Day: March 31, 2017

FOR: MARKSMEN ENERGY INC.TSX VENTURE SYMBOL: MAHOTCQB SYMBOL: MKSEFDate issue: March 31, 2017Time in: 7:38 PM eAttention:
CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Marksmen Energy Inc.
(“Marksmen” or the “Company”) (TSX VENTURE:MAH)(OTCQB:MKSE…

FOR: UNITED HUNTER OIL & GAS CORP.
TSX VENTURE SYMBOL: UHO
FRANKFURT SYMBOL: A118VK

Date issue: March 31, 2017
Time in: 6:00 PM e

Attention:

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 31, 2017) – United Hunter Oil
and Gas Corp. (TSX VENTURE:UHO) and Frankfurt (FRANKFURT:A118VK). United Hunter
Oil and Gas Corp. (the “Corporation”), announces the resignation of Jeff
Ratcliffe as the company’s Chief Financial Officer and as a director of the
Corporation so as to pursue other opportunities. Mr. Ratcliffe brought over
nine year’s professional experience serving as a certified accountant and Chief
Financial Officer/Controller in the global resource sector, focused primarily
on the oil and gas industry and the Corporation appreciates the expertise that
he has provided to the Corporation.

“Jeff has made invaluable contributions to the Corporation and to the Board
during his tenure here and we gratefully appreciate his past contributions and
wish him well in his new endeavors,” said Timothy Turner, CEO of the
Corporation.

United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based
corporation with management very experienced in the oil and gas industry with
projects in California. United Hunter Oil & Gas Corp. is publicly traded on TSX
Venture Exchange (TSX VENTURE:UHO) and the Frankfurt Exchange
(FRANKFURT:A118VK). The Corporation’s public filings may be found at
http://www.sedar.com.

Certain statements contained in this press release constitute “forward-looking
statements” as such term is used in applicable Canadian and US securities laws.
These statements relate to analyses and other information that are based upon
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management.

Forward-looking statements are made based on management’s beliefs, estimates
and opinions on the date the statements are made and the Corporation undertakes
no obligation to update forward-looking statements and if these beliefs,
estimates and opinions or other circumstances should change, except as required
by applicable law.

Neither the 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.

– END RELEASE – 31/03/2017

For further information:
United Hunter Oil and Gas Corp.
Timothy Turner
CEO
(832) 487-0813
info@unitedhunteroil.com
www.unitedhunteroil.com

COMPANY:
FOR: UNITED HUNTER OIL & GAS CORP.
TSX VENTURE SYMBOL: UHO
FRANKFURT SYMBOL: A118VK

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170331CC0144

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY

Date issue: March 31, 2017
Time in: 5:00 PM e

Attention:

TORONTO, ONTARIO–(Marketwired – March 31, 2017) – Changfeng Energy Inc., (TSX
VENTURE:CFY) (“Changfeng” or the “Company”), is pleased to announce that the
Company has filed its audited consolidated financial statements for the fiscal
year ended December 31, 2016. The audited consolidated financial statements and
Management’s Discussion and Analysis can be downloaded from www.SEDAR.com or
from the Company’s website at www.changfengenergy.com.

Summary of Consolidated Financial Results for Fiscal Year Ended December 31,
2016 and 2015

/T/

—————————————————————————-

2015
except percentages and per 2016 RMB’000 Change
share amounts RMB’000 (Restated) RMB’000 %
—————————————————————————-
Revenue 354,449 305,445 49,004 16%
—————————————————————————-
Gross profit 150,033 143.587 6,446 4%
—————————————————————————-
Profit for the period 21,326 36,352 (15,026) -41%
—————————————————————————-
EBITDA (1) 76,315 86,178 (9,863) -11%
—————————————————————————-

(For information purposes and unaudited)
—————————————————————————-
2015
except percentages and per 2016 CAD’000 Change
share amounts CAD’000 (Restated) CAD’000 %
—————————————————————————-
Revenue 70,748 62,128 8,620 14%
—————————————————————————-
Gross profit 29,947 29,206 741 3%
—————————————————————————-
Profit for the period 4,256 7,394 (3,138) -42%
—————————————————————————-
EBITDA (1) 15,232 17,529 (2,297) -13%
—————————————————————————-

/T/

Note: (1) See Non- IFRS Financial Measures in this Press Release

Change in functional and presentation currency of the Company

In prior years, the Company’s functional currency was determined as CAD by
applying the provisions of paragraph 10 of International Accounting Standard
(“IAS”) 21 The Effects of Changes in Foreign Exchange Rates.

In the current year, the Directors re-assessed the accounting policy in
determining the functional currency of the Company and considered paragraph 9
of IAS 21 together with the other factors set out in paragraph 10 of IAS 21.
The Directors have determined that RMB better reflects the economic substance
of the Company and its business activity as an investment holding company
primarily holding natural gas distribution business in the PRC in light of the
currency of its primary sources of revenue. Accordingly, the functional
currency was retrospectively changed from CAD to RMB. The retrospective change
of functional currency of the Company has no material effects on the financial
positions of the Group as at December 31, 2016, December 31, 2015 and January
1, 2015 and the results of the Group for the years ended December 31, 2016 and
December 31, 2015. The consolidated financial statements is also presented in
the functional currency, i.e. RMB.

For financial information or comparative analysis presented in Canadian
dollars, fluctuation in exchange rate should also be considered into. They are
only for information purpose and are unaudited.

The exchange rate between Chinese RMB and Canadian dollar is summarized below.

/T/

One Chinese RMB to Canadian dollars 2016 2015 % change
—————————————————————-
Spot rate at the end of the year 0.1930 0.2131 -9.4%
—————————————————————-
Average rate for the year 0.1996 0.2034 -1.9%
—————————————————————-

/T/

Financial Results

Revenue for the year ended December 31, 2016 was RMB354.4 million, an increase
of RMB49.0 million, or 16%, from RMB305.4 million for the year 2015. This
increase is mainly resulted from increased gas sales volume, and connection
revenue.

Gas sales revenue for the year ended December 31, 2016 was RMB170.4 million, an
increase of RMB31.4 million or 23%, from RMB139.1 million in 2015. The increase
is mainly attributable to:

/T/

— the gas sales volume increased by 11% for Sanya region in 2016;
— the gas sales volume growth of 328% in Xiangdong district in 2016.

/T/

Pipeline installation and connection revenue for fiscal 2016 was RMB134.8
million, an increase of RMB11.6 million or 9%, from RMB123.2 million in 2015.
The increase is mainly attributable to:

/T/

— comparatively higher amount of new residential customers connected

during 2016 in Sanya region, which was in a total of 30,558, an increase
of 3,530 or 13%, from 27,028 in 2015;
— comparatively higher number of new commercial customers connected during
2016 in Sanya region, which was in a total of 64, an increase of 20 or
45%, from 44 in 2015;
— comparatively higher amount of new residential customers connected
during 2016 in Xiangdong district, which was in a total of 1,114, an
increase of 706 or 173%, from 408 in 2015;
— significantly higher number of new commercial customers connected during
2016 in Xiangdong region, which was in a total of 45, an increase of 42
or 1400%, from 3 in 2015;

/T/

Total revenue from CNG refueling retail stations for 2016 was RMB49.2 million,
with an increase of RMB6.0 million, or 14% from 2015. Sales revenue for
Changsha CNG station dropped to RMB29.7 million in 2016, a decrease of RMB13.5
million or 31%, from RMB43.2 million in 2015. The drop was mainly due to local
market competition thus dropped sales volume decreased to 7.8 million m3 in
2016, a decrease of 3.5 million m3 or 31%, from 11.3 million m3 in 2015. Sales
revenue from new Sanya CNG/LNG refueling retail station, which commenced its
operation in May 2016, was RMB19.4 million in 2016, and the sales volume was
3.9 million m3.

General and administrative expenses for 2016 were RMB70.2 million, an increase
of RMB6.3 million, or 10%, from RMB63.9 million in 2015. The increase was
attributable to higher employee salaries and benefits as a result of a higher
inflation rate in China, additional employees, and expenses for new projects
and new entities. General and administrative expenses as a percentage of sales
for 2016 were 20%, lower than 21% in 2015.

Travel and business development expenses for 2016 were RMB17.8 million, an
increase of RMB0.6 million, or 3%, from RMB17.3 million in 2015. As a
percentage of sales, travel and business development expenses for 2016 was 5%,
a decrease from 6% in 2015. These expenses normally fluctuate with travel and
business development activities in mainland China as the Company seeks to
develop new projects in close proximity to the new national pipelines.

Changfeng has recognized a share of loss of approximately RMB3.5 million on its
investment on Evergrowth and a loss of RMB3.1 million originated by selling its
stakes in Evergrowth in 2016.

EBITDA (non-IFRS measure as identified and defined under section “Non-IFRS
Measures”) for fiscal 2016 was RMB76.3 million, a decrease of RMB9.9 million,
from RMB86.1 million in 2015. Increase in gross profit was offset by the loss
of RMB6.6 million on the investment and disposal of the joint venture,
Evergrowth. EBITDA as a percentage of revenue for 2016 was 22%, a decrease of
6% from 28% in 2015.

Net income for fiscal 2016 was RMB21.3 million, or RMB0.32 per share basic and
diluted compared to RMB36.4 million or RMB0.54 and RMB0.54 per share (basic and
diluted) in 2015.

Financial Position

Cash increased by RMB75.8 million to RMB142.4 million at December 31, 2016 from
RMB66.6 million at December 31, 2015. Cash change mainly originated from cash
inflow provided by operating activities of RMB69.5 million, proceeds from the
disposal of a joint venture of RMB13.0 million and disposal of
available-for-sale financial assets of RMB1.0 million as well as from
short-term loan withdrawal of RMB30.0 million and proceeds from stock option
exercise of RMB1.2 million, withdrawal of pledged bank deposits of RMB9.0
million and long term debt raised of RMB60.0 million, but offset by cash
outflow due to acquisition of property and equipment of RMB44.1 million,
purchase of land use right of RMB7.5 million, payoff of due to related parties
of RMB1.8 million, repayments of short term bank loan of RMB30.0 million and
long term loan of RMB18.0 million.

Net cash provided by operations was RMB69.6 million for fiscal 2016 compared to
RMB81.0 million in 2015.

Cash provided in financing activities in 2016 included a RMB30.0 million
short-term bank borrowing repayment and RMB30.0 million for new short-term bank
borrowing raised, RMB1.1 million paid for share buyback, repayment of long-term
debts of RMB18.0 million as well as proceeds on exercised options of RMB1.2
million, and cash inflow of RMB60.0 million from new long-term debts raised.

Cash used in investing activity included capital expenditures of RMB33.3
million for fiscal 2016 compared to RMB80.0 million in 2015, proceeds on
disposal of a joint venture of RMB13.0 million and on disposal of
available-for-sale financial assets of RMB1.0 million and withdrawal of pledge
bank deposits of RMB9.0 million, as well as cash outflow for investment in
available-for- sale financial assets of RMB1.9 million and land use rights of
RMB7.5 million.

Changfeng will finance the majority of the upcoming construction of projects
under development in mainland China through its long-term bank loans with the
BOC, Sanya and BOC, Pingxiang, as well as operating cash flow from its existing
operations.

The Company uses the following non-IFRS financial measure: EBITDA. The Company
believes this non-IFRS financial measure provides useful information to both
management and investors in measuring the financial performance and financial
condition of the Company for the reasons outlined below.

Management uses this non-IFRS financial measure to exclude the impact of
certain expenses and income that must be recognized under IFRS when analyzing
consolidated operating performance, as the excluded items are not necessarily
reflective of the Company’s underlying operating performance and make
comparisons of underlying financial performance between periods difficult. From
time to time, the Company may exclude additional items if it believes doing so
would result in a more effective analysis of underlying operating performance.
The exclusion of certain items does not imply that they are non-recurring.

This measure does not have a standardized meaning prescribed by IFRS and
therefore they may not be comparable to similarly titled measures presented by
other publicly traded companies and should not be construed as an alternative
to other financial measures determined in accordance with IFRS. This measure is
listed and defined below:

EBITDA

EBITDA is defined herein as income before income tax expense, interest expense,
depreciation and amortization, share of loss of investment in an associate, as
well as non-cash stock-based compensation expense. EBITDA does not have any
standardized meaning prescribed by IFRS and therefore may not conform to the
definition used by other companies. A reconciliation of net income to EBITDA
for each of the periods presented as follows:

/T/

In RMB’000 2016 2015 Change Change%
(except for % figures) (Restated)
—————————————————————————-
Net Income 21,326 36,352 (15,026) -41%
Add (less):
Income tax 24,088 19,993 4,095 20%
Interest (income) loss (681) (590) (91) 15%
Share of loss of an
associate 7 7 – 0%
Share of loss of a joint
venture 3,516 399 3,117 781%
Loss on disposal of a
jount venture 3,114 – 3,114 100%
Stock-based compensation – 821 (821) -100%
Amortization 17,071 21,786 (4,715) -22%
Interest on borrowing 7,874 7,410 464 6%
—————————————————————————-
EBITDA 76,315 86,178 (9,863) -11%
—————————————————————————-

/T/

Changfeng Energy Inc. is a natural gas service provider with operations located
throughout the People’s Republic of China. The Company services industrial,
commercial and residential customers, providing them with natural gas for
heating purposes and fuel for transportation. The Company has developed a
significant natural gas pipeline network as well as urban gas delivery
networks, stations, substations and gas pressure regulating stations in Sanya
City & Haitang Bay. Through its network of pipelines, the Company provides safe
and reliable delivery of natural gas to both homes and businesses. The Company
is headquartered in Toronto, Ontario and its shares trade on the Toronto
Venture Exchange under the trading symbol “CFY”. For more information, please
visit the Company website at www.changfengenergy.com.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. The forward-looking statements
contained herein are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included in this document are made as
of the date of this document and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly
required by applicable securities legislation. Although Management believes
that the expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct. This news release does not constitute an offer to sell or solicitation
of an offer to buy any of the securities described herein and accordingly undue
reliance should not be put on such.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.

– END RELEASE – 31/03/2017

For further information:
Mr. Yan Zhao CPA. CA
Chief Financial Officer
647.313.0066
yan.zhao@changfengenergy.cn
OR
Ms. Ann S.Y. Lin
VP, Corporate Development and
Corporate Secretary
647.313.0066
Siyin.lin@changfengenergy.cn

COMPANY:
FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170331CC0124

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: INTER PIPELINE LTD.
TSX SYMBOL: IPL

Date issue: March 31, 2017
Time in: 12:00 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Inter Pipeline Ltd.
(TSX:IPL) will announce its first quarter 2017 financial and operating results
on May 8, 2017. A conference call and webcast have been scheduled for May 9 at
9:00 a.m. MT (11:00 a.m. ET) for interested shareholders, analysts and media
representatives.

To participate in the conference call, please dial 1-844-413-0863 or
216-562-0455. The conference ID is 93362888. A replay of the conference call
will be available until May 19, 2017 by calling 1-800-585-8367. The code for
the replay is 93362888.

Annual General Meeting of Shareholders

Inter Pipeline will hold its Annual General Meeting of Shareholders on Monday,
May 8, 2017 at 2:00 p.m. MT (4:00 p.m. ET) at the Metropolitan Conference
Centre, 333 4th Avenue S.W. in Calgary, Alberta.

A live webcast of both the Annual General Meeting of Shareholders and the first
quarter 2017 conference call will be accessible on Inter Pipeline’s website.
Following the events, a replay of the webcasts will be available for
approximately 90 days.

Inter Pipeline Ltd.

Inter Pipeline is a major petroleum transportation, natural gas liquids
processing and bulk liquid storage business based in Calgary, Alberta, Canada.
Inter Pipeline owns and operates energy infrastructure assets in western Canada
and Europe. Inter Pipeline is a member of the S&P/TSX 60 Index and its common
shares trade on the Toronto Stock Exchange under the symbol IPL.
www.interpipeline.com

– END RELEASE – 31/03/2017

For further information:
Investor Relations:
Jeremy Roberge
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
investorrelations@interpipeline.com
OR
Media Relations:
Breanne Oliver
Manager Corporate Communications
587-475-1118
mediarelations@interpipeline.com

COMPANY:
FOR: INTER PIPELINE LTD.
TSX SYMBOL: IPL

INDUSTRY: Energy and Utilities – Oil and Gas , Energy and Utilities
– Pipelines
RELEASE ID: 20170331CC0070

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: CLEARVIEW RESOURCES LTD.

Date issue: March 31, 2017
Time in: 11:56 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Clearview Resources Ltd.
(“Clearview”) is pleased to announce that it has closed an acquisition of
assets in the Pembina area of Alberta for $20,100,001 with an effective date of
December 1, 2016. The acquisition adds material production, reserves and
development drilling locations in one of Clearview’s core areas. Pursuant to
the asset acquisition Clearview acquired approximately 1,120 boepd (370 bbls/d
oil & liquids and 4.5 mmcf/d gas) of operated production, estimated reserves of
2,660 mboe proved producing (RLI=6.5) and 3,350 mboe proved plus probable
producing (RLI=8.6) and a large undeveloped, concentrated land base
(approximately 51 gross sections (35 net) in an active area for Glauconite,
Rock Creek and Ellerslie potential).

Clearview’s production post acquisition is approximately 2,000 boepd
(approximately 39% oil & liquids and 61% gas).

To partially finance this acquisition Clearview completed the second tranche of
its non-brokered private placement. Clearview issued 3,187,922 voting common
shares at $5.00 per share, making the total amount raised in both tranches
$21,139,865. Each share issued is subject to a restricted period under
applicable securities law until July 31, 2017. After the private placement
Clearview has 8,437,866 voting common shares issued and outstanding.

Concurrent with the closing of the Pembina acquisition, Clearview’s loan
facility increased to $26.0 million of which approximately $14 million is
currently drawn.

Boes may be misleading particularly if used in isolation. A boe conversion
ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

Reserve estimates in this press release are from a reserve evaluation prepared
for Clearview by GLJ Petroleum Consultants Ltd. effective December 1, 2016.

Information regarding Clearview is available on Sedar at www.sedar.com.

– END RELEASE – 31/03/2017

For further information:
Clearview Resources Ltd.
Greg Baum
President
(403) 265-3503
greg@clearviewres.com
OR
Clearview Resources Ltd.
Steve Glover
CFO
(403) 990-3876
steven@clearviewres.com

COMPANY:
FOR: CLEARVIEW RESOURCES LTD.

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170331CC0068

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

FOR: VALENER INC.TSX SYMBOL: VNRTSX SYMBOL: VNR.PR.ADate issue: March 31, 2017Time in: 9:08 AM eAttention:
MONTREAL, QUEBEC–(Marketwired – March 31, 2017) – Valener Inc. (“Valener”)
(TSX:VNR) (TSX:VNR.PR.A) is pleased to announce that it has completed…

FOR: NOVARC TECHNOLOGIES INC.
Date issue: March 31, 2017Time in: 9:00 AM eAttention:
VANCOUVER, BC –(Marketwired – March 31, 2017) – Novarc Technologies
announced today it has secured a $1 million investment, led by Seaspan ULC
(Seaspan) with partici…

FOR: PERISSON PETROLEUM CORPORATIONTSX VENTURE SYMBOL: POGDate issue: March 31, 2017Time in: 8:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Perisson Petroleum
Corporation (“Perisson” or the “Company”) (TSX VENTURE:POG) wishes to…

FOR: MULLEN GROUP LTD.TSX SYMBOL: MTLDate issue: March 31, 2017Time in: 8:00 AM eAttention:
OKOTOKS, ALBERTA–(Marketwired – March 31, 2017) – Mullen Group Ltd. (TSX:MTL)
(“Mullen Group”, “We”, “Our” and/or the “Corporation”) is pleased to announced
th…

FOR: GREENFIELDS PETROLEUM CORPORATIONTSX VENTURE SYMBOL: GNFDate issue: March 31, 2017Time in: 8:00 AM eAttention:
HOUSTON, TEXAS–(Marketwired – March 31, 2017) – Greenfields Petroleum
Corporation (the “Company” or “Greenfields”) (TSX VENTURE:GNF) an…

FOR: VITAL ENERGY INC.TSX VENTURE SYMBOL: VUXDate issue: March 31, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Vital Energy Inc. (“Vital”)
(TSX VENTURE:VUX) announces that it has entered into an agreement with a …

FOR: PRAIRIE PROVIDENT RESOURCES INC.
TSX SYMBOL: PPR

Date issue: March 31, 2017
Time in: 7:00 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 31, 2017) – Prairie Provident Resources
Inc. (“Prairie Provident”, “PPR” or the “Company”) (TSX:PPR) is pleased to
announce its operating and financial results for the three months and year
ended December 31, 2016, and to provide an operational update. PPR’s audited
consolidated financial statements (“Annual Financial Statements”) and related
Management’s Discussion and Analysis (“MD&A”) for the three months and year
ended December 31, 2016 are available on its website and filed on SEDAR.

PPR is a light and medium oil-weighted growth company, formed through the
business combination of Lone Pine Resources Inc. and Lone Pine Resources Canada
Ltd. (now Prairie Provident Resources Canada Ltd.) (collectively, “Lone Pine”)
and Arsenal Energy Inc. (“Arsenal”) which was effected on September 12, 2016
(the “Arsenal Acquisition”). Results for the fourth quarter of 2016 reflect the
first full quarter of operations as PPR.

Prairie Provident’s Annual Financial Statements present the results for the
historical Lone Pine properties for the period up to September 12, 2016 and for
the combination of Lone Pine and Arsenal after September 12, 2016. This is a
significant factor in understanding the year-over-year and quarter-over-quarter
financial results of Prairie Provident. This news release contains
forward-looking information and statements and non-IFRS measures. Readers are
cautioned that the news release should be read in conjunction with the
Company’s disclosures under the headings “Forward-Looking Statements” and
“Non-IFRS Measures” included at the end of this news release.

FOURTH QUARTER 2016 HIGHLIGHTS

/T/

— Achieved average fourth quarter 2016 production of 4,845 boe/d (58%

liquids), a 90% increase over the same period of 2015 due to
approximately 1,650 boe/d of production additions related to 16 wells in
Wheatland and approximately 1,300 boe/d of production from Arsenal’s
properties, and exited 2016 with average daily production of
approximately 5,500 boe/d (56% liquids);
— Generated fourth quarter adjusted funds from operations of $7.1 million
($0.07 per diluted share), up 1% from the same period in 2015, as
incremental production from the new Wheatland wells and a full quarter
of production from Arsenal were offset by lower realized gains on
derivative instruments;
— Operating netbacks (before realized hedging gains) for the quarter were
$19.26/boe, 5% higher than the fourth quarter of 2015 due to
improvements in realized prices and reductions in per boe operating
costs. Operating netbacks (after realized hedging gains) for the quarter
were $22.32/boe, lower than the $39.31/boe generated in the same period
of the prior year due to a $17.91/boe reduction in realized hedging
gains;
— Capital expenditures in the quarter totaled $11.9 million, which were
primarily directed to the ongoing drilling program at Wheatland. Three
wells were drilled at Wheatland during the fourth quarter (100% success
rate) and eight wells were brought on-stream, including seven wells
drilled in the third quarter and one well drilled in the fourth quarter;
— Continued to enhance drilling and completion techniques, achieving all-
in per well costs of approximately $1.6 million to drill, complete,
equip and tie-in; and
— Maintained financial flexibility and a strong balance sheet with year-
end bank debt of $15.5 million or 28% drawn on the Company’s $55 million
credit facility (together with outstanding letters of credit, $20.9
million or 38% of the credit facility was utilized).

/T/

2016 ANNUAL HIGHLIGHTS

/T/

— Full-year 2016 production of 3,680 boe/d (58% liquids) increased 39% on

a year-over-year basis with the primary variances being production
additions from Wheatland (approximately 1,230 boe/d) and the Arsenal
Acquisition (approximately 400 boe/d);
— Capital expenditures totaled $34.9 million, comprised of $31.2 million
invested in the Wheatland drilling program and $2.3 million directed to
the second phase of the Evi Waterflood project;
— Reported an operating netback (after realized hedging gains) of
$17.95/boe for 2016, a 54% decrease from 2015 due to lower realized
gains on derivative instruments and lower realized prices;
— Generated full-year adjusted funds from operations of $13.3 million
($0.14 per diluted share), a 50% decrease on a year-over-year basis due
primarily to lower operating netbacks, partially offset by higher
production and lower G&A expenses;
— Issued 5,465,000 common shares as Canadian exploration expenses (“CEE”)
flow-through shares at $0.85 per share and 375,000 Canadian development
expenses (“CDE”) flow-through common shares at $0.80 per share in
December 2016 for total gross proceeds of $4.95 million; and
— Subsequent to year-end, acquired high quality light oil assets in the
Greater Red Earth area for cash consideration of $41.0 million (the “Red
Earth Acquisition”). The Company also issued CEE flow-through shares and
common shares and warrants for total gross proceeds of $8.0 million and
the borrowing capacity on its credit facility was increased to $65
million.

/T/

FINANCIAL AND OPERATING HIGHLIGHTS

/T/

Three Months Ended Year Ended
December 31 December 31
——————————————————————-
——————————————————————-
($000s except per
unit amounts) 2016 2015 2016 2015
——————————————————————-
——————————————————————-
Financial
Oil and natural gas
revenue 17,060 8,783 42,748 39,335
Net loss (8,782) (15,390) (60,396) (59,894)
Per share – basic
& diluted(1) (0.09) (0.16) (0.62) (0.61)
Adjusted funds from
operations(2) 7,107 7,007 13,259 26,382
Per share – basic
& diluted(3) 0.07 0.07 0.14 0.27
Net capital
expenditures 11,918 9,809 34,875 24,627
——————————————————————-
——————————————————————-
Production Volumes
Crude oil (bbls/d) 2,653 1,799 2,012 1,820
Natural gas (Mcf/d) 12,300 4,130 9,253 4,577
Natural gas liquids
(bbls/d) 142 63 126 69
——————————————————————-
Total (boe/d) 4,845 2,550 3,680 2,652
——————————————————————-
% Liquids 58% 73% 58% 71%
——————————————————————-
——————————————————————-

——————————————————————-
——————————————————————-
Average Realized
Prices
Crude oil ($/bbl) 54.28 46.58 46.75 51.24
Natural gas ($/Mcf) 3.09 2.56 2.21 3.01
Natural gas liquids
($/bbl) 24.49 17.08 17.91 10.76
——————————————————————-
Total ($/boe) 38.27 37.44 31.74 40.64
——————————————————————-
——————————————————————-
Operating Netback
($/boe)(4)
Realized price 38.27 37.44 31.74 40.64
Royalties (5.09) (3.18) (3.63) (2.26)
Operating costs (13.92) (15.92) (17.39) (16.49)
——————————————————————-
Operating netback 19.26 18.34 10.72 21.89
Realized gains on
derivative
instruments 3.06 20.97 7.23 17.34
——————————————————————-
Operating netback,
after realized
gains on derivative
instruments 22.32 39.31 17.95 39.23
——————————————————————-
——————————————————————-

Notes:
(1)(3) As the historical financial statements were prepared on a combined

and consolidated basis (see note 3(a) to the Annual Financial
Statements), it is not possible to measure per share amounts until
subsequent to the closing of the Arsenal Acquisition on September
12, 2016 when Lone Pine and Arsenal were brought under a common
parent entity. The Company calculated per share information for the
current and historical periods by assuming that the common shares
issued upon the closing of the Arsenal Acquisition at September 12,
2016 were outstanding since the beginning of the period.
(2)(4) Adjusted funds from operations and operating netback are non-IFRS
measures and are defined below under “Other Advisories”.

—————————————————————————-
—————————————————————————-

As at As at
Capital Structure December 31, December 31,
($000s) 2016 2015
—————————————————————————-
Working capital (deficit)(1) (4,380) 12,268
Long-term debt (15,047) –
————————-
Total net debt(2) (19,427) 12,268
Current debt capacity(3) 34,117 45,529
Common shares outstanding (in millions)(4) 104.2 N/A
—————————————————————————-
—————————————————————————-
Notes:
(1) Working capital (deficit) is a non-IFRS measure (see Other Advisories
below) calculated as current assets less current liabilities excluding
the current portion of derivative instruments, the current portion of
decommissioning liabilities and flow-through share premium.
(2) Net debt is a non-IFRS measure (see Other Advisories below),
calculated by adding working capital (deficit) and long-term debt.
(3) Current debt capacity reflects the credit facility of $55 million at
December 31, 2016 and of $50 million at December 31, 2015.
(4) As historical financial statements were prepared on a combined and
consolidated basis (see note 3(a) to the Annual Financial Statements),
common shares outstanding is not a relevant measure until subsequent
to the closing of the Arsenal Acquisition on September 12, 2016 when
Lone Pine and Arsenal were brought under a common parent entity.

—————————————————————————-

Three months ended Year ended
December 31 December 31
—————————————————————————-
2016 2015 2016 2015
—————————————————————————-
Drilling Activity
Gross wells 3 2 14 4
Working interest wells 2.95 1.95 12.65 3.95
Success rate, net wells (%) 100 100 100 100
—————————————————————————-
—————————————————————————-

/T/

YEAR IN REVIEW

In September 2016, Lone Pine and Arsenal completed a business combination to
form Prairie Provident. Upon completion, Lone Pine securityholders held
approximately 77% of the fully diluted PPR shares, while former Arsenal
securityholders held approximately 23%. With a larger operational footprint and
increased access to capital, PPR commenced a variety of initiatives:

/T/

— Integrated the Arsenal team and grew its production profile, while

maintaining similar G&A cost structure, which resulted in a reduction of
G&A per boe by 37% when compared to 2015;
— Achieved organic production additions at Wheatland of 1,650 boe/d,
bringing total current production at the play to approximately 2,500
boe/d; and
— Grew Evi from 1,200 boe/d to approximately 2,500 boe/d through
synergistic acquisitions. Subsequent to the year-end of 2016, PPR
acquired assets in the Greater Red Earth area for cash consideration of
$41.0 million and issued CEE flow-through shares and common shares and
warrants for total gross proceeds of $8.0 million. Additionally, the
Company’s credit facility was amended to increase the borrowing capacity
to $65 million.

/T/

OPERATIONS UPDATE

Wheatland, AB

Prairie Provident successfully completed its 2016 capital program spending
$31.2 million in this core area, within capital expenditure guidance provided
in the third quarter of 2016. The 2016 Wheatland capital program included a
total of 14 gross (12.65 net) wells drilled with 12 brought on-stream. The
remaining two wells drilled and completed in 2016 that were not on production
by the end of the year were brought on-stream in February 2017, bringing the
total number of developed wells in the area to 18. During the fourth quarter of
2016, average sales volumes in the Wheatland area were approximately 1,797 boe
per day (30% light/medium oil), which is expected to increase in the first
quarter 2017 due to new volumes coming on stream late in 2016 and early 2017.

Our development across this region has been focused primarily in the northern
and central region of the play and has yielded three significant discoveries.
Our focus for 2017 will be on the multiple follow-up locations across the
fairway, while future exploration will be tested over the next two years in the
southern sections. Our 2017 capital program contemplates the drilling of up to
14 wells in the Wheatland area and the Company has already drilled and cased
the first four Ellerslie wells from our 2017 budget.

Prairie Provident continues to improve its drilling cycle times and overall
costs at Wheatland by pad drilling and utilizing a mono-bore drilling design,
which has significantly reduced surface costs, lowered the environmental
footprint and increased the anticipated return on capital. These design
optimizations combined with lower service costs have reduced drilling times
from an average of 13 days down to 8.5 days, while all-in costs have been
reduced significantly to approximately $1.6 million per well, down over 40%
from $2.7 million per well one year ago.

Princess, AB

At Princess, two discovery wells are awaiting tie-in that have cumulatively
tested at more than 400 bbl/d of oil, while a total of 15 additional locations
have been identified in the Detrital and Glauconite formations. During the
three months and year ended December 31, 2016, our Princess properties produced
average sales volumes of approximately 480 boe per day (83% medium oil) and 143
boe per day (83% medium oil), respectively. Prairie Provident plans to drill up
to 8 wells at Princess in 2017.

Evi, AB

During the three months and year ended December 31, 2016, our Evi properties
produced average sales volumes of approximately 1,458 boe per day (97% light
oil) and 1,323 boe per day (95% light oil), respectively. The Evi properties
provide the Company with a stable cash flow base that complements its
development programs, while the economics (rates of return, payback and recycle
ratio) remain very robust, even at current strip pricing. PPR believes that the
waterflood program will continue to stabilize production from this play and
enhance long-term recoveries.

The Company currently has nine (9.0 net) injection wells (eight horizontals and
one vertical) in operation. Initial results from the program correspond with an
independent study conducted in 2015 on the feasibility of a full-field
waterflood program. An additional four injector conversions are planned for
2017, and over the long-term, our ‘full field low case scenario’ contemplates
14 producing wells to be converted to injection wells for total future costs of
approximately $13.5 million.

Subsequent to year-end, the Company closed the Red Earth Acquisition which is
complementary to existing operations at Evi. The transaction added
approximately 1,100 boe/d (98% oil and liquids), provides for synergistic
opportunities to reduce area estimated operating costs by $2 million per year
(or $2.00/boe), and optimize waterflood expansion with seven prospective
projects.

2017 OUTLOOK AND GUIDANCE

PPR’s capital allocation process considers numerous operational dynamics and
financial factors. We incorporate competitive elements into the process such
that projects with the highest rates of return are given top priority and
growth on a per share basis is a central tenet of the planning process. Through
2017, we will continue to focus on improving corporate netbacks by targeting
the production of higher value streams (oil / condensate rich liquids) and
enhancing our capital efficiencies through various operational initiatives such
as pad drilling and operating in areas with underutilized infrastructure
capacity. Given the continued volatility in commodity prices, the Company
remains focused on capital management, targeting a debt to EBITDAX ratio of 1.0
time. We will continue to add positions to our hedge book (currently covering
63% of 2017 forecast base oil production (net of royalties) at $69.51/bbl) to
provide downside price protection and support our adjusted funds from
operations through 2018 and beyond.

In connection with closing the Red Earth Acquisition in March of 2017, our
credit facility was amended upward and the Company now has a total borrowing
capacity of $65 million, comprised of a $55 million syndicated revolving credit
facility and a $10 million operating facility. This increased financial
flexibility, combined with forecasted 2017 adjusted funds from operations of
$31 – 35 million, will allow the Company to fund a $25 – 35 million capital
budget. Our 2017 budget is scalable depending on commodity prices, with excess
adjusted funds from operations directed to debt repayment.

An active drilling program in 2017 is expected to position the Company to
deliver production per share growth of approximately 55% and generate strong
rates of return on its assets at current commodity prices. Our inventory of
conventional horizontal and vertical wells provides the Company with over five
years of drilling to underpin profitable per share growth. Waterflood
initiatives are expected to lower corporate decline rates and stabilize
production levels over the medium and longer term. Prairie Provident is
positioned to execute a profitable organic growth program through 2017.

The 2017 program assumes price forecasts of USD$54.00/bbl WTI, CAD$2.75/GJ
AECO, and a Canadian/US dollar exchange rate of $0.76 and anticipates the
following:

/T/

Targets
Exit production (boe/d) 7,500 – 8,000
Annual production (boe/d) (1) 6,100 – 6,600
% of liquids 60% – 65%
Operating expenses ($/boe) 16.00 – 17.00
Operating netback ($/boe) (2) 16.00 – 17.00
Operating netback, after realized gains from derivative
instruments ($/boe) (2) 17.00 – 18.00
Royalties (%) 16%
G&A, excluding stock-based compensation and net of capitalized
G&A ($/boe) 3.00 – 4.00
Capital expenditures ($millions) 25 – 35

(1) Includes production from the Red Earth Acquisition since March 22,

2017, the closing date of the transaction.
(2) Operating netback is a non-IFRS measure (see “Other Advisories”
below).

/T/

Over the last several quarters, various positive indicators have been observed
within the Canadian energy industry which has given us the confidence to
continue executing our returns-based growth strategy and make the accretive Red
Earth Acquisition to expand our asset portfolio. We recognize that the macro
environment remains challenging with continued uncertainty around OPEC
production cuts, the stability of oil prices, and the potential implementation
of various policies by the new administration in the United States. Against
this backdrop, we are committed to pursue the generation of positive returns
for shareholders while pursuing growth.

From a capital markets standpoint, we remain focused on increasing exposure of
the Company to the investment community and enhancing the trading liquidity of
our shares; however, we are firmly of the belief that continued operational
execution, growth on a per share basis, and prudently managing our balance
sheet will ultimately be the key drivers towards increasing shareholder value.

ABOUT PRAIRIE PROVIDENT:

Prairie Provident is a Calgary-based company engaged in the exploration and
development of oil and natural gas properties in Alberta. The Company’s
strategy is to grow organically in combination with accretive acquisitions of
conventional oil prospects, which can be efficiently developed. Prairie
Provident’s operations are primarily focused at Wheatland and Princess in
Southern Alberta targeting the Ellerslie and the Lithic Glacu formations, along
with an early stage waterflood project at Evi in the Peace River Arch. Prairie
Provident protects its balance sheet through an active hedging program and
manages risk by allocating capital to opportunities offering maximum
shareholder returns.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and statements
within the meaning of applicable Canadian securities laws. Statements involving
forward-looking information relate to future performance, events or
circumstances, and are based upon internal assumptions, plans, intentions,
expectations and beliefs. All statements other than statements of current or
historical fact constitute forward-looking information. Forward-looking
information is typically, but not always, identified by words such as
“anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”,
“target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”,
“will”, “should” or similar words suggesting future outcomes or events or
statements regarding an outlook. In particular, but without limiting the
foregoing, this news release contains forward-looking information and
statements pertaining to the following: projected capital expenditure plans,
production and product mix, production growth expectations, development and
exploration plans at Wheatland, Princess and Evi (including with respect to
numbers of wells at Wheatland and Princess and Evi waterflood activities and
expectations), opportunities for operating cost reductions in the Greater Red
Earth area, continued focus on corporate netbacks and capital efficiency and
anticipated activities in furtherance thereof, future hedging arrangements,
projected annual and exit production, operating costs, operating netback,
royalties, G&A expenses, capital expenditures and adjusted funds from
operations of Prairie Provident for 2017 and beyond, assumptions as to future
commodity prices, its risk management plans for 2017 and beyond, use of excess
funds from operations for debt repayment, per share production growth, drilling
inventory numbers, expected benefits fo waterflood initiatives, view on
potential benefits from the Red Earth Acquisition and future merger and
acquisition activities.

The forward-looking information and statements contained in this news release
reflect material factors and expectations and assumptions of Prairie Provident
including, without limitation: commodity prices and foreign exchange rates for
2017 and beyond; the timing and success of future drilling, development and
completion activities (and the extent to which the results thereof meet
Management’s expectations); the continued availability of financing (including
borrowings under the Company’s credit facility) and cash flow to fund current
and future expenditures, with external financing on acceptable terms; future
capital expenditure requirements and the sufficiency thereof to achieve the
Company’s objectives; the performance of both new and existing wells;
production from the Red Earth Acquisition and capital and operating costs in
respect thereof; the timely availability and performance of facilities,
pipelines and other infrastructure in areas of operation; the geological
characteristics and quality of Prairie Provident’s properties and the
reservoirs in which the Company conducts oil and gas activities (including
field production and decline rates); successful integration of the Red Earth
Acquisition assets into the Company’s operations; the successful application of
drilling, completion and seismic technology; future exploration, development,
operating, transportation, royalties and other costs; the Company’s ability to
economically produce oil and gas from its properties and the timing and cost to
do so; the predictability of future results based on past and current
experience; prevailing weather conditions; prevailing legislation and
regulatory requirements affecting the oil and gas industry (including royalty
regimes); the timely receipt of required regulatory approvals; the availability
of capital, labour and services on timely and cost-effective basis; the
creditworthiness of industry partners and the ability to source and complete
acquisitions; and the general economic, regulatory and political environment in
which the Company operates. Prairie Provident believes the material factors,
expectations and assumptions reflected in the forward-looking information and
statements are reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct.

All information and statements that are in the nature of a financial outlook
are forward-looking statements as they relate to prospective financial
performance, financial position or cash flows based on assumptions about future
economic conditions and courses of action. Financial outlook information in
this news release includes statements regarding future funds flow from
operations and operating netback, which are subject to the assumptions, risk
factors, limitations and qualifications set forth above. All financial outlook
information is made as of the date of this news release and is provided for the
sole purpose of describing the Company’s internal expectations on cash flows
for 2017, and should not be used, and may be inappropriate for, any other
purpose.

Although Prairie Provident believes that the expectations and assumptions upon
which the forward-looking information in this news release is based are
reasonable based on currently available information, undue reliance should not
be placed on such information, which is inherently uncertain, relies on
assumptions and expectations, and is subject to known and unknown risks,
uncertainties and other factors, both general and specific, many of which are
beyond the Company’s control, that may cause actual results or events to differ
materially from those indicated or suggested in the forward-looking
information. Prairie Provident can give no assurance that the forward-looking
information contained herein will prove to be correct or that the expectations
and assumptions upon which they are based will occur or be realized. These
include, but are not limited to: risks inherent to oil and gas exploration,
development, exploitation and production operations and the oil and gas
industry in general, including geological, technical, engineering, drilling,
completion, processing and other operational problems and potential delays,
cost overruns, production or reserves loss or reduction in production, and
environmental, health and safety implications arising therefrom; uncertainties
associated with the estimation of reserves, production rates, product type and
costs; adverse changes in commodity prices, foreign exchange rates or interest
rates; the ability to access capital when required and on acceptable terms; the
ability to secure required services on a timely basis and on acceptable terms;
increases in operating costs; environmental risks; changes in laws and
governmental regulation (including with respect to royalties, taxes and
environmental matters); adverse weather or break-up conditions; competition for
labour, services, equipment and materials necessary to further the Company’s
oil and gas activities; and changes in plans with respect to exploration or
development projects or capital expenditures in respect thereof. These and
other risks are discussed in more detail in the Company’s current annual
information form and other documents filed by it from time to time with
securities regulatory authorities in Canada, copies of which are available
electronically under Prairie Provident’s issuer profile on the SEDAR website at
www.sedar.com and on the Company’s website at www.ppr.ca. This list is not
exhaustive.

The forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Prairie Provident assumes
no obligation to publicly update or revise them to reflect new events or
circumstances, or otherwise, except as may be required pursuant to applicable
laws. All forward-looking information and statements contained in this news
release are expressly qualified by this cautionary statement.

OTHER ADVISORIES

The oil and gas industry commonly expresses production volumes and reserves on
a “barrel of oil equivalent” basis (“boe”) whereby natural gas volumes are
converted at the ratio of six thousand cubic feet to one barrel of oil. The
intention is to sum oil and natural gas measurement units into one basis for
improved analysis of results and comparisons with other industry participants.
A boe conversion ratio of six thousand cubic feet to one barrel of oil is based
on an energy equivalency conversion method primarily applicable at the burner
tip. It does not represent a value equivalency at the wellhead nor at the plant
gate, which is where Prairie Provident sells its production volumes. Boes may
therefore may be a misleading measure, particularly if used in isolation. Given
that the value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency ratio of
6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of
value.

Non-IFRS Measures

The Company uses certain terms in this news release and within the MD&A that do
not have a standardized or prescribed meaning under International Financial
Reporting Standards (IFRS), and, accordingly these measurements may not be
comparable with the calculation of similar measurements used by other
companies. For a reconciliation of each non-IFRS measure to its nearest IFRS
measure, please refer to the “Non-IFRS Measures” section in the MD&A. Non-IFRS
measures are provided as supplementary information by which readers may wish to
consider the Company’s performance, but should not be relied upon for
comparative or investment purposes. The non-IFRS measures used in this news
release are summarized as follows:

Working Capital – Working capital (deficit) is calculated as current assets
less current liabilities excluding the current portion of derivative
instruments, the current portion of decommissioning liabilities and
flow-through share premium. This measure is used to assist management and
investors in understanding liquidity at a specific point in time. The current
portion of derivatives instruments is excluded as management intends to hold
derivative contracts through to maturity rather than realizing the value at a
point in time through liquidation. The current portion of decommissioning
expenditures is excluded as these costs are discretionary and the current
portion of flow-through share premium liabilities are excluded as it is a
non-monetary liability.

Net Debt – Net debt is defined as long-term debt plus working capital surplus
or deficit. Net debt is commonly used in the oil and gas industry for assessing
the liquidity of a company.

Operating Netback – Operating netback is a non-IFRS measure commonly used in
the oil and gas industry. This measurement assists management and investors to
evaluate the specific operating performance at the oil and gas lease level.
Operating netbacks included in this news release were determined by taking (oil
and gas revenues less royalties less operating costs) divided by gross working
interest production. Operating netback, including realized commodity (loss) and
gain, adjusts the operating netback for only realized gains and losses on
derivative instruments.

Adjusted Funds from Operations – Adjusted funds from operations is calculated
based on cash flow from operating activities before changes in non-cash working
capital, transaction costs, restructuring costs, decommissioning expenditures
and other non-recurring items. Management believes that such a measure provides
an insightful assessment of Prairie Provident’s operation performance on a
continuing basis by eliminating certain non-cash charges and charges that are
non-recurring and utilizes the measure to assess its ability to finance
operating activities, capital expenditures and debt repayments. Adjusted funds
from operations as presented is not intended to represent cash flow from
operating activities, net earnings or other measures of financial performance
calculated in accordance with IFRS.

– END RELEASE – 31/03/2017

For further information:
Prairie Provident Resources Inc.
Tim Granger
President and Chief Executive Officer
(403) 292-8110
tgranger@ppr.ca
www.ppr.ca

COMPANY:
FOR: PRAIRIE PROVIDENT RESOURCES INC.
TSX SYMBOL: PPR

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170331CC0010

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