Petrolia Closes its $10,000,000 Financing

RIMOUSKI, QUEBEC, Jun 06 (MARKET WIRE) --
Petrolia Inc. (TSX VENTURE: PEA) today announced the closing of its
financing announced on May 20, 2008 for a total amount of $10,000,000.

A private placement financing of Cdn $6,350,000 (the "Brokered
Placement") was completed through Becher McMahon Capital Markets Inc.
("Becher"). In addition, Petrolia completed a concurrent financing of Cdn
$3,650,000 (the "Non- Brokered Placement").

The net proceeds of the Brokered Placement and of the Non-Brokered
Placement (collectively the "Private Placement") will be used for general
working capital purposes and in connection with the commitments recently
announced by Petrolia, namely Haldimand Property at Gaspe. Under the
terms of the Private Placement, Petrolia issued 6,666,665 Units, at a
price of $1.50 per Unit, pursuant to the applicable exemptions from the
prospectus and registration requirements of the Canadian securities laws.

Each Unit is comprised of one common share and one-half of one common
share purchase warrant. Each whole Warrant will entitle the holder
thereof to purchase one common share at a price of $1.50 in the 18 months
following the closing date of the Private Placement. Becher McMahon
received a cash commission of 8% of the gross proceeds of the Brokered
Placement and was granted agent's options to purchase, in the 18 months
following the closing date, that number of common shares equal to 10% of
the number of Units sold under the Brokered Placement, at a price of
$1.50 per common share. No commission was paid shall be payable in the
context of the Non-Brokered Placement. All securities issued under the
Private Placement are subject to a four month and one day hold period
under applicable Canadian securities laws.

The securities being offered have not, nor will they be registered under
the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable
exemption from the U.S. registration requirements. This release does not
constitute an offer for sale of securities in the United States.

About Petrolia

Petrolia is a junior oil and gas exploration company that holds
exploration rights on a total of 14 929 km2 (3.7 millions acres), an area
which represents 21 % of the Quebec territory under licence. Mainly
located in the Gaspe Peninsula and on Anticosti Island, these licences
are considered as the most prospective lands, representing 70% of the
Quebec petroleum onshore potential, Petrolia will now have a free hand to
develop that potential with new partners and it intends to intensify its
exploration program in the upcoming years. Following this financing,
Petrolia now has approximately 40.8 M outstanding shares and owns 2.2% of
the issued and outstanding shares of Gastem Inc. (TSX VENTURE: GMR).

TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

Contacts:
Petrolia Inc.
Isabelle Proulx
Vice-President Corporate Affairs
Quebec: 418-657-1966
Rimouski: 418-724-0112
info@petroliagaz.com

Petrolia Inc.
Andre Proulx
President
418-724-0112
president@petroliagaz.com
www.petroliagaz.com

Becher McMahon Capital Markets
Campbell Becher
647-426-1660

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