Day: April 12, 2017

FOR: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: April 13, 2017Time in: 12:46 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – April 13, 2017) – The
Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation…

FOR: PINE CLIFF ENERGY LTD.TSX SYMBOL: PNEDate issue: April 12, 2017Time in: 8:14 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 12, 2017) – Pine Cliff Energy Ltd.
(“Pine Cliff” or the “Company”) (TSX:PNE) is pleased to announce that it has
comp…

FOR: STRATA-X ENERGY LTD.TSX VENTURE Symbol: SXEASX Symbol: SXADate issue: April 12, 2017Time in: 6:30 PM eAttention:
DENVER, CO and BRISBANE, AUSTRALIA and VANCOUVER, BC –(Marketwired – April
12, 2017) –
HIGHLIGHTS
/T/
— Strata-X is currently revie…

FOR: POINT LOMA RESOURCES LTDTSX VENTURE Symbol: PLXDate issue: April 12, 2017Time in: 5:00 PM eAttention:
CALGARY, AB –(Marketwired – April 12, 2017) – Point Loma Resources Ltd. (TSX
VENTURE: PLX) (the “Corporation” or “Point Loma”) announces that i…

FOR: EPCOR UTILITIES INC.

Date issue: April 12, 2017
Time in: 5:00 PM e

Attention:

EDMONTON, ALBERTA–(Marketwired – April 12, 2017) – Edmonton City Council today
approved transfer of its Drainage utility to EPCOR Utilities Inc.

“We believe Council has made a thoughtful, forward-looking decision following a
thorough and transparent review process,” said EPCOR President & CEO Stuart
Lee. “As confirmed by an independent assessment, this transfer will result in
clear benefits to the City and its citizens.”

EPCOR is 100% owned by the City of Edmonton. Following the transfer, City
Council will continue to regulate Drainage customer rates and be engaged in the
utility’s long-term planning.

Once the transfer is complete, EPCOR will oversee the City’s entire water
utility cycle, which includes drinking water treatment, water distribution,
wastewater treatment and now, wastewater and stormwater collection.

EPCOR anticipates that finalization of the terms of the Drainage transfer,
including completion of a franchise agreement, and the transfer of the assets
is expected to occur on September 1, 2017. In connection with the transfer,
EPCOR will become responsible for future capital costs and assume
responsibility for approximately $600 million to $650 million in current
drainage-related City debt.

“Our focus will now be on the smooth transition of Drainage operations to
EPCOR. We look forward to welcoming Drainage employees and ensuring customers
continue to receive excellent service,” said Lee.

Forward Looking Information

Certain statements and other information included in this media release
constitute “forward-looking information”, “financial outlook” or
“forward-looking statements” (collectively, “FLS”), including, but not limited
to, statements regarding anticipated completion and timing of the transfer of
the Drainage assets and related terms including the assumption of debt. The
purpose of this information is only to provide readers with an indication of
the expected impact of the proposed transaction on EPCOR’s future financial
results and this information may not be appropriate for other purposes. These
statements speak only as of the date of this media release and EPCOR does not
undertake any obligation to publicly update or revise any FLS. Any FLS
contained herein are expressly qualified by this cautionary statement.

About EPCOR Utilities Inc.

EPCOR’s wholly-owned subsidiaries build, own and operate electrical
transmission and distribution networks, water and wastewater treatment
facilities and infrastructure in Canada and the United States. The company’s
subsidiaries also provide electricity and water services and products to
residential and commercial customers. EPCOR, headquartered in Edmonton,
Alberta, is an Alberta Top 70 employer. EPCOR’s website is www.epcor.com.

– END RELEASE – 12/04/2017

For further information:
EPCOR Utilities Inc.
Tim le Riche
External Communications Specialist
780-969-8238 or Cell 780-721-2013
tleriche@epcor.com
www.epcor.com

COMPANY:
FOR: EPCOR UTILITIES INC.

INDUSTRY: Energy and Utilities – Utilities, Energy and Utilities –
Pipelines
RELEASE ID: 20170412CC0106

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: ALECTRA INC.

Date issue: April 12, 2017
Time in: 2:37 PM e

Attention:

Bradford chemical manufacturer receives cheque for $82,711 for energy
efficient retrofits

BRADFORD, ON –(Marketwired – April 12, 2017) – Galata Chemicals, one of the
world’s leading producers and marketers of additives for the Polyvinyl
Chloride (PVC) and associated industries, was recognized Wednesday by Alectra
Utilities (formerly PowerStream) for reducing its electricity consumption by
28 per cent through its participation in the utility’s Save on Energy RETROFIT
program.

Galata Chemicals (formerly Solucor), an international manufacturer with a
plant in Bradford, Ontario, was presented with a cheque in the amount of
$82,711 as a result of its involvement in the program.

The company has participated in several retrofit projects over the years,
including one involving lighting, but has recently completed the conversion of
key pieces of equipment to Variable Frequency Drives (VFDs). What made the
projects unique was the sheer size of the motors being controlled, some of
which are 400 horsepower.

The conversion to VFDs will reduce the company’s electricity consumption by
2,859,942 kilowatt-hours per year, the equivalent of removing 325 homes off
the grid. It will result in electricity savings for Galata Chemicals of over
$400,000 per year.

VFDs are becoming more widely used in all sorts of applications. They are
capable of varying the output speed of a motor without the need for mechanical
pulleys, which reduces the number of mechanical components and overall
maintenance. The biggest advantage that a VFD has is the ability to save money
for the customer by consuming only the electricity needed for the work
required at the time. Since electricity is a controllable operating expense,
any energy reductions achieved will result in almost immediate, corresponding
reductions in operating costs.

“Galata Chemicals has demonstrated a proactive approach to managing their
energy costs and it is their strength and leadership that serves as an example
to others to pursue similar objectives,” said Mark Henderson, SVP, Energy
Solutions & Services for Alectra. “As Canada’s largest municipally-owned
electricity distribution company based on the total number of customers
served, our team of experts has the expertise to help customers like Galata
Chemicals navigate the retrofit process and realize the incentives available
through the Save on Energy RETROFIT program.”

About Alectra’s Family of Companies

Alectra’s family of energy companies distributes electricity to nearly one
million customers in Ontario’s Greater Golden Horseshoe Area and provides
innovative energy solutions to these and thousands more across Ontario. Our
employees are allies in helping customers discover the possibilities of energy
conservation and new technologies for enhancing their quality of life.

Image Available: http://www.marketwire.com/library/MwGo/2017/4/12/11G135772/Images/Galata-040e03b7cea1a104bd2dc3271fd3d1f1.JPG

– END RELEASE – 12/04/2017

For further information:

Eric Fagen
Email – media@alectra.com
Media Phone Line – 1-844-372-4400

COMPANY:
FOR: ALECTRA INC.

INDUSTRY: Automotive – Cars, Chemicals – Wholesalers and Distributors, Energy
and Utilities – Pipelines, Energy and Utilities – Utilities,
Environment – Natural Resource Management, Government – Local

RELEASE ID: 20170412CC012

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: April 12, 2017
Time in: 2:25 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 12, 2017) –

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

Inter Pipeline Ltd. (“Inter Pipeline”) (TSX:IPL) announced today that it has
agreed to issue $500 million of senior unsecured medium-term notes in the
Canadian public debt market. The notes will have a fixed interest rate of
2.734% per annum, payable semi-annually, and will mature on April 18, 2024.

The offering is expected to close on April 18, 2017. Inter Pipeline will use
the net proceeds of the offering to repay indebtedness under its revolving
credit facility and for other general corporate purposes.

The notes are being offered through a syndicate of dealers co-led by BMO
Capital Markets, CIBC Capital Markets and TD Securities Inc. under Inter
Pipeline’s short form base shelf prospectus dated December 11, 2015, a related
prospectus supplement dated September 8, 2016 and a pricing supplement to be
dated April 12, 2017.

This news release does not constitute an offer to sell or the solicitation of
an offer to buy the notes in any jurisdiction, in which such an offer,
solicitation or sale would be unlawful. The notes being offered have not been
approved or disapproved by any regulatory authority. The notes have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any state securities laws, and may not
be offered, sold or delivered within the United States or to, or for the
account or benefit of, U.S. persons unless an exemption from the registration
requirements of the U.S. Securities Act is available.

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

Disclaimer

Certain information contained herein may constitute forward-looking statements
that involve risks and uncertainties. Readers are cautioned not to place undue
reliance on forward-looking statements, including, but not limited to,
statements regarding the anticipated closing date of the offering and the use
of proceeds of the offering. Such information, although considered reasonable
by Inter Pipeline at the time of preparation, may later prove to be incorrect
and actual results may differ materially from those anticipated in the
statements made. For this purpose, any statements that are not statements of
historical fact may be deemed to be forward-looking statements. Forward-looking
statements often contain terms such as “may”, “will”, “should”, “anticipate”,
“expects” and similar expressions. Such risks and uncertainties include, but
are not limited to, risks associated with operations, such as loss of markets,
regulatory matters, environmental risks, industry competition, potential delays
and cost overruns of construction projects, and the ability to access
sufficient debt or equity capital from internal and external sources. You can
find a discussion of those risks and uncertainties in Inter Pipeline’s
securities filings at www.sedar.com. The forward-looking statements contained
in this news release are made as of the date of this document, and, except to
the extent required by applicable securities laws and regulations, Inter
Pipeline assumes no obligation to update or revise forward-looking statements
made herein or otherwise, whether as a result of new information, future
events, or otherwise. The forward-looking statements contained in this document
are expressly qualified by this cautionary note.

All dollar values are expressed in Canadian dollars unless otherwise noted.

– END RELEASE – 12/04/2017

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: 20170412CC0086

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: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE

Date issue: April 12, 2017
Time in: 11:57 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 12, 2017) – New West Energy Services
Inc. (TSX VENTURE:NWE), an oil and gas and environmental services company
focused on Western Canada, today, at the request of the Investment Industry
Regulatory Organization of Canada (IIROC), announced that NWE’s management is
unaware of any material change in the company’s operations that would account
for the recent increase in market activity.

Neither the TSXV 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.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release may constitute “forward-looking
information” within the meaning of applicable securities laws that involve
known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements or industry results to be materially
different from any future results, performance or achievements or industry
results expressed or implied by such forward-looking information and financial
outlook. Forward-looking information is identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar
terms and phrases, including references to assumptions. Such information may
involve, but is not limited to, comments with respect to strategies,
expectations, planned operations or future actions. Forward-looking information
in this news release includes, without limitation, statements with respect to:
the use of proceeds of its loans; the use of the acquired equipment; planned
changes in NWE’s business and revenues; the competitive environment in which
NWE operates; and the assessment of future plans and operations. Actual events
or results may differ materially. The forward-looking information in this news
release is based on assumptions which includes, but is not limited to: NWE
realizing the expected benefits of its loans and acquired equipment; the
general state of the economy and the oil and gas industry not worsening; NWE
not losing any key personnel; NWE sustaining or increasing their level of
revenues and EBITA; NWE growing its businesses long term and managing its
growth; NWE complying with existing regulations and not becoming subject to
more stringent regulations; and, NWE’s insurance being sufficient to cover
losses that may occur as a result of its operations.
The forward-looking information in this news release is subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from historical results or results anticipated by the
forward-looking information. The factors which could cause results to differ
from current expectations include, but are not limited to: failure to realize
the expected benefits of its loans and acquired equipment; potential
undisclosed liens associated with the acquired equipment; NWE’s results being
dependent upon the general state of the economy and the oil and gas industry;
NWE being dependent on key personnel, the loss of which could harm its
business; NWE may not be able to sustain or increase their revenues or EBITA;
NWE may be unable to grow its business long term or to manage any growth; NWE
may be unable to integrate the acquired equipment into its business;
competition in NWE’s markets may lead to reduced revenues and EBITA; NWE may
fail to comply with existing regulations or become subject to more stringent
regulations; NWE’s insurance may be insufficient to cover losses that may occur
as a result of NWE’s operations; the market price of NWE’s common shares will
fluctuate; and, there is a possibility of dilution of existing holders of NWE’s
common shares due to future financings or acquisitions. Although NWE has
attempted to identify factors that would cause actual actions, events or
results to differ materially from those disclosed in the forward-looking
statements in this news release, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. Also, many
of the factors are beyond the control of NWE. Accordingly, readers should not
place undue reliance on the forward-looking information in this news release.
The forward-looking information is made as of the date of this news release,
and NWE does not assume any obligation to publicly update or revise such
forward-looking information to reflect new information, subsequent or
otherwise, except as may be required by applicable law. The forward-looking
information contained herein is expressly qualified in its entirety by this
cautionary statement.

– END RELEASE – 12/04/2017

For further information:
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
gkerkhoff@newwestenergyservices.com

COMPANY:
FOR: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170412CC0073

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: DIVERGENT ENERGY SERVICES CORP.
TSX VENTURE SYMBOL: DVG

Date issue: April 12, 2017
Time in: 10:56 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 12, 2017) –

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

DIVERGENT Energy Services Corp. (“Divergent” or “the Corporation”) (TSX
VENTURE:DVG) is pleased to announce that the Linear Electromagnetic Submersible
Pump (the “Linear Pump”) installed into a client oil well in Southeast
Saskatchewan on March 24, 2017 has been pumping continuously since the start of
the test.

This most recent install includes a tool that restricts tubing movement, which
had been identified as the cause of power cable failures. Ken Berg, President &
CEO, states “The results of incorporating a tubing anchor were realized as soon
as we turned on the pump. The slight vibration at the wellhead (from tubing
movement) felt on previous tests has been eliminated. The pump is running
smoothly and I’m optimistic we will achieve a long run time”.

The Corporation continues to pursue additional installations in both Canada and
the United States and continue to move towards commercialization.

The Corporation’s vision is to be a premier supplier of submersible pumping
products that increase production, while reducing costs and carbon footprint.
The commercialization of our Linear Pump represents a build on our existing
electric submersible pump (“ESP”) business, and will provide oil and gas
companies with the opportunity to capitalize on the Linear Pump’s many benefits
while differentiating Divergent within a competitive and growing market.

ABOUT THE PUMP

The Linear Pump eliminates the ongoing cost of rod and tubing wear in oil
wells, which can help oil and gas producers drive down operating costs, enhance
field efficiencies and improve operations. In the current weak commodity price
environment, such cost savings can represent a significant benefit to producers
seeking to maximize netbacks and control operating and capital costs.

The electromagnet motor duplicates the reciprocating motion currently created
by pumpjacks, but does it at the bottom of the well, eliminating the rod
strings and surface lifting equipment typically used in oil wells. The Pump’s
power is generated by a magnetic field that causes the magnetic shaft of the
motor to move in a back and forth, or linear, motion. All moving parts are
contained within the submersible housing, allowing the Pump to be placed lower
in the well than traditional rod pumps. Placing pumps lower in a well typically
maximizes “draw down” and increases production.

ABOUT DIVERGENT ENERGY SERVICES CORP.

Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an
array of artificial lift products and services that are used in the oil and gas
industry, including its revolutionary Linear Electric Submersible Pump.
Divergent’s Pump is approaching commercialization and is targeted to replace
traditional oil pumpjacks. Other Divergent products currently in use by its oil
and gas industry customers include Electric Submersible Pumps and Electric
Submersible Progressing Cavity Pumps.

FORWARD LOOKING STATEMENTS

This document contains information that constitutes forward-looking information
and financial outlook within the meaning of applicable securities legislation.
This forward-looking information and financial outlook is identified by the use
of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,”
“estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and
phrases. This information and outlook speaks only as of the date of this
document and we do not undertake to publicly update the forward-looking
information and financial outlook contained in this document except in
accordance with applicable securities laws.

Forward-looking information and financial outlook is based on current
expectations, estimates, projections and assumptions, which we believe are
reasonable but which may prove to be incorrect and therefore such
forward-looking information and financial outlook should not be unduly relied
upon. In addition to other factors and assumptions which may be identified in
this document, assumptions have been made regarding, among other things:
industry activity; the general stability of the economic and political
environment; effect of market conditions on demand for the Company’s products
and services; the ability to obtain qualified staff, equipment and services in
a timely and cost efficient manner; the ability to operate its business in a
safe, efficient and effective manner; the performance and characteristics of
various business segments; the effect of current plans; the timing and costs of
capital expenditures; future oil and natural gas prices; currency, exchange and
interest rates; the regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which the Company operates; and
the ability of the Company to successfully market its products and services.

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 – 12/04/2017

For further information:
Ken Berg
President and Chief Executive Officer
OR
Scott Hamilton
Chief Financial Officer
OR
DIVERGENT Energy Services Corp.
1500, 715 – 5th Ave SW, Calgary, AB T2P 2X6
(403) 543-0060
(403) 543-0069 (FAX)
www.divergentenergyservices.com

COMPANY:
FOR: DIVERGENT ENERGY SERVICES CORP.
TSX VENTURE SYMBOL: DVG

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170412CC0068

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: April 12, 2017Time in: 9:47 AM eAttention:
MONTREAL, QUEBEC–(Marketwired – April 12, 2017) – Valener Inc. (“Valener”)
(TSX:VNR)(TSX:VNR.PR.A) and Gaz Metro Limited Partnership (“Gaz Metro…

FOR: JUST ENERGY GROUP INC.
NYSE SYMBOL: JE
TSX SYMBOL: JE

Date issue: April 12, 2017
Time in: 8:00 AM e

Attention:

TORONTO, ONTARIO–(Marketwired – April 12, 2017) – Just Energy Group, Inc.
(TSX:JE) (NYSE:JE), a leading retail energy provider specializing in
electricity and natural gas commodities, energy efficiency solutions, and
renewable energy options, today announced that Just Energy Cumulative Preferred
Registered Shares Series A (JE PR A) have been added to the S&P U.S. Preferred
Share Index following rebalancing results on April 7th, 2017. The addition of
Just Energy preferred shares will be effective prior to the open of trading on
April 24th, 2017.

The S&P U.S. Preferred Stock Index is designed to serve the investment
community’s need for an investable benchmark representing the U.S. preferred
stock market. The index includes all preferred stocks issued by corporations
and trading on major U.S. exchanges, subject to criteria relating to minimum
size, liquidity and time to maturity.

About Just Energy Group Inc.

Established in 1997, Just Energy is a leading retail energy provider
specializing in electricity and natural gas commodities, energy efficiency
solutions, and renewable energy options. With offices located across the United
States, Canada, the United Kingdom and Germany, Just Energy serves
approximately two million residential and commercial customers providing homes
and businesses with a broad range of energy solutions that deliver comfort,
convenience and control. Just Energy Group Inc. is the parent company of Amigo
Energy, Green Star Energy, Hudson Energy, Just Energy Solar, Tara Energy and
TerraPass. Visit justenergygroup.com to learn more. Also, find us on Facebook
and follow us on Twitter.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements and information.
Forward-looking statements and information in this press release include, but
are not limited to, the redemption of the Debentures and the timing thereof.
These statements are based on current expectations that involve a number of
risks and uncertainties which could cause actual results to differ from those
anticipated. These risks include, but are not limited to general economic and
market conditions, levels of customer natural gas and electricity consumption,
rates of customer additions and renewals, rates of customer attrition,
fluctuations in natural gas and electricity prices, changes in regulatory
regimes, results of litigation and decisions by regulatory authorities,
competition and dependence on certain suppliers. Additional information on
these and other factors that could affect Just Energy’s operations, financial
results or dividend levels are included in Just Energy’s annual information
form and other reports on file with Canadian securities regulatory authorities
which can be accessed through the SEDAR website at www.sedar.com, on the SEC’s
website at www.sec.gov or through Just Energy’s website at
www.justenergygroup.com.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved
nor disapproved of the information contained herein.

– END RELEASE – 12/04/2017

For further information:
Pat McCullough
Chief Financial Officer
Just Energy
713-933-0895
pmccullough@justenergy.com
OR
Michael Cummings
Investor Relations
Alpha IR Group
617-461-1101
michael.cummings@alpha-ir.com

COMPANY:
FOR: JUST ENERGY GROUP INC.
NYSE SYMBOL: JE
TSX SYMBOL: JE

INDUSTRY: Energy and Utilities – Oil and Gas , Financial Services –
Personal Finance
RELEASE ID: 20170412CC0026

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: CANACOL ENERGY LTD.
TSX SYMBOL: CNE
OTCQX SYMBOL: CNNEF
BVC SYMBOL: CNEC

Date issue: April 12, 2017
Time in: 7:00 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 12, 2017) – Canacol Energy Ltd.
(“Canacol” or the “Corporation”) (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to
provide the following update concerning its corporate guidance for 2017.

The Corporation announces that its 2017 capital budget is US$ 89 million, with
forecast realized contractual oil and gas sales anticipated to average between
18,000 and 19,000 barrels of oil equivalent per day (“boepd”). The Corporation
forecasts realized contractual oil and gas sales of approximately 25,000 boepd
in December 2017 upon completion of the new private pipeline connecting
Canacol’s gas processing facility at Jobo to the Promigas export line to
Cartagena.

Charle Gamba, President and CEO of the Corporation, commented “Management’s
three primary goals for the year include:

/T/

1. Achieve gas production of 130 million standard cubic feet per day

(“MMscfpd”) by December 2017 via the construction of a new private gas
pipeline designed to transport 40 MMscfpd of new gas production;
2. Drill three gas exploration wells to continue to build the Corporation’s
gas reserves base at industry leading F&D costs; and
3. Drill two oil exploration wells to increase oil production and satisfy
exploration commitments to the government of Colombia.

/T/

Our main goal for 2017 is lifting gas production to 130 MMscfpd in December
2017 via our new private gas pipeline connecting the Jobo gas processing
facility to the Promigas pipeline to Cartagena at Bremen. The Corporation’s
existing 13 gas wells and gas processing facility are capable of a production
rate of approximately 200 MMscfpd, more than sufficient to fulfill our December
1, 2017 sales contracts of 130 MMscfpd. Work on the new gas pipeline that will
add 100 MMscfpd by late 2018 commenced in October of 2016, and the Special
Purpose Vehicle that will add 40 MMscfpd by late 2017 has already placed the
order for 82 kilometers of pipe, and is completing purchase of the right of way
for the pipeline. Excavation and installation of the pipeline is anticipated to
commence in September 2017, with completion by November 2017 and first gas on
December 1, 2017.

With respect to management’s goal of drilling three gas exploration wells in
2017, the Corporation spud the Canahuate 1 exploration well in March 2017 and
plans to drill two additional gas exploration wells, Toronga 1 and Pandereta 1,
in June and September of 2017, respectively. These three wells are targeting
new reserves and production to allow the Corporation to achieve its production
target of 230 MMscfpd in December 2018 when Promigas completes its second
expansion of the Jobo – Cartagena – Barranquilla pipeline. Canacol in October
of 2016 executed a 100 MMscfpd ship of pay contract with Promigas in regards to
this second pipeline expansion.

With respect to management’s goal of drilling two oil exploration wells in
2017, the Corporation recently announced an oil discovery at Mono Capuchino 1,
which tested at a final rate of 1,013 barrels of oil per day, and has recently
spud the Pumara 1 light oil exploration well with results due in late April
2017. Canacol continues to maintain a large inventory of light oil drill ready
production and exploration opportunities that may accelerate should global oil
prices recover to a sustained level above US$ 50 / bbl.

Budget items include US$ 38 million of drilling related expenditures, US$ 8
million of 3D seismic activities, US$ 22 million on facilities, equipment and
flow line construction as we prepare for significant ramp up in our corporate
gas production, US$ 5 million on well workovers and shale activities, US$ 10
million on social investments, consultations and environmental activities in
preparation of 2018 exploration and production activities, and US$ 3.2 million
for our joint venture in Ecuador. Total budgeted 2017 capital expenditures are
within the Corporation’s anticipated 2017 funds from operations and opening
January 1, 2017 working capital of US$ 65 million.

Canacol is well positioned in 2017 to continue building production and revenues
despite the uncertainty and volatility associated with global oil prices,
especially with a near to midterm global outlook for oil prices of “lower for
longer”. It is important to point out that over 85% of our production revenues
is not subject to global oil price volatility, and that the Corporation’s debt
facility is not subject to redetermination should oil prices fall. This
financial strength, coupled with Canacol’s outstanding exploration drilling and
commercialization record of accomplishment, provides a solid platform to allow
us to reach our targets of 130 MMscfpd of gas production in December 2017. Upon
achieving 230 MMscfpd of gas production in December 2018, Canacol will become
the second largest producer of natural gas in Colombia behind the state oil
company.”

Remaining 2017 Exploration Drilling Program

Canahuate 1 Exploration Well

Esperanza Exploration and Production (“E&P”) Contract
Lower Magdalena Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 100%

The Canahuate 1 exploration well was spud on March 24, 2017. The Canahuate 1
well is located three kilometers (“km”) north of the Corporation’s Jobo gas
processing facility. The well is targeting potential gas-bearing sandstones
within the Cienaga de Oro (“CDO”) Formation. Over the past three years, six of
the seven exploration wells drilled by the Corporation on its gas blocks,
including the Esperanza E&P contract, have resulted in commercial gas
discoveries. The Canahuate 1 well will take approximately six weeks to drill
and test.

Toronja 1 Exploration Well

VIM21 E&P Contract
Lower Magdalena Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 100%

The Toronja 1 exploration well is anticipated to spud in late May 2017, and is
targeting potential gas-bearing sandstones within the shallow Porquero
Formation. The Toronja 1 well is located approximately three kms north of the
Jobo gas processing facility. The well will be the first follow-up exploration
location for the Porquero after the successful outcome of Nelson 6 exploration
well, which confirmed the Porquero as a new commercial play. The well will take
approximately five weeks to drill and test.

Pandereta 1 Exploration Well

VIM5 E&P Contract
Lower Magdalena Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 100%

The Pandereta 1 exploration well is anticipated to spud in September 2017, and
is targeting potential gas-bearing sandstones within the CDO. The Pandereta 1
well is located 13 kms east and on trend with the Corporation’s Clarinete gas
discovery made in 2014 and brought on production in 2015. The Pandereta 1 well
will take approximately six weeks to drill and test.

Pumara 1 Exploration Well

LLA23 E&P Contract
Llanos Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 100%

The Corporation spud the Pumara 1 exploration on March 31, 2017. The Pumara 1
exploration is located three km north of the Labrador field. The well is
targeting light oil bearing reservoirs within the proven producing C7, Mirador,
Gacheta and Ubaque reservoirs. Over the past four years, five of the six
exploration wells drilled by the Corporation on the LLA23 contract have
resulted in commercial producing light oil discoveries. The Pumara 1 well will
take approximately five weeks to drill and test, and if successful can be
placed on immediate permanent production via the Corporation’s oil processing
facilities located at Pointer.

Other 2017 Capital Projects

Guacharaca 3D Seismic Acquisition (VIM5 E&P Contract, Operator (100% WI))

The Corporation plans to acquire 155 km2 of 3D seismic commencing in the fourth
quarter of 2017. The objective of the seismic program is to advance exploration
leads presently defined on 2D seismic data to drill-ready prospects with a view
to supplementing the Corporation’s exploration portfolio of drill-ready
prospects currently defined on existing 3D seismic.

Jobo Plant (Esperanza E&P Contract, Operator (100% WI))

Over the course of the year, process optimization, debottlenecking and
improvements to water treatment and disposal will be undertaken at the
Corporation’s gas processing plant at Jobo. Works will be done to prepare the
plant in advance of the 130 MMscfpd contractual sales effective December 1,
2017.

Flow Line Construction (Esperanza E&P Contract, Operator (100% WI))

Works are underway to tie in 2016 exploration discoveries to the Jobo gas
processing plant including the 18 km Nispero flowline. In addition, a 3.5 km
flowline and a 10.5 km flowline are being installed to tie in development well
Nelson 8 and to loop the existing Betania to Jobo flowline, respectively.

Well Workovers (VMM2 E&P Contract, Non-Operator (40% WI))

Capital allocated to conduct workovers of two existing oil wells at the Mono
Arana field to enhance production performance.

Well Workover (VMM3 E&P Contract, Non-Operator (20% WI)

In the Pico Plata-1 exploration well drilled in 2015, the Corporation allocated
capital to conduct a series of DFITs over intervals in the La Luna shale
identified to be prospective from petrophysical analysis.

Canacol’s forecasted realized contractual oil and gas sales is expected to
average between 18,000 and 19,000 boepd, of which, realized contractual gas
sales is expected to average 85 MMscfpd (14,900 boepd) with an anticipated
average realized price of approximately US$ 5.00 / MMbtu (US$ 28.50 / boe). The
Corporation’s forecasted gas netback is approximately US$ 4.00 / Mscf (US$
22.80 / boe). Average gas price for 2017 has been impacted by the decrease in
the Guajira index (US$ 4.63 / MMbtu for 2017 versus US$ 6.17 / MMbtu for 2016)
that governs the sales contract of 16 MMscfpd to the Cerro Matoso ferronickel
mine. The price of the Guajira index is redetermined annually. Canacol
anticipates Colombian oil production to average approximately 2,500 bopd and
Ecuador oil production to average approximately 1,200 bopd in calendar 2017.

Canacol is an exploration and production company with operations focused in
Colombia, Ecuador, and Mexico. The Corporation’s common stock trades on the
Toronto Stock Exchange, the OTCQX in the United States of America, and the
Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

This press release contains certain forward-looking statements within the
meaning of applicable securities law. Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”,
“believe”, “anticipate”, “estimate” and other similar words, or statements that
certain events or conditions “may” or “will” occur, including without
limitation statements relating to estimated production rates from the
Corporation’s properties and intended work programs and associated timelines.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. The Corporation cannot assure that actual results will be
consistent with these forward looking statements. They are made as of the date
hereof and are subject to change and the Corporation assumes no obligation to
revise or update them to reflect new circumstances, except as required by law.
Prospective investors should not place undue reliance on forward looking
statements. These factors include the inherent risks involved in the
exploration for and development of crude oil and natural gas properties, the
uncertainties involved in interpreting drilling results and other geological
and geophysical data, fluctuating energy prices, the possibility of cost
overruns or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include risks
associated with negotiating with foreign governments as well as country risk
associated with conducting international activities, and other factors, many of
which are beyond the control of the Corporation.

This press release contains non-GAAP measures such as EBITDAX, funds from
operations, working capital, operating netback per barrel and realized
contractual gas sales that do not have any standardized meaning under IFRS and
may not be comparable to similar measures presented by other companies.
Management uses these non-GAAP measures for its own performance measurement and
to provide shareholders and investors with additional measurements of the
Corporation’s performance and financial results.

Realized contractual gas sales is defined as gas produced and sold plus gas
revenues received from nominated take or pay contracts.

Boe conversion – The term “boe” is used in this news release. Boe may be
misleading, particularly if used in isolation. A boe conversion ratio of cubic
feet of natural gas to barrels oil equivalent is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. In this news release, we have expressed
boe using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the
Ministry of Mines and Energy of Colombia.

– END RELEASE – 12/04/2017

For further information:
Investor Relations
214-235-4798
IR@canacolenergy.com
canacolenergy.com

COMPANY:
FOR: CANACOL ENERGY LTD.
TSX SYMBOL: CNE
OTCQX SYMBOL: CNNEF
BVC SYMBOL: CNEC

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170412CC0009

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