Petra Petroleum Inc. Announces Amendment to Arrangement Agreement

CALGARY, ALBERTA--(Marketwired - March 3, 2015) -

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Petra Petroleum Inc. (the "Corporation" or "Petra") (TSX VENTURE:PTL) announces that it has executed an amendment agreement ("Amendment Agreement") to amend certain terms of the previously announced definitive agreement as amended (the "Definitive Agreement") between the Corporation and Mitra Energy Limited (www.mitraenergylimited.com) ("Mitra"), an arm's length private company incorporated pursuant to the laws of Bermuda, whereby the parties thereto agreed to effect a scheme of arrangement ("Scheme of Arrangement") in accordance with the laws of Bermuda pursuant to the terms and conditions of the Definitive Agreement, such that upon completion, Mitra will become a wholly-owned subsidiary of Petra (the "Arrangement").

The Amendment Agreement extends the timing of certain dates set out in the Definitive Agreement. In particular, the Definitive Agreement has been amended to extend the date by which the various conditions contained in the Definitive Agreement must be satisfied or waived in order to proceed with the Arrangement, from February 28, 2015 to March 31, 2015.

For further particulars regarding the Arrangement, please refer to Petra's press releases dated October 24, 2014 and November 7, 2014 and the Definitive Agreement (including Amendment No. 1) which are available at www.sedar.com. A complete copy of the Amendment Agreement will be available under Petra's SEDAR profile at www.sedar.com shortly.

Additional Information

In accordance with Exchange policy, the Corporation's shares are currently halted from trading and will remain so until such time as the Exchange determines which, depending on the policies of the Exchange, may not occur until the completion of the Arrangement.

When available, additional information, including information relating to sponsorship, summary financial information in respect of the Corporation and Mitra, and to the extent not contained in this press release, additional information with respect to assets, financing, and insiders will be provided by further press release.