RIMOUSKI, QUEBEC -- (Marketwire) -- 03/05/13 -- Petrolia (TSX VENTURE: PEA) is announcing that pursuant to its compensation policy and stock option plan, as at March 1, 2013, Petrolia's board of directors awarded 75,000 stock options to each of its two newly elected directors at an exercise price of $1.14 per share expiring February 28, 2018.
At the annual meeting, shareholders elected the following individuals as directors: Andre Proulx, Jacques Bourgeois, David McCallum, Myron Tetreault, Tahar Ghalem, Charles Boulanger, and Albert Wildgen. Since his appointment as director, Mr. Tahar Ghalem has had to tender his resignation as director for personal reasons.
The Company 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 March 1, 2013.
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 68 002 800 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.
VP, Business Development
Quebec City: (418) 657-1966
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