms of the appointment of the
proposed director and officer. Readers are cautioned to not place undue reliance
on forward-looking statements. Forward-looking statements are based on certain
key assumptions made by the Corporation, including assumptions regarding the
ultimate terms of the proposed Private Placement, the Corporation coming to
agreements with the proposed director and officer that are satisfactory the
Corporation and the proposed director and proposed officer, the satisfaction of
conditions to the completion of the Private Placement and the receipt of all
regulatory and stock exchange approvals. Actual results and developments may
differ materially from those contemplated by these statements depending on,
among other things, the risks that the parties will not proceed with the Private
Placement, that the ultimate terms of the Private Placement will differ from
those that currently are contemplated, that the Private Placement will not be
successfully completed for any reason (including the failure to obtain the
required approvals or clearances from regulatory authorities), and that the
Corporation is unable reach satisfactory arrangements with the proposed director
and proposed officer. 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.

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