Patriot Petroleum Corp. Enters into Letter of Intent to Acquire Petroleum Project in Nepal and Announces Private Placement

PATRIOT PETROLEUM CORP. NEWS RELEASE 918-1030 West Georgia Street TSX Venture Exchange Vancouver, BC V6E 2Y3 Trading Symbol: PPC

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES NEWSWIRE SERVICES.

PATRIOT PETROLEUM CORP. ENTERS INTO LETTER OF INTENT TO ACQUIRE PETROLEUM PROJECT IN NEPAL AND ANNOUNCES PRIVATE PLACEMENT

September 1, 2011 – Vancouver, British Columbia. Patriot Petroleum Corp. (the “Company”) is pleased to announce that it has entered into a Letter of Intent (the “LOI”) with BonaVista Energy Pty Limited, a private Australian company (“BonaVista”), dated August 31, 2011 pursuant to which the Company may acquire the assignment of BonaVista’s interest in a letter agreement (the “Texana Agreement”) dated May 26, 2011 between BonaVista and Texana Resources Company, a private company with its head office in Texas. Pursuant to the Texana Agreement, BonaVista has the option to acquire a 100% interest in a petroleum project in Nepal which is comprised of Exploration Block 3 - Nepalgunj and Exploration Block 5 – Chitwan (the “Project”).

Pursuant to the terms of the LOI, as consideration for BonaVista assigning its rights under the Texana Agreement, the Company will pay the purchase price of $200,000 to BonaVista at closing by issuing common shares at a price equal to the lesser of the closing price of the Company’s common shares on the TSX Venture Exchange on the date that a definitive agreement for the proposed assignment is entered into and the offering price of the securities offered for sale pursuant to the Private Placement (as defined below), subject to approval of the TSX Venture Exchange.

Closing of the transaction is subject to a number of conditions including satisfactory completion of both parties’ respective due diligence, entry into a definitive agreement with customary representations and warranties, the Company having entered into an agreement with Texana Resources Company to amend certain terms of the Texana Agreement and obtaining all necessary regulatory approvals. There is no assurance that the transaction will be completed as planned or at all.

In addition, the Company is pleased to announce a private placement, subject to the approval of the TSX Venture Exchange, of up to 10,000,000 units at a price of $0.16 per unit for gross proceeds of up to $1,600,000 (the “Private Placement”). Each unit will consist of one common share and one transferable common share purchase warrant of the Company (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company exercisable for a period of five years from the closing date (the “Expiry Date”) at a price of $0.40 per Warrant. All Warrants issued will be subject to a right of call of the Company whereby the Company can accelerate the expiration date of the Warrants on 30 days notice in the event that the Company’s common shares trade at or above $0.40 for 20 consecutive trading days on the TSX Venture Exchange (or such other stock exchange as the shares are then listed).

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The Private Placement is subject to certain conditions including, but not limited to, the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The common shares and Warrants comprising the units issued under the Private Placement will be subject to a hold period commencing on the closing date and expiring on the date that is four months and one day after closing.

The Company intends to use proceeds from the Private Placement towards the acquisition of the Project and to fund ongoing business opportunities.

The Company may pay finder’s fees in connection with the Private Placement as permitted by applicable securities laws and the TSX Venture Exchange.

This news release is not an offer of units for sale in the Unites States. The securities comprising the units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sole in the United States absent registration or an applicable exemption from registration. This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there by any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For further information, please contact Steve Bajic, President, at:

Telephone: (604) 628-5614 Facsimile: (604) 662-7950

This news release contains forward-looking statements and forward-looking information, which are base don information currently available to the Company, and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking information includes estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations and includes the statement that the parties may sign and close the Definitive Agreement and that the Company may complete the Private Placement. Actual results relating to, among other things, the closing of the proposed private placement and the timing thereof, the receipt of the requisite regulatory approvals, the net proceeds to the Company, and the use of proceeds and future business plans of the Company, could differ materially from those currently anticipate din such information for many reasons such as: the failure to obtain the requisite approvals; the failure to satisfy conditions to closing; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward looking information. The Company does not undertake to update any forward-looking information that may be made form time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.