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PetroCorp Group Inc. Announces Lawsuit

PetroCorp Group Inc. (NEX:PCG.H) (the "Corporation") announced today that it has been served with a statement of claim by Powell Canada Inc. and affiliated companies (collectively, "Powell"), wherein Powell is claiming that the Corporation breeched certain representations and warranties contained in the Asset Purchase Agreements dated October 21, 2009. Powell is claiming it has suffered damages in the amount of $9,000,000, and is seeking indemnification for these alleged damages from the Corporation and other defendants. The Corporation plans to file a statement of defense and vigorously defend itself in this matter.

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