Petrolia Obtains Order to Extend the Deadline to hold its Annual General Shareholders' Meeting and Announces Second Amendment to Arrangement Agreement

QUÉBEC CITY, QUÉBEC--(Marketwired - July 21, 2017) - Pétrolia Inc. (TSX VENTURE:PEA) ("Pétrolia" or the "Company") is pleased to announce that it has obtained an order (the "Order") from the Quebec Superior Court (the "Court") and the permission of the TSX Venture Exchange (the "Exchange") allowing it to hold its annual general shareholders' meeting at any time prior to October 26, 2017.

Pursuant to the Business Corporations Act (Québec) and the policies of the Exchange, Pétrolia is required to hold its annual general shareholders' meeting no later than fifteen months after its previous annual general shareholders' meeting, which results in a deadline of August 26, 2017. Since Pétrolia is required to hold a special shareholders' meeting in connection with its previously announced planned amalgamation with Pieridae Energy Limited ("Pieridae") by way of a plan of arrangement (the "Arrangement") under the Canada Business Corporations Act ("CBCA"), for reasons of efficiency and convenience to shareholders it wishes to hold both shareholders' meetings concurrently. As the date of the special shareholders' meeting has not yet been established, Pétrolia sought the permission of the Court and the Exchange to extend the deadline to hold its annual general meeting. Pétrolia's annual general and special shareholders' meeting (the "Meeting") will be held at a date to be determined concurrently with the finalization of the joint information circular to be addressed to the respective shareholders of Pétrolia and Pieridae (the "Circular"), but no later than October 26, 2017.

When the Circular is final and the exact date of the Meeting is established, Pétrolia will issue another press release to announce the details. Until such announcement, Pétrolia and Pieridae continue to work towards completing Pieridae's previously announced private placement financing of subscription receipts and finalising the documents to be filed with the Exchange, including the Circular which will set out detailed information about the transaction and the two companies.

Second Amendment to the Arrangement Agreement

Pétrolia also announces that it has entered into an agreement with Pieridae (the "Second Amendment") to amend certain provisions of the arrangement agreement executed on May 15, 2017 with Pieridae (the "Arrangement Agreement").

It is currently a condition under the Arrangement Agreement that holders of Pétrolia common shares representing not more than 10% of such Pétrolia shares shall have exercised their dissent rights in connection with the Arrangement. The Second Amendment provides that such percentage shall be increased to 15%. This condition constitutes a protection for the parties that limits the potential financial impact to the entity resulting from the amalgamation in connection with the repurchase of shares held by dissenting shareholders. Pétrolia and Pieridae have agreed to increase this percentage as it applies to Pétrolia in order to prevent significant Pétrolia shareholders that decide to exercise their dissent rights in connection with the Arrangement from effectively exercising a veto over the Arrangement. The Second Amendment also extends the "outside date" by which the Arrangement must be completed from August 15, 2017 to October 26, 2017.