Day: April 25, 2017

FOR: MADALENA ENERGY INC.
Date issue: April 25, 2017Time in: 7:18 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 25, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U…

FOR: CANADIAN EQUIPMENT RENTALS CORP.
TSX VENTURE SYMBOL: CFL

Date issue: April 25, 2017
Time in: 7:12 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Canadian Equipment Rentals
Corp. (the “Company”) (TSX VENTURE:CFL) today announced its financial and
operating results for the year ended December 31, 2016.

Highlights

Amounts in the following tables are presented in thousands of dollars, except
for per share amounts and percentages.

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

Three months ended Twelve months ended
December 31 December 31
(in $000s) 2016 2015 2016 2015
—————————————————————————-
Revenue 3,444 2,426 10,598 17,438
Adjusted EBITDA(1,2) 505 959 2,347 10,914
Adjusted EBIT(1,2) (4,065) (1,740) (20,213) (303)
Net loss from continuing
operations (3,106) (16,032) (19,617) (29,520)
Net (loss) income per share from
continuing operations
Basic ($0.08) ($0.44) ($0.49) ($0.81)
Diluted ($0.08) ($0.44) ($0.49) ($0.81)
Dividends declared – – – 5,808
—————————————————————————-
Amounts in table represents continuing operations, which are comprised of
the Energy Services segment and Corporate
(1) Adjusted for severances and business acquisition costs
(2) See Financial Measures Reconciliations below

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SELECT FINANCIAL RESULTS

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— On February 2, 2016, the Company acquired all the outstanding common and

preferred shares of Zedcor Oilfield Rentals Ltd., a private oilfield
equipment rental company with operations in Western Canada. This
transaction added premier equipment rental assets with an average age of
approximately three years and expanded the Company’s geographic
footprint and customer base. The acquisition was financed through a
combination of the issuance of $4.7 million common and preferred shares,
the payout of $12.8 million in debt and the issuance of a subordinated
vendor take-back note with a fair value of $3.7 million.
— On May 6, 2016, the Company completed the acquisition of all the assets
used in the business of Summit Star Energy Services Inc. (“Summit
Star”). The Company issued 1,713,318 common shares for the assets of
Summit Star, which when multiplied by the volume weighted average price
of the common shares of the Company over the 30 preceding trading days
resulted in a stated purchase price of $0.8 million. The market closing
price of $0.40 per share on the acquisition date was used to value the
1,713,318 common shares, resulting in the recorded purchase price of
$0.7 million.
— On November 17, 2016, the Company announced it signed a share purchase
agreement to sell its Waste Management operating segment to a private
Canadian waste management and recycling services company. The
transaction closed December 1, 2016 and net proceeds of $11.5 million
were used to pay down senior debt.
— On January 31, 2017, the Company announced that it had entered into an
asset purchase agreement with Cooper Rentals Canada Inc. to sell all the
assets of 4-Way Equipment Rentals. The transaction closed on February 9,
2017. Net proceeds were used to pay down senior debt. As at December 31,
2016 the assets and liabilities related to the sale were classified as
held for sale and an impairment of $3.9 million was recognized.
— Both the Waste Management and General Rentals segments were classified
as discontinued operations as at December 31, 2016. As a result, their
financial results are reported separately from continuing operations on
the statement of comprehensive income. The comparative statements of
comprehensive income is re-presented as if the operation had been
discontinued from the start of the comparative year.
— Revenues for the quarter ended December 31, 2016 increased by $1.0
million or 42% from $2.4 million to $3.4 million compared to the similar
quarter in 2015. This is attributable to the acquisition of Zedcor
Oilfield Rentals Ltd. in the first quarter of 2016, along with an
increase in utilization rates quarter over quarter.
— Net loss for the quarter ended December 31, 2016 decreased by $12.9
million from a loss of $16.0 million to a loss of $3.1 million compared
to the similar quarter in 2015. Of the $16.0 million loss in the fourth
quarter of 2015, $14.0 million is a result of goodwill impairment
recognized in the Energy Services business due to significant decline in
revenues from that segment.
— Adjusted EBITDA for the quarter ended December 31, 2016 decreased by
$454,000 or 47% from $959,000 to $505,000 compared to the similar
quarter in 2015. This decrease is a result of increased general and
administrative costs due to the acquisition of Zedcor Oilfield Rentals
Ltd.
— For the year ended December 31, 2016, revenues decreased by $6.8 million
or 39% from $17.4 million to $10.6 million compared to the year ended
December 31, 2015. In direct relation, Adjusted EBITDA decreased by $8.6
million from $10.9 million to $2.3 million. Although commodity prices
started to improve slightly in the latter half of the year, the low
crude oil and natural gas price environment continues to have a negative
impact on the oil and gas sector and demand for rental equipment. The
Energy Services segment continued to see historically low rental rates
in 2016.
— During the year the Company decided to sell certain under-utilized and
obsolete rental assets in both the General Rentals and Energy Services
segment. An impairment of $5.6 million was recognized in the first
quarter and an additional impairment of $2.4 million was recognized in
the third quarter. As at December 31, 2016 all under-utilized equipment
held for sale had been sold.
— For the both the quarter ended September 30, 2016 and December 31, 2016,
the Company was in breach of its financial leverage and interest
coverage covenants as defined in the April 28, 2016 Third Amending
Credit Agreement, which resulted in a default of the senior credit
covenants. See further details in Liquidity and Capital Resources
section below.

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SELECT OPERATING RESULTS

Energy Services Division

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— The Energy Services segment includes the aggregate operations of TRAC

Energy Services Ltd. and Zedcor, which now operates as Zedcor Energy
Services Corp. and represents 100% of the Company’s continuing
operations.
— For the quarter ended December 31, 2016, Energy Services revenues
increased by $1.0 million or 42% compared to the similar period in 2015.
This revenue increase is due in part to the acquisition of Zedcor
Oilfield Rentals Ltd. and in part to improved utilization rates.
— Direct operating costs, excluding depreciation, were reduced by
$258,000, or 15%, for the quarter ended December 31, 2016 compared to
the quarter ended December 31, 2015 due to numerous cost saving
initiatives. These cost saving initiatives included reduction of
headcount, reduced labor hours, a 5% division wide salary decrease and
consolidation of operating facilities. Quarter over quarter depreciation
expense increased by $0.8 million due to the aggregate $23.5 million
Zedcor Oilfield Rentals Ltd. and Summit Star fixed asset acquisitions
early in 2016.
— The resulting margin for the quarter ended December 31, 2016, increased
to 1% compared to negative 34% for the comparative quarter in 2015.
— For the year ended December 31, 2016, revenues declined by $6.8 million
or 39% compared to the year ended December 31, 2015, due to
significantly depressed day rates resulting from increased competition
arising from reduced industry activity.
— For the year ended December 31, 2016, direct costs excluding
depreciation decreased by $5.8 million or 55% from $10.3 million in 2015
to $4.6 million in 2016. This was a direct result of decreased revenue
and cost saving initiatives.
— Depreciation for the year ended December 31, 2016 increased by $1.8
million from $6.0 million to $7.8 million compared to the year ended
December 31, 2015. The increase in depreciation is a result of the
increase in asset base from the acquisition of Zedcor Oilfield Rentals
and Summit Star assets. As a result margins for the year ended December
31, 2016 decreased to negative 16% compared to 6% for December 31, 2015.

/T/

General Rentals Division

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— For the year ended December 31, 2016 and 2015, the General Rentals

segment has been classified as a discontinued operation in the statement
of comprehensive income. General rentals revenue represented 25% of
total revenues of the Company for the quarter and year ended December
31, 2016.
— For the quarter ended December 31, 2016, General Rental revenue declined
by $1.7 million or 48% compared to the quarter ended December 31, 2015.
For the year ended December 31, 2016, revenue decreased similarly by 50%
compared to the year ended 2015. The decrease results from the overall
weak Alberta economy driven by significant declines in oil and gas
prices which has negatively affected industrial activity and increased
competition from new entrants into the local market. For the General
Rentals segment, this has specifically reduced utilization of the
equipment fleet and depressed day rate pricing because of lower demand
for industrial rental equipment coupled with increased competition. Weak
demand for equipment and high competition from other service providers
with idle assets led to aggressive pricing measures, decreasing
operating margins year over year.
— Direct costs and depreciation of operating assets decreased by 40% for
the quarter ended December 31, 2016 and 33% for the year ended December
31, 2016, as a direct result of the decrease in revenues for the same
quarter. Depreciation expense for the quarter ended December 31, 2016
decreased by $162,000 or 16% over the same period in 2015 resulting from
the sale of underutilized assets during the year.

/T/

Waste Management Division

/T/

— For the years ended December 31, 2016 and 2015, the Waste Management

segment has been classified as a discontinued operation in the statement
of comprehensive income. The segment was sold on December 1, 2016,
therefore the results reported are for the two months ended November 30,
2016 and the eleven months ended November 30, 2016. As the Waste
Management segment was classified as held for sale on September 30,
2016, no depreciation was recognized for October and November 2016
resulting in lower depreciation of operating assets and higher margins
for 2016.

/T/

SELECTED QUARTERLY FINANCIAL INFORMATION

/T/

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

Dec Sept June Mar
31 30 30 31
(Unaudited – in $000s) 2016 2016 2016 2016
—————————————————————————-
Revenue 3,444 2,374 1,469 3,311
Net income (loss) from
continuing operations (3,106) (8,680) (4,683) (3,148)
Net income (loss) from
discontinued operation (3,062) (904) (92) (954)
Adjusted EBITDA(1) 505 461 294 1,131
Adjusted EBITDA per share
– basic(1) 0.01 0.01 0.01 0.03
Net income (loss) per share from
continuing operations
Basic (0.08) (0.21) (0.12) (0.08)
Diluted (0.08) (0.21) (0.12) (0.08)
Net income (loss) per share from
discontinued operation
Basic (0.07) (0.02) 0.00 (0.02)
Diluted (0.07) (0.02) 0.00 (0.02)
Adjusted free cash flow(1) 386 (1,807) 1,011 3,112
—————————————————————————-
—————————————————————————-
(1 ) See Financial Measures Reconciliations below

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

Dec Sept June Mar
31 30 30 31
(Unaudited – in $000s) 2015 2015 2015 2015
—————————————————————————-
Revenue 2,426 2,954 2,384 9,673
Net income (loss) from
continuing operations (16,032) (12,893) (1,387) 1,150
Net income (loss) from
discontinued operation (659) 254 (579) 453
Adjusted EBITDA(1) 959 3,012 1,274 6,048
Adjusted EBITDA per share
– basic(1) 0.03 0.08 0.03 0.17
Net income (loss) per share from
continuing operations
Basic (0.44) (0.35) (0.04) 0.03
Diluted (0.44) (0.35) (0.04) 0.03
Net income (loss) per share from
discontinued operation
Basic (0.02) 0.01 (0.02) 0.01
Diluted (0.02) 0.01 (0.02) 0.01
Adjusted free cash flow(1) (6) (690) 2,675 3,442
—————————————————————————-
—————————————————————————-
(1 ) See Financial Measures Reconciliations below

/T/

LIQUIDITY AND CAPITAL RESOURCES

On April 28, 2016, the Company’s Syndicated Bank Credit Facility was amended
under the Third Amending Agreement to amend the Debt to EBITDA and Interest
Coverage ratios as follows.

/T/

Mar 31 June 30 Sept 30 Dec 31 Mar 31
Third Amending Agreement 2016 2016 2016 2016 2017 Thereafter
—————————————————————————-
Debt/EBITDA 5.75:1 5.50:1 5.50:1 4.00:1 3.50:1 3.00:1
Interest Coverage 3.25:1 3.25:1 2.50:1 2.75:1 3.25:1 3.50:1

/T/

For the quarter ended September 30, 2016, the Company was in breach of its
financial leverage and interest coverage covenants included in the April 28,
2016 Third Amending Credit Agreement. A breach constitutes an event of default
under the Agreement, which provides the lenders several alternatives including
a waiver of the breach, an amendment to the Agreement to reset the covenants or
a requirement to repay the borrowings.

On November 24, 2016, the Company signed a Fourth Amending Agreement in which
the lenders agreed to forbear from demanding repayment or enforcing its
security under the Agreement. Under the terms of the amending agreement the
authorized amount of the revolving facility was reduced to $46.1 million, while
the authorized amount of the revolving capex facility remained $6.5 million.

On December 15, 2016 the Company’s Syndicated Bank Credit Facility was amended
under the Fifth Amending agreement. The fifth amending agreement included a
reduction in the revolving facility amount from $46 million to $32.5 million
and cancellation of the term facility commitment and operating facility.

Interest payable on all loans drawn under the credit facilities will range from
bank prime rate plus 300 bps to bank prime rate plus 600 bps depending on the
Company’s Debt to EBITDA ratio. Under the terms of the Fifth Amending Credit
Agreement, the Company was not in compliance of its financial leverage and
interest coverage covenants as at December 31, 2016 and all debt held with the
creditors is classified as current.

On February 16, 2017, the Company’s Syndicated Credit Facility was amended
under the Sixth Amending Agreement in which the lenders agree to forbear from
demanding repayment or enforcing its security under the agreement until April
28, 2017.

On April 21, 2017, the Company entered into a Loan and Security Agreement with
a new lender. The Loan and Security Agreement in the amount of $20.4 million
will be used to repay the existing Syndicated Credit Facility, will bear
interest at a rate of 12.75% and has a term of 12 months with an option to
extend for an additional 12 months at the satisfaction of the lender. The Loan
and Security Agreement will be serviced by six months of interest only
payments, followed by six months of blended principal and interest payments.
The Loan and Security Agreement does not require quantitative financial
covenants, but imposes restrictions on the Loan’s collateral, being the
property and equipment of the Company. The Company shall issue the lender share
purchase warrants entitling the lender to acquire common shares in the Company
representing approximately 6.5% of the fully diluted equity at the time of
exercise, at an exercise price of $0.25 per warrant. The warrants will expire
90 days after the term of the loan.

OUTLOOK

2016 has been a pivotal year for Canadian Equipment Rentals Corp. The
acquisition of Zedcor Oilfield Rentals Ltd. (“Zedcor”) and the subsequent
divestitures of MCL Waste Systems & Environmental Inc. and 4-Way Equipment
Rentals Corp., has repositioned the Company as one of the leading oilfield
surface equipment rental companies in the Western Canadian Sedimentary Basin.

As previously announced, the Company has signed a new Loan and Security
Agreement, the proceeds of which will be used to repay the existing lenders. In
conjunction with this refinancing, the Company is retiring $2.5 million of the
Vendor Take Back Note in exchange for 10 million common shares. With this
transaction and the refinancing, the directors of the Company will be
appointing two new directors who will be of great value to the Company.

Through the restructuring efforts over the past six months, including
significant reductions in headcount at the executive level and reductions in
associated discretionary spending, the Company now has a lean operating
structure that can support the full utilization of the existing rental asset
base. This structure, coupled with superior operational performance, service
quality and a best-in-class equipment rental fleet are instrumental to
maintaining and growing market share.

Drilling activity through the first quarter of 2017 has been stronger than
expected which in turn has resulted in improved utilization. Activity in the
second quarter of 2017 currently appears to also be stronger than the same
period in the prior year. This improvement in demand for rental equipment
should begin to drive improvements in equipment rental rates.

The Company continues to expand its market reach and customer base from beyond
its traditional upstream energy services customers to new industry segments
including industrial facilities and pipeline construction. This should lead to
more diversity in its revenue streams and increase the utilization of existing
rental equipment by penetrating new market segments that are less affected by
seasonal fluctuations.

NON-IFRS MEASURES RECONCILIATION

The Company uses certain measures in this MD&A which do not have any
standardized meaning as prescribed by International Financial Reporting
Standards (“IFRS”). These measures which are derived from information reported
in the consolidated statements of operations and comprehensive income may not
be comparable to similar measures presented by other reporting issuers. These
measures have been described and presented in this MD&A in order to provide
shareholders and potential investors with additional information regarding the
Company.

Investors are cautioned that EBITDA, adjusted EBITDA and adjusted EBITDA per
share, adjusted free cash flow and payout ratio are not acceptable alternatives
to net income or net income per share, a measurement of liquidity, or
comparable measures as determined in accordance with IFRS.

EBITDA and Adjusted EBITDA

EBITDA refers to net income before finance costs, income taxes, depreciation,
amortization, and gains or losses on disposal of property and equipment.
Adjusted EBITDA is calculated as EBITDA before costs associated with business
acquisition costs and share based compensation. These measures do not have a
standardized definition prescribed by IFRS and therefore may not be comparable
to similar captioned terms presented by other issuers.

Management believes that EBITDA and Adjusted EBITDA are useful measures of
performance as they eliminate non-recurring items and the impact of finance and
tax structure variables that exist between entities. “Adjusted EBITDA per share
– basic” refers to Adjusted EBITDA divided by the weighted average basic number
of shares outstanding during the relevant periods.

A reconciliation of net income to Adjusted EBITDA is provided below:

/T/

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

Three months ended Twelve months ended
December 31 December 31
(in $000s) 2016 2015 2016 2015
—————————————————————————-
Net loss from continuing
operations (3,106) (16,032) (19,617) (29,520)
Add:
Finance costs 327 119 1,046 397
Depreciation 2,932 1,505 7,887 6,119
Amortization of intangibles 165 357 661 1,427
Impairment of property and
equipment 21 – 7,822 –
Impairment of intangibles and
goodwill – 13,983 – 26,529
Loss on sale of equipment 672 – 9,878 –
Purchase gain – – (2,664) –
Income taxes (recovery) (1,246) (847) (7,126) (1,726)
Discontinued operation 244 896 2,190 6,342
—————————————————————————-
EBITDA 9 (19) 77 9,568
—————————————————————————-
Add:
Stock based compensation 15 38 136 151
Severance costs 481 923 1,662 1,133
Business acquisition costs – 17 472 62
—————————————————————————-
Adjusted EBITDA 505 959 2,347 10,914
—————————————————————————-
—————————————————————————-

/T/

Adjusted EBIT

Adjusted EBIT refers to earnings before interest and finance charges, taxes,
amortization, impairment of intangibles, purchase gain, other gain, severance
costs and business acquisition costs.

A reconciliation of net income to Adjusted EBIT is provided below:

/T/

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

Three months ended Twelve months ended
December 31 December 31
(in $000s) 2016 2015 2016 2015
—————————————————————————-
Net loss from continuing
operations (3,106) (16,032) (19,617) (29,520)
Add:
Finance costs 327 119 1,046 397
Amortization of intangibles 165 357 661 1,427
Impairment of property and
equipment 21 – 7,822 –
Impairment of intangibles and
goodwill – 13,983 – 26,529
Purchase gain – – (2,664) –
Income taxes (recovery) (1,246) (847) (7,126) (1,726)
Severance costs 478 845 1,156 903
Business acquisition costs – 17 472 62
Discontinued operation (704) (182) (1,963) 1,625
—————————————————————————-
Adjusted EBIT (4,065) (1,740) (20,213) (303)
—————————————————————————-
—————————————————————————-

/T/

No Conference Call

No conference call will be held in conjunction with this release. Full details
of the Company’s financial results, in the form of the consolidated financial
statements and notes for the year ended December 31, 2106 and Management’s
Discussion and Analysis of the results are available on SEDAR at www.sedar.com
and on the Company’s website at www.cercorp.ca.

About Canadian Equipment Rentals Corp.

Canadian Equipment Rentals Corp. is a Canadian public corporation and parent
company to Zedcor Energy Services Corp. (“Zedcor”). Zedcor is engaged in the
rental of surface equipment and accommodations to the Western Canadian Oil and
Gas Industry. The Company trades on the TSX Venture Exchange under the symbol
“CFL”.

FORWARD-LOOKING STATEMENTS

Certain statements included or incorporated by reference in this press release
constitute forward-looking statements or forward-looking information, including
management’s belief that improvement in demand should begin to drive
improvements in equipment rental rates and that the expanded market reach and
customer base will lead to more diversity in the Company’s revenue stream and
increase utilization. Forward-looking statements or information may contain
statements with the words “anticipate”, “believe”, “expect”, “plan”, “intend”,
“estimate”, “propose”, “budget”, “should”, “project”, “would have realized’,
“may have been” or similar words suggesting future outcomes or expectations.
Although the Company believes that the expectations implied in such
forward-looking statements or information are reasonable, undue reliance should
not be placed on these forward-looking statements because the Company can give
no assurance that such statements will prove to be correct. Forward-looking
statements or information are based on current expectations, estimates and
projections that involve a number of assumptions about the future and
uncertainties. These assumptions include that the Company’s cost cutting
measures that have been implemented will protect future margins and that the
Company’s lean operations will protect against profound down swings in the
economic environment. Although management believes these assumptions are
reasonable, there can be no assurance that they will be proved to be correct,
and actual results will differ materially from those anticipated. For this
purpose, any statements herein that are not statements of historical fact may
be deemed to be forward-looking statements. The forward-looking statements or
information contained in this press release are made as of the date hereof and
the Company assumes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new contrary
information, future events or any other reason, unless it is required by any
applicable securities laws. The forward-looking statements or information
contained in this press release are expressly qualified by this cautionary
statement.

Neither 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 – 25/04/2017

For further information:
Canadian Equipment Rentals Corp.
Ken Olson
Chief Financial Officer
(403) 930-5434
kolson@cercorp.ca

COMPANY:
FOR: CANADIAN EQUIPMENT RENTALS CORP.
TSX VENTURE SYMBOL: CFL

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170425CC0104

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: ATCO LTD.
TSX SYMBOL: ACO.X
TSX SYMBOL: ACO.Y

Date issue: April 25, 2017
Time in: 7:03 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Today, ATCO announced that
it has been awarded two new permanent modular structures projects in the
education sector, continuing the company’s successful track record of growing
and diversifying its global operations. Leveraging its 70-year history as a
pioneer in temporary and permanent modular construction, ATCO will construct 57
classrooms for the Victoria Department of Education and Training in Australia
and a 130-student permanent modular dormitory for Trinity Western University in
Langley B.C.

“By reigniting our imaginations and refocusing our efforts on expanding our
global footprint, we are creating opportunities to deliver innovative products
and services to customers,” said Steve Lockwood, President & Chief Operating
Officer, ATCO Structures & Logistics. “These projects demonstrate how we are
diversifying our business into various new industries that are experiencing
rapid growth and seek rapid deployment of easily installed, expandable
facilities.”

The award of 57 modular classroom buildings with the State of Victoria’s
Department of Education and Training in Australia is part of a larger
opportunity to supply and install new classrooms, refurbish existing classroom
fleet, demolish and remove redundant buildings and transfer buildings from one
school to another. All 57 buildings will be manufactured prior to the end of
June 2017 and installation will begin once the classrooms are allocated to
eligible schools in September 2017. This program enables the Victoria
Department of Education and Training to manage fluctuations in enrollment
growth throughout the state school system.

ATCO also received a notice to proceed in British Columbia for the design and
build of a 130-student dormitory at Trinity Western University in the first
quarter of 2017. The facility is scheduled for completion by September 2017.
The three-storey dorm is being designed for expansion to accommodate future
growth. Drawing upon the integrated energy expertise of its people, ATCO will
also upgrade the site’s electrical infrastructure.

With approximately 7,000 employees and assets of $20 billion, ATCO is a
diversified global corporation delivering service excellence and innovative
business solutions in Structures & Logistics (workforce housing, innovative
modular facilities, construction, site support services, and logistics and
operations management); Electricity (electricity generation, transmission, and
distribution); Pipelines & Liquids (natural gas transmission, distribution and
infrastructure development, energy storage, and industrial water solutions);
and Retail Energy (electricity and natural gas retail sales). More information
can be found at www.ATCO.com.

– END RELEASE – 25/04/2017

For further information:
Media Inquiries:
Spencer Forgo
Manager, External Communications
(403) 662-8467

COMPANY:
FOR: ATCO LTD.
TSX SYMBOL: ACO.X
TSX SYMBOL: ACO.Y

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Utilities, Manufacturing and Production – Packaging and Containers,
Energy and Utilities – Pipelines
RELEASE ID: 20170425CC0103

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: PENGROWTH ENERGY CORPORATION
TSX SYMBOL: PGF
NYSE SYMBOL: PGH

Date issue: April 25, 2017
Time in: 5:10 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) (the “Company” or “Pengrowth”) today announced that it has
entered into an agreement for the sale of the remaining portion of its Swan
Hills assets in North Central Alberta for total cash consideration of $185
million, subject to customary closing conditions and adjustments.

The divested assets generated average daily production of approximately 5,150
barrels of oil equivalent per day (boe per day) (weighted approximately 94
percent towards liquids) during the fourth quarter of 2016 and had Proved plus
Probable reserves of 21.0 million boe assigned to them as at December 31, 2016,
according to the independent reserve evaluators GLJ Petroleum Consultants Ltd.

This transaction essentially completes Pengrowth’s exit from the Swan Hills
area and provides the company with additional financial flexibility to further
reduce indebtedness. When combined with the $522 million of proceeds from the
previously announced Lindbergh GORR, Swan Hills and Bernadet asset sales, the
$185 million of proceeds from this sale of the remaining Swan Hills assets
result in total disposition proceeds of $707 million to date in 2017.

The effective date of the sale is January 1, 2017 and closing is expected to
occur on May 31, 2017, subject to the receipt of all necessary regulatory
approvals and the satisfaction of other customary closing conditions.

The Company expects to use the proceeds from this sale to further reduce its
indebtedness, including prepaying the remaining outstanding US $100 million
(equivalent Cdn $134 million) of the 6.35% senior term notes which are
scheduled to mature on July 26, 2017. The prepayment is expected to be
completed before the end of the second quarter following which the Company will
have no further term debt due until August 2018.

Upon closing of all announced dispositions and application of proceeds to debt
repayment, Pengrowth’s debt would fall to approximately Cdn $700 million,
representing a decline in debt levels of approximately 60 percent since
December 31, 2016.

The sale of the remaining Swan Hills assets is expected to impact full year
2017 average production guidance by approximately 3,400 boe per day, resulting
in revised 2017 production to be between 43,500 and 45,500 boe per day. The
remaining changes to 2017 guidance resulting from the sale are outlined in the
table below:

/T/

—————————————————————————-

Previous Guidance Date Guidance
—————————————————————————-
Average daily production (boe per day) 47,000 to 49,000 43,500 to 45,500
—————————————————————————-
Total capital expenditures ($ millions) 125 125
—————————————————————————-
Funds flow from operations(1)($
millions) 170 160
—————————————————————————-
Royalties(2) (% of sales) 9.0 9.0
—————————————————————————-
Operating costs(3) ($ per boe) 13.00 to 13.50 13.00 to 13.50
—————————————————————————-
Cash G & A(3)($ per boe) 3.50 to 4.00 3.50 to 4.00
—————————————————————————-
1. Based on a WTI crude oil price of US $55.00/bbl, an AECO natural gas
price of Cdn $3.25/Mcf and a $0.74 USD/Cdn exchange rate
2. Royalties are before impacts of commodity risk management activities
3. Per boe estimates based on high and low ends of production guidance

/T/

2017 Hedging Update

Prior to the recent strengthening in crude oil prices, Pengrowth elected to
cancel its 2017 light oil risk management contracts it had in place and
presently has no oil production hedged. The Company also entered into new
natural gas risk management contracts to provide downside protection against
potential declines in natural gas prices. As at March 31, 2017, the Company had
the following risk management contracts in place for the remainder of 2017:

/T/

——————————
Natural Gas Q2, 2017 Q3 2017 Q4 2017
—————————————————————————-
Volumes (MMcf/d) 58.3 58.3 22.8
—————————————————————————-
Fixed AECO price (Cdn$/Mcf) $2.72 $2.72 $2.82
—————————————————————————-

/T/

First Quarter 2017 Conference Call

Pengrowth intends to release its first quarter results for the period ending
March 31, 2017 on Tuesday, May 2, 2017, following the close of equity markets.
A conference call and listen only audio webcast will be held, beginning at 6:30
A.M. Mountain Time (MT) on Wednesday, May 3, 2017, during which management will
review Pengrowth’s results and respond to questions from the analyst community.

To ensure timely participation in the teleconference, callers are encouraged to
dial in 10 minutes prior to the start of the call to register.

Dial-in numbers:

Toll free: (844) 358-9179 or International (478) 219-0186

Live listen only audio webcast: http://edge.media-server.com/m/p/6qtxx6m4

The call will be recorded and available for playback shortly after the
conclusion of the meeting using the following dial-in numbers:

(855) 859-2056 or (800) 585-8367

Conference ID: 7764789

Advisors

BMO Capital Markets Inc. acted as financial advisors to Pengrowth on the
transaction.

About Pengrowth:

Pengrowth Energy Corporation is a Canadian intermediate energy company focused
on the sustainable development and production of oil and natural gas in Western
Canada. The Company is headquartered in Calgary, Alberta, Canada and has been
operating in the Western basin for over 28 years. The Company’s shares trade on
both the Toronto Stock Exchange under the symbol “PGF” and on the New York
Stock Exchange under the symbol “PGH”.

PENGROWTH ENERGY CORPORATION

Derek Evans, President and Chief Executive Officer

Advisories:

Currency:

All amounts are stated in Canadian dollars unless otherwise specified.

Advisory Regarding Reserves and Production Information

All reserves and production information herein is based upon Pengrowth’s
company interest (Pengrowth’s working interest share of reserves or production
plus Pengrowth’s royalty interest, being Pengrowth’s interest in production and
payment that is based on the gross production at the wellhead), before
deduction of royalty obligations and using GLJ’s January 1, 2017 forecast
prices and costs as disclosed herein. Numbers presented may not add due to
rounding.

Caution Regarding Engineering Terms:

When used herein, the term “boe” means barrels of oil equivalent on the basis
of one boe being equal to one barrel of oil or NGLs or 6,000 cubic feet of
natural gas (6 mcf: 1 bbl). Barrels of oil equivalent may be misleading,
particularly if used in isolation. A conversion ratio of six mcf of natural gas
to one boe is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.

Caution Regarding Forward Looking Information:

In the interest of providing our shareholders and potential investors with
information regarding us, including management’s assessment of our future plans
and operations, certain statements in this press release are forward-looking
statements within the meaning of securities laws, including the “safe harbour”
provisions of the Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking information is often,
but not always, identified by the use of words such as “anticipate”, “believe”,
“expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”,
“will”, “should”, “could”, “estimate”, “predict” or similar words suggesting
future outcomes or language suggesting an outlook. Forward-looking statements
in this press release include, but are not limited to, expected disposition
proceeds and the application thereof to reduce indebtedness; anticipated
prepayment of remaining term debt due in 2017 and no term debt due until August
2018 following such prepayment; proforma indebtedness, anticipated closing date
and expected 2017 average daily production, capital expenditures, funds flow
from operations, royalties, operating costs and cash G&A. Forward-looking
statements and information are based on current beliefs as well as assumptions
made by and information currently available to Pengrowth concerning anticipated
financial performance, business prospects, strategies and regulatory
developments. Although management considers these assumptions to be reasonable
based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks that predictions,
forecasts, projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these statements as
a number of important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations and anticipations,
estimates and intentions expressed in such forward-looking statements. These
factors include, but are not limited to: changes in general economic, market
and business conditions; the volatility of oil and gas prices; fluctuations in
production and development costs and capital expenditures; the imprecision of
reserve estimates and estimates of recoverable quantities of oil, natural gas
and liquids; Pengrowth’s ability to replace and expand oil and gas reserves;
geological, technical, drilling and processing problems and other difficulties
in producing reserves; environmental claims and liabilities; incorrect
assessments of value when making acquisitions; increases in debt service
charges; the loss of key personnel; the marketability of production; defaults
by third party operators; unforeseen title defects; fluctuations in foreign
currency and exchange rates; fluctuations in interest rates; inadequate
insurance coverage; compliance with environmental laws and regulations; actions
by governmental or regulatory agencies, including changes in tax laws;
Pengrowth’s ability to access external sources of debt and equity capital; the
impact of foreign and domestic government programs and the occurrence of
unexpected events involved in the operation and development of oil and gas
properties. Further information regarding these factors may be found under the
heading “Business Risks” in our most recent management’s discussion and
analysis and under “Risk Factors” in our Annual Information Form dated February
28, 2017.

The foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions, investors and
others should carefully consider the foregoing factors and other uncertainties
and potential events. Furthermore, the forward-looking statements contained in
this press release are made as of the date of this press release, and Pengrowth
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable laws. The
forward-looking statements contained in this press release are expressly
qualified by this cautionary statement.

– END RELEASE – 25/04/2017

For further information:
Wassem Khalil
Manager, Investor Relations
Toll free 1-855-336-8814
OR
Pengrowth
www.pengrowth.com
Investor Relations
E-mail: investorrelations@pengrowth.com

COMPANY:
FOR: PENGROWTH ENERGY CORPORATION
TSX SYMBOL: PGF
NYSE SYMBOL: PGH

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170425CC0095

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: VANTAGE DRILLING INTERNATIONAL
Date issue: April 25, 2017Time in: 5:00 PM eAttention:
HOUSTON, TX–(Marketwired – April 25, 2017) – Vantage Drilling International
(“Vantage” or the “Company”) today announced that it will host a conference
call at…

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

Date issue: April 25, 2017
Time in: 4:30 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Canacol Energy Ltd.
(“Canacol” or the “Corporation”) (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to
announce that it has purchased Pacific Exploration and Production’s (“PEP”) 50%
operated interest in the SSJN7 Exploration and Production (“E&P”) Contract for
a consideration of the assumption of contractual exploration obligations to the
Agencia Nacional de Hidrocarburos (“ANH”), Colombia’s resource administrator.
The agreement is subject to approval by the ANH, which the Corporation expects
to receive within the next 3 to 6 months.

Charle Gamba, President and CEO of Canacol, commented, “The low cost
acquisition of the SSJN7 block continues the consolidation of our core operated
gas exploration and production area in the Lower Magdalena Valley basin,
following the purchase of Shona’s interests in the Esperanza and VIM21 blocks
in 2012, and of OGX’s interests in the VIM5 and VIM19 blocks in 2014. Our
consolidation efforts over the past four years have been both low cost and
successful, with our exploration efforts on those blocks yielding six
commercial gas discoveries containing 318 billion cubic feet of 3P reserves as
represented by the Corporation’s reserve auditors since 2014.

The SSJN7 block occupies a prime central position within our core gas
exploration area, with the block flanked both to the north and to the south by
large producing gas fields and historic commercial gas fields discovered on the
block itself. SSJN7 is located along both the Cienaga de Oro (CDO) and the
Porquero exploration gas play fairways that our management team knows well,
having drilled six commercial gas discoveries in the past four years into these
fairways on the adjacent operated blocks. The block is also situated along the
route of both the existing Promigas pipeline and the planned route for the new
gas pipeline that Canacol is building via a Special Purpose Vehicle. This
ensures that when gas is found on the SSJN7 block it will be quickly and
efficiently commercialized.”

SSJN7 E&P Contract
CNE Oil and Gas S.A.S, 50% Operated WI
335,000 net acres

The SSJN7 Contract is situated between the VIM 5 and VIM19 E&P contracts where
Canacol has a 100% operated working interest acquired from OGX in 2014 (Figure
1). The SSJN7 block is 669,000 gross acres in size, and increases Canacol’s net
exploration acreage position 43% from 785,000 acres to 1,120,000 acres within
the most prolific gas prone and productive part of the Lower Magdalena Valley
basin.

The SSJN7 block is situated along both of the proven and productive CDO and
Porquero gas play fairways, as evidenced by the position of large producing gas
fields both to the north and to the south of the block. Historically, a number
of exploration wells have been drilled, and two commercial discoveries in the
CDO were developed on the block, namely the Chinu (1956) and El Deseo (1989)
fields. At present, Canacol management have identified a number of leads based
on the limited 2D seismic coverage on the block. As part of the future plans
for the block the Corporation will reprocess the existing 2D seismic data
utilizing seismic processing and interpretation techniques to identify
gas-filled reservoirs. The Corporation expects to high-grade prospective areas
on the block for the acquisition of additional 2D and 3D seismic data to
advance the leads to prospect status, and to identify additional leads and
prospects. The Corporation expects to acquire new seismic and drill an
exploration well in the next 18 months.

To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/Canacol425b.jpg

Canacol is an exploration and production company with operations 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, gas pipelines, 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.

Definitions
Resource definitions, including those set out below, are as specified by NI
51-101, including by reference to CSA Staff Notice 51-324 – Glossary to NI
51-101 Standards of Disclosure for Oil and Gas Activities and the COGE Handbook.

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.

“3P” means Total Proved + Probable + Possible

“Proved reserves” are those reserves that can be estimated with a high degree
of certainty to be recoverable. It is likely that the actual remaining
quantities recovered will exceed the estimated proved reserves;

“Probable reserves” are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves;

“Possible reserves” means those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual remaining
quantities recovered will exceed the sum of the estimated proved plus probable
plus possible reserves;

– END RELEASE – 25/04/2017

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

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

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170425CC0087

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: PRAIRIESKY ROYALTY LTD.TSX SYMBOL: PSKDate issue: April 25, 2017Time in: 4:01 PM eAttention:
CALGARY, ALBERTA–(Marketwired – April 25, 2017) – PrairieSky Royalty Ltd.
(“PrairieSky” or the “Company”) (TSX:PSK) is pleased to announce that its
shar…

FOR: ATHABASCA OIL CORPORATION
TSX SYMBOL: ATH

Date issue: April 25, 2017
Time in: 3:56 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Athabasca Oil Corporation
(TSX:ATH) (“Athabasca” or the “Company”) is pleased to announce that all
matters presented for approval at the Annual General and Special Meeting of
Shareholders held April 25, 2017 have been fully authorized and approved. The
items on the agenda included fixing the number of directors to be elected at
six, electing six proposed director nominees, approval of the performance award
plan and appointment of Ernst & Young LLP as auditors.

The results of the voting, inclusive of all votes casts and proxies received
for each director nominee, which was conducted by ballot, are as follows:

/T/

—————————————————————————-

Nominee Votes For Votes Withheld
————————————————————
No. % No. %
—————————————————————————-
Ronald Eckhardt 267,606,495 75.32 87,695,731 24.68
—————————————————————————-
Bryan Begley 264,110,910 74.33 91,191,316 25.67
—————————————————————————-
Robert Broen 311,477,358 87.67 43,824,868 12.33
—————————————————————————-
Carlos Fierro 263,831,664 74.26 91,470,562 25.74
—————————————————————————-
Marshall McRae 289,700,459 81.54 65,601,767 18.46
—————————————————————————-
Henry Sykes 291,227,078 81.97 64,075,148 18.03
—————————————————————————-

/T/

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy
on the development of thermal and light oil assets. Situated in Alberta’s
Western Canadian Sedimentary Basin, the Company has amassed a significant land
base of extensive, high quality resources. Athabasca’s common shares trade on
the TSX under the symbol “ATH”. For more information, visit www.atha.com.

– END RELEASE – 25/04/2017

For further information:
Media and Financial Community
Matthew Taylor
Vice President, Capital Markets and Communications
1-403-817-9104
mtaylor@atha.com

COMPANY:
FOR: ATHABASCA OIL CORPORATION
TSX SYMBOL: ATH

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170425CC0085

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: ENCANA CORPORATION
TSX Symbol: ECA
NYSE Symbol: ECA

Date issue: April 25, 2017
Time in: 11:30 AM e

Attention:

CALGARY, AB –(Marketwired – April 25, 2017) – (TSX: ECA) (NYSE: ECA)

Encana Corporation will release its 2017 first quarter results and hold its
Annual Meeting of Shareholders on Tuesday, May 2, 2017. The news release
detailing Encana’s 2017 first quarter results will provide operating and
financial information. Financial statements will be available on the company’s
website.

A conference call and webcast to discuss the 2017 first quarter results will
be held for the investment community the same day at 7 a.m. MT (9 a.m. ET). To
participate, please dial (844) 707-0663 (toll-free in North America) or (703)
326-3003 (international) approximately 10 minutes prior to the conference
call.

The Annual Meeting of Shareholders will be held at the BMO Centre, Palomino
Room, 20 Roundup Way S.E., Calgary, Alberta, beginning at 10 a.m. MT (12 p.m.
ET).

Live audio webcasts of the first quarter conference call and the Annual
Meeting of Shareholders, including slides, will also be available on Encana’s
website, www.encana.com, under Investors/Presentations & Events. The webcasts
will be archived for approximately 90 days.

Encana Corporation

Encana is a leading North American energy producer that is focused on
developing its strong portfolio of resource plays, held directly and
indirectly through its subsidiaries, producing natural gas, oil and natural
gas liquids (NGLs). By partnering with employees, community organizations and
other businesses, Encana contributes to the strength and sustainability of the
communities where it operates. Encana common shares trade on the Toronto and
New York stock exchanges under the symbol ECA.

SOURCE: Encana Corporation

– END RELEASE – 25/04/2017

For further information:

Further information on Encana Corporation is available on the company’s website, www.encana.com, or by contacting:

Investor contact:
Brendan McCracken
Vice-President, Investor Relations
(403) 645-2978

Patti Posadowski
Sr. Advisor, Investor Relations
(403) 645-2252

Media contact:
Simon Scott
Vice-President, Communications
(403) 645-2526

Jay Averill
Director, Media Relations
(403) 645-4747

COMPANY:
FOR: ENCANA CORPORATION
TSX Symbol: ECA
NYSE Symbol: ECA

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170425CC011

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: TROY ENERGY CORP.NEX BOARD SYMBOL: TEG.HTSX VENTURE SYMBOL: TEG.HDate issue: April 25, 2017Time in: 11:11 AM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 25, 2017) – Troy Energy Corp.
(the “Corporation” or “Troy”) (NEX:TEG.H) ann…

FOR: AUGUSTA INDUSTRIES INC.TSX VENTURE SYMBOL: AAODate issue: April 25, 2017Time in: 8:21 AM eAttention:
TORONTO, ONTARIO–(Marketwired – April 25, 2017) – Augusta Industries Inc. (the
“Corporation”) (TSX VENTURE:AAO) is pleased to announce that its …

FOR: JERICHO OIL CORPORATIONTSX VENTURE Symbol: JCOOTC PINK Symbol: JROOFDate issue: April 25, 2017Time in: 8:00 AM eAttention:
TULSA, OK and VANCOUVER, BC –(Marketwired – April 25, 2017) – Jericho Oil
Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC…