Petrolia Completes Bought Deal Private Placement

QUÉBEC CITY, QUÉBEC–(Marketwired – April 23, 2014) –

Not for distribution to U.S. newswire services or for dissemination in the United States

Pétrolia (TSX VENTURE:PEA) (the “Company”) is pleased to announce the closing of a bought deal private placement with a syndicate of underwriters led by Laurentian Bank Securities Inc. and including National Bank Financial Inc. (the “Underwriters”) for the purchase of 4,000,000 common shares (the “Common Shares”) of the Company at a price of $0.75 per Common Share for total gross proceeds of $3,000,000 (the “Offering”). Directors and officers of Pétrolia subscribed for 333,333 shares pursuant to the Offering.

The common shares issued pursuant to the Offering will qualify for inclusion in a Quebec Stock Savings Plan II (the “QSSP II”) for qualified investment funds.

In consideration for their services, the Company has paid the Underwriters a cash commission equal to 7% of the gross proceeds of the Offering.

All securities issued pursuant to the Offering are subject to a statutory resale restriction of four-months plus one day ending on August 24, 2014.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

The Common Shares have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents about 22% of the Québec territory under lease. Pétrolia is a Quebec company that ensures its developments are done with respect for the communities in which it operates and in accordance with Quebec values, notably in regards to the protection of the environment. Pétrolia has 74 667 372 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 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 or 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.