|By Marketwired .||
|August 23, 2013 04:30 PM EDT||
RIMOUSKI, QUEBEC -- (Marketwired) -- 08/23/13 -- Petrolia (TSX VENTURE:PEA) Pursuant to its compensation policy and incentive plan, Petrolia's board of directors can award stock options at its quarterly meetings. On August 22, 2013, 250,000 stock options were awarded to a member of the management team. The price was set at $0.89 per share, and the options are due to expire on August 21, 2018. This program provides that the stock option exercise be staggered over a period of three years between August 22, 2013 and August 21, 2018.
Petrolia 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 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 71% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 69 431 372 shares issued and outstanding and has a working capital of $ 4,000,000.
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.