Petra Petroleum Inc. has submitted a number of applications for exploration licences in the Cyprus 2nd Offshore Licensing Round.

These applications are initial steps in the execution of the element of the Corporation's strategy to focus on emerging high impact exploration areas of the Mediterranean region. The application blocks have the potential to provide commercially attractive exploration opportunities and have the attributes to expose the Corporation to a major resource potential.

The Corporation has applied as the sole licence holder and operator for a number of high-potential exploration blocks in the Eastern Mediterranean area, to the south and west of the island of Cyprus. Pursuant to the requirements of the licence round, the Corporation has purchased a seismic data package and a regional geological report at a cost of approximately $800,000.

Tags: Petra Petroleum Inc.