Petrolia Enters Into an Engagement Letter Relating to a Private Placement

QUEBEC CITY, QUEBEC--(Marketwired - May 8, 2013) -

NOT FOR DISTRIBUTION TO PRESS SERVICES IN THE UNITED STATES AND NOT FOR CIRCULATION IN THE UNITED STATES

Pétrolia (TSX VENTURE:PEA), (the "Corporation"), has entered into an engagement letter with National Bank Financial Inc. and Laurentian Bank Securities Inc. (the "Agents") with respect to a private placement of units of the Corporation for proceeds of a minimum of $1,500,000 and a maximum of $3,000,000 (the "Offering"). Each unit is comprised of one common share and one half of one warrant of the Corporation. The price of the units to be issued will be determined by the Agents and the Corporation based on the market. The units will be offered in each of the provinces of Canada. The common shares issued pursuant to the Offering will be subject to the mandatory statutory hold periods and the Offering will be subject to regulatory approval.

The common shares issued pursuant to the Offering will qualify for the Quebec Stock Savings Plan II (the "QSSP II").

The proceeds from the Offering will be used to finance ongoing operations of the Corporation.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration equipment.

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 68 002 800 shares issued and outstanding.

Forward-looking statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.