A distribution, by way of a reduction of stated capital, of $0.21 per common share in cash (the

PATRIOT PETROLEUM CORP.

NEWS RELEASE

Patriot Petroleum Corp. Announces Special Distribution

Vancouver, October 6, 2010 – Patriot Petroleum Corp. (“Patriot” or the “Company”) (TSXV: PPC) is pleased to announce that the Company held its Special Meeting of Shareholders on October 4, 2010 where the Company obtained approval from its shareholders giving the Board the authority to make a special distribution to the shareholders of share capital resulting in a reduction of the stated capital maintained in respect of the common shares of the Company. Under the resolution, the Board has the authority to make one or more special distributions by way of a reduction of stated capital in the amount of up to $1,514,936 in the aggregate.

A distribution, by way of a reduction of stated capital, of $0.21 per common share in cash (the “Distribution”) is to be distributed on or about October 18, 2010 to shareholders of record at October 7, 2010.

In general, for Canadian federal tax purposes, Distribution recipients will not treat the Distribution as a dividend received. Distribution recipients will have to reduce the adjusted cost base ("ACB") of their Patriot shares by an amount equal to the cash distribution per share. Recipients who have a negative ACB as a result of the reduction are deemed to have realized a capital gain and the ACB will thereupon be reset to zero.

The above statements are of a general nature only and should not be construed as, nor are they intended to be, legal or tax advice or representations to any particular Patriot shareholder. Accordingly, shareholders (both residents and non-residents of Canada) should consult with their own tax advisors with respect to the income tax consequences of the Distribution having regard to their own particular circumstances. Additional information can be found in the information circular dated September 1, 2010 which was distributed to shareholders in connection with the Special Meeting held on October 4, 2010.

For further information, please contact John R. Hislop at 604-331-3392.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address the distribution of cash are forward looking statements. Although the Company believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the possibility that directors determine not to proceed and general economic, market or business conditions may prevent us from making the intended return of capital.

NEITHER THE TSX VENTURE EXCHANGE INC. NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE INC.) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

900 – 609 West Hastings Street, Vancouver, BC Canada V6B 4W4 T: 604-331-3392 F: 604-688-4712 W: www.patriotpetroleum.com E: [email protected]