Pétrolia says that pursuant to its compensation policy and stock option plan, as at March 1, 2013, Pétrolia'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: André Proulx, Jacques Bourgeois, David McCallum, Myron Tétreault, 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.

Tags: Pétrolia