RIMOUSKI, QUÉBEC--(Marketwire - Dec. 12, 2012) - Pétrolia (TSX VENTURE:PEA) is pleased to announce the appointment of Charles Boulanger as an independent director of the Corporation. The appointment of Mr. Boulanger is effective immediately. Mr. Boulanger is the Director proposed by Investissement Quebec following the private placement which closed on May 2012.
In accordance with its compensation policy, and its profit-sharing plan, witch is to grant each first quarter stock options to its employees and directors, Pétrolia's Board of Directors granted on December 11, 2012, 2,220,000 stock options to its employees and directors. The price has been set at $1.02 per share, and the maturity date for these options is December 10, 2017. In this vesting program, the employees options may only be exercised in stages over a three-year period between December 10, 2012 and December 10, 2015.
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 66 585 750 shares issued and outstanding.
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.