RIMOUSKI, QUEBEC--(Marketwire - Dec. 6, 2011) - Petrolia Inc. (TSX VENTURE:PEA) - In accordance with its compensation policy, and its profit-sharing plan, Pétrolia's Board of Directors granted on December 5, 2011,1,266,000 stock options to its employees and directors. The price has been set at $1.52 per share, and the maturity date for these options is December 4, 2016. Within this vesting program, the options may only be exercised in stages over a three-year period between December 5, 2011 and December 4, 2016.
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 53.8 million shares issued and outstanding.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia 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 Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia 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.