VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2013) -

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Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to announce that the Corporation has been selected as Preferred Bidder for the Ioannina Contract Area under the Greece Open Door invitation process for hydrocarbon exploration rights.

The Corporation has joined with Energean Oil & Gas S.A. ("Energean") for the award of the Ioannina Contract Area, a 4,187 sq. km onshore block, located in north-western Greece, adjacent to the Albanian border. The licence participants are Energean (80% and "Operator") and the Corporation (20%), together with Schlumberger as Strategic Technical Partner.

The Corporation and Energean are planning to conduct a seismic work programme to evaluate both deep and shallow prospects in order to confirm a suitable location for exploration drilling.

Robert Lambert, President and Chief Executive Officer of the Corporation, commented: "We are delighted to have partnered with Energean and to be selected for this licence award in this highly prospective region of Greece, which is on trend with large discoveries and producing fields in Albania and is geologically similar to the producing regions of southern Italy. The award of this licence interest is an 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."

The Hellenic Republic Ministry of Environment, Energy and Climate Change has currently invited the Corporation, through the Operator, to finalize the licence agreement.

The Corporation's partner, Energean, is an international independent oil and gas exploration and production company headquartered in Athens, Greece, and is the sole current oil and gas operator in Greece, operating the development areas of Prinos and South Kavala, where it holds 100% interests.

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.