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RIMOUSKI, QUEBEC--(Marketwire - Feb. 22, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Petrolia (News - Market indicators) (the "Company") hereby amends its press release dated December 28, 2012. The Company announces that it has held a closing of its private placement (previously announced on December 10, 2012) by the issuance of an aggregate of 957 050 "flow-through" shares, rather than 936,550, at a price of $1.20 per share, for gross proceeds of $1,148,460, rather than of $1,123,860.
The Company has decided not to hold a second closing of its private placement.
The consideration for the services rendered by Marquest Capital Markets and Casimir Capital Ltd. (the "Agents") remains un-amended.
As a result of the issuance of the securities, the Company has 67,602,800 common shares issued and outstanding.
Taking into consideration the net proceeds of this private placement, the Company now has approximately $6 million in cash to fund its exploration program and working capital requirements.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 68 002 800 shares issued and outstanding.