Patriot Petroleum Corp. Provides Update on Acquisition of Petroleum Project in Nepal

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. PROVIDES UPDATE ON ACQUISITION OF PETROLEUM PROJECT IN NEPAL

February 16, 2012 – Vancouver, British Columbia. Patriot Petroleum Corp. (the “Company”) is pleased to provide the following update on the acquisition of the petroleum project in Nepal which was previously announced in the Company’s News Release dated November 22, 2011. On February 15, 2012, the Company entered into a letter agreement (the “Letter Agreement”) with Texana Resources Company, a private company with its head office in Texas (“Texana”) and BonaVista Energy Pty Ltd., a private Australian company (“Bona Vista”), pursuant to which the parties agreed to amend the terms of the Purchase and Sale Agreement (“PSA”) entered into by them on November 17, 2011 and fully disclosed in the Company’s news release dated November 22, 2011. The acquisition by the Company of the petroleum project in Nepal pursuant to the PSA is subject to, among other thing, receipt of written approval of the Government of Nepal (the “Escrow Condition”). The PSA provides that if the Escrow Condition is not satisfied on or before February 15, 2012, the parties will have the right to terminate the PSA. Pursuant to the Letter Agreement, the parties have agreed to extend the time for satisfaction of the Escrow Condition under the PSA by a further 60 calendar days.

Pursuant to the PSA, Texana agreed to assign to Patriot, or its wholly owned subsidiary formed for the purpose of the acquisition, all of its interest under a Petroleum Agreement (the “Petroleum Agreement”) between Texana and the Government of Nepal dated December 14, 1998, as amended October 30, 2001, October 31, 2011, and July 4, 2003, for Exploration Block 3 (Nepalgunj, 4,908 sq km) and Exploration Block 5 (Chitwan, 4,945 sq km), both of which are located along the international boundary between Nepal and India (collectively, the “Assets”) and Bona Vista agreed to terminate its prior agreement with Texana relating to the Assets (collectively, the “Transaction”).

Pursuant to the Letter Agreement, the parties have agreed to amend the following terms of the PSA:

(a) the Company is required to pay Texana the sum of US$400,000 instead of US$500,000 as contemplated by the PSA;

(b) the time for the Company to provide a replacement bank guarantee pursuant to the terms of the Petroleum Agreement is extended to the date upon which the Company has satisfied the minimum work program commitments pursuant to the Petroleum Agreement resulting in the release of Texana’s bank guarantee, and the Company has agreed to reimburse Texana for its reasonable costs associated with maintaining the bank guarantee;

(c) the principal amount of the convertible note to be issued to Texana is reduced from US$1,000,000 to US$900,000 and the other terms of the note remain the same, including that the note will be for a two year term and will be convertible at any time into a maximum of 9.99% common shares of the Company (with the balance payable in cash) at the lesser of $0.75 or current market price provided that the market price is no lower than discounted market price; and

(d) a condition precedent to the settlement of all terms under the PSA is added which provides that subsequent to satisfaction of the Escrow Condition, the Company will undertake to lodge documentation with Government of Nepal seeking a twelve (12) month extension of the prevailing exploration period under the Petroleum Agreement and that the Government of Nepal will be permitted a period of sixty (60) days from the lodgement of such request to provide consent to the extension.

All other rights, obligations, warranties and matters covered by the PSA shall remain in full force and effect.

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Closing of the Transaction remains subject to, among other things, approval of the TSX Venture Exchange and the Government of Nepal.

This news release is not an offer of securities of the Company for sale in the United States. The above described issuances of securities of the Company described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be 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

On behalf of the board of directors:

“Steve Bajic”

Steve Bajic President and Director (604) 628-5614

This news release contains forward-looking statements and forward-looking information, which are based on 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. Actual results relating to, among other things, the receipt of the requisite approvals of the Government of Nepal and the TSX Venture Exchange to the Transaction and the timing thereof, the receipt of the requisite approval of the Government of Nepal for an extension of time to complete the work commitments required by the Petroleum Agreement and the timing thereof, and the Company completing the work commitments as required by the Petroleum Agreement and securing a replacement bank guarantee, could differ materially from those currently anticipated in such information for many reasons such as: the failure to obtain the requisite approvals of the Government of Nepal, the Exchange or any other regulatory or third party approvals required for closing of the Transaction or any extensions of obligations under the Petroleum Agreement, as applicable,; the failure to satisfy conditions to closing of the Transaction; 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.