PTL

Petra Petroleum Inc. (TSX VENTURE:PTL) ("Petra" or the "Company") is pleased to
provide the following update to its shareholders.


Given the current instability of the capital markets and the recent decline in
gas commodity prices, management is evaluating various alternatives to its
current development plans, which include a horizontal test well on its Woodford
Shale prospect in Oklahoma.


Such alternatives being investigated include, but are not limited to:

1. Drilling a vertical well, at a significantly reduced cost, to test three
deeper prospective oil formations and to core the gas formation of the Woodford
Shale for analysis; and


2. Drilling a vertical test well on its Naples gas prospect in Mississippi, also
at a reduced cost.


Management is preparing detailed budgets, pro forma cash flows and time
schedules for these and other alternative strategies to reduce costs, minimize
risk and maximize the potential of near term cash flow. Shareholders will be
updated when management's comparative analysis is complete and plans are
finalized.


Presently, the Company has cash, net of liabilities, of approximately $3.8
million, or $0.145 per issued common share.


About Petra Petroleum

Petra is a Canadian based company involved in the acquisition, exploration and
development of highly prospective oil and gas prospects in known productive
locations within North America. It is currently exploring one non-conventional
and one conventional gas prospect in Oklahoma (the "Woodford Shale") and
Mississippi ("Naples") respectively.


ON BEHALF OF PETRA PETROLEUM INC.

Eric Boehnke, Chief Executive Officer

Forward-Looking Statements:

This press release includes "forward-looking statements" including forecasts,
estimates, expectations and objectives for future operations that subject to a
number of assumptions, risks and uncertainties, many of which are beyond the
control of the Company. Statements regarding future production, reserve
additions and capital expenditures are subject to all of the risks and
uncertainties normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not limited to,
inflation or lack of availability of goods and services, environmental risks,
drilling risks and regulatory changes. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
statements. Such forward-looking information represents management's best
judgment based on information currently available. No forward-looking statement
can be guaranteed and actual future results may vary materially. The Company
does not assume the obligation to update any forward-looking statement, except
as required by applicable law.

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