HOUSTON, TX, June 27, 2012 /PRNewswire/ – Gravis Oil Corporation, (the
“Company” or “Gravis”), (OTCPK:GRAVF) announces that it has entered into a non-binding letter of intent with
Petro River Oil, LLC, a privately held Delaware limited liability
company (“Petro”) that would result in Gravis acquiring Petro for
common stock, the name of Gravis changed and the Company redomiciled to
Delaware (the “Merger Transaction”). The letter of intent also
contemplates that the board of Gravis will consist of 5 members, 4 of
which will be nominated by Petro. It is intended that post-
transaction, current common shareholders of Gravis will own
approximately 2.5% of the issued and outstanding shares of the Company,
holders of Gravis Preferred shares and notes approximately 22.5% and
holders of shares and notes of Petro approximately 75%. The Merger
Transaction is subject to Gravis shareholder approval.

Petro River Oil LLC is an emerging oil producer focusing on liquid rich
assets in the Southeast Kansas region of the Mississippi Lime. Petro
River oil owns approximately 100,000 net acreage and legacy wells, with
plans to begin production in July 2012.

In addition to its holdings, Petro brings an exceptional leadership team
to the Mississippi Lime. This includes Ruben Alba, Daniel Smith and
Louis Vierma. Alba joined Petro River in 2011 after 13 years at
Halliburton Energy Services and Superior Well Service where he oversaw
the management of the technical and laboratory staff. Smith joins Petro
River from XTO Energy where he served as Operations Engineer
specializing in hydraulic fracturing and artificial lift and Vierma
comes from Venezuela’s PDVSA – the fourth largest oil company in the
world – where he served in numerous leadership roles before being sworn
in as the Director General of Hydrocarbons and External Director of
PDVSA in 2003 including a role as Venezuela’s Deputy Oil Minister to
OPEC.

The Company has also received the resignations of George Orr and Elden
Schorn as directors, and wish to thank them for their service to the
Company.

Gravis is an independent oil and gas company, specializing in
non-conventional oil and gas projects with a focus on heavy oil with
current operational emphasis on the Deerfield area of Western Missouri,
U.S.A.

Forward-Looking Statements

This press release contains forward-looking information and statements
including opinions, assumptions, estimates, expectations of future
production performance and cash flow requirements. Forward-looking
statements include information that does not relate strictly to
historical or current facts. When used in this document, the words
“anticipate”, “believe”, estimate”, “expect”, “forecast”, “intent”,
“may”, “project”, “plan”, “potential”, “should” and similar expressions
are intended to be among the statements that identify forward-looking
statements. Predictions of steam flood performance and future
production rates are forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject to
a wide range of known and unknown risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable; there can be no assurance
that such expectations will be realized. We have attempted to identify
important factors that could cause actual results, performance or
achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information, which include
the ability of the Company to raise sufficient capital to carry out its
business plan, the risk of adverse market prices of both oil and
natural gas, operational risks and geological risk.

These and other risks and uncertainties that could affect future events
or the Company’s future financial performance are more fully described
in the Company’s quarterly reports (on Form 6-K filed in the US and the
financial statements, management discussion and analysis and Form
51-102F1 filed in Canada), the Company’s annual reports (on Form 20-F
filed in the US and the financial statements, management discussion and
analysis and Form 51-102F1 filed in Canada) and the other recent
filings in the US and Canada. These filings are available at
www.sec.gov in the US and www.sedar.com in Canada. For all such
forward-looking statements, we claim the safe harbour for
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.

SOURCE Gravis Oil Corporation