Issue and Cancellation of Share Options

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

25 May, 2011

Issue and Cancellation of Share Options

President Petroleum (AIM: PPC), the oil and gas exploration and production company announces the granting of a total of 3.6 million share options at an exercise price of £0.25 ("Options") to Miles Biggins and Dr Jonathan Cohen, newly joined employees of the Company as announced on 15 March 2011, as per the terms of the Company's Share Option Plan.

In accordance with best practice, the vesting conditions of the Options include challenging share price performance targets and a three year vesting period.

In addition to the above issue of Options, the Company is announcing the cancellation of all 555,000 share options previously issued to current Directors and a former Director. Consequently, Director Dr Michael Cochran holds no share options in the capital of the Company. Dr Cochran's ordinary shareholding of 100,000 shares remains unchanged.

For the avoidance of doubt, following the cancellation no Director holds any share options in the Company.

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President Petroleum (AIM: PPC), is an oil and gas exploration and production company with onshore producing and exploration assets in Louisiana, USA and onshore exploration licences in South Australia. The PEL 82 licence in South Australia is 100% owned by President.