Pilatus Energy Authorized to Continue Purchasing Shares
In order to allow Pilatus Energy to continue to purchase shares of Petrolia on the market in compliance with the regulations of the TSX Venture Exchange regarding transactions which result in the creation of a new control person, Petrolia and Pilatus, a shareholder holding more than 10% of the outstanding shares of Petrolia, have agreed to amend the conditions of exercise of the 3,000,000 warrants of Petrolia which have been issued to Pilatus in January 2008. The agreement provides that unless it has obtained the pre-approval of the TSX Venture Exchange and of disinterested shareholders of Petrolia, Pilatus will not have the right to exercise its warrants if such an exercise would result in its shareholding increasing to more than 15 % of the outstanding shares of Petrolia.
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