PTL

Petra Petroleum Inc. (TSX VENTURE:PTL) (the "Corporation") is pleased to
announce that it has successfully completed its previously announced brokered
private placement (the "Private Placement") of 22,985,000 common shares of the
Corporation (the "Common Shares") at a purchase price of $0.40 per Common Share
for aggregate gross proceeds of $9,194,000.


The Corporation received conditional approval of the Private Placement from the
TSX Venture Exchange (the "Exchange") on June 29, 2011. The Common Shares are
subject to a hold period under applicable securities laws until November 14,
2011.


Jones, Gable & Company Limited (the "Agent") acted as the exclusive agent for
the Private Placement. The Corporation paid the Agent a commission of 7% of the
gross proceeds of the Private Placement and issued a compensation option
entitling the Agent to subscribe for 1,608,950 Common Shares with an exercise
price of $0.40 per Common Share, exercisable for a period of 24 months after the
date of closing.


Tyrus Capital LLP manages certain funds that subscribed for 22,500,000 Common
Shares (representing 36.82% of the issued and outstanding Common Shares upon
completion of the Private Placement). Prior to the completion of the Private
Placement, the funds managed by Tyrus Capital LLP held no Common Shares. Tyrus
Capital LLP has become a "control person" as defined in the rules and policies
of the Exchange as a result of the Private Placement. The Corporation has
received the requisite written consents from disinterested shareholders that
hold more than 50% of the issued and outstanding voting shares of the
Corporation held by all disinterested shareholders for the creation of a new
control person.


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


Cautionary Statements

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. Forward-looking information in this news release
includes statements with respect to the Corporation's use of proceeds from the
Private Placement. The intended use of proceeds might change if the board of
directors of the Corporation determines that it would be in the best interests
of the Corporation to deploy the proceeds for some other purpose. 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 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.

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