RIMOUSKI, QUEBEC — (Marketwire) — 02/28/12 — Petrolia (TSX VENTURE: PEA) has submitted a request for ratification and confirmation of the stock option plan to the TSX Venture Exchange. The plan to be ratified and confirmed is a tacit renewal plan, also known as a rolling plan, in which a number of shares are set aside and correspond to no more than 10% of the Company–s outstanding shares at the time options are awarded; moreover, it contains no provisions governing acquisition. In fact, the number of common shares that may be set aside under the plan will rise or fall automatically in accordance with the increase or decrease in the number of Company shares issued and outstanding. The Company–s shareholders approved the request at their annual meeting on February 24, 2012.
Pursuant to its compensation policy and stock option plan, as at February 23, 2012, Petrolia–s board of directors awarded 75,000 stock options to a director at an exercise price of $1.30 per share, expiring February 22, 2017.
At the annual meeting, shareholders elected the following individuals as directors: Andre Proulx, Erick Adam, David McCallum, Myron Tetrault, Jacques Drouin and Albert Wildgen.
About Petrolia
Petrolia 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 Quebec territory under lease. The leases, the majority of which are located on the Gaspe 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 Quebec. Petrolia has 54.8 million shares issued and outstanding.
Forward-looking statements
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Petrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Petrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Petrolia does not intend and undertakes no obligation to update these forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Isabelle Proulx
Vice-President
Quebec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112