Press Releases

Montréal, May 16, 2012 - Investissement Québec announced today that it has made a private placement of 7,042,254 units of Pétrolia inc. ("Pétrolia") at a price of $1.42 per unit, for total gross proceeds of $10,000,000. Each unit is composed of one common share and one half a common share purchase warrant. Each whole warrant gives the holder the right to purchase one common share of Pétrolia's share capital at $1.78 per share until May 16, 2015.

Further to the closing of the private placement, Investissement Québec now owns 7,042,254 common shares, representing approximately 10.65% of Pétrolia's issued and outstanding shares, and 3,521,127 warrants, representing approximately 63.5% of Pétrolia's issued and outstanding warrants. Investissement Québec did not hold any Pétrolia securities before completion of the private placement. The Pétrolia securities acquired by Investissement Québec in this private placement were issued under the prospectus exemption set out in section 2.3 of Regulation 45-106 respecting Prospectus and Registration Exemptions (Québec).

This private placement is a private transaction that was not carried out through the intermediary of any market or exchange.

Investissement Québec holds the shares and warrants for investment purposes only and may, in accordance with the applicable legislation, acquire ownership or control of other Pétrolia securities in the future, depending on market conditions.

Additional information on the private placement is available in the declaration Investissement Québec filed on SEDAR today under the alerts system.

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Information:

Investissement Québec

1 866 870-0437