Day: June 15, 2017

FOR: NIKO RESOURCES LTD.
TSX Symbol: NKO

Date issue: June 15, 2017
Time in: 7:00 PM e

Attention:

CALGARY, AB –(Marketwired – June 15, 2017) – Niko Resources Ltd. (“Niko” or
the “Company”) (TSX: NKO) is pleased to report its operating and financial
results for the quarter and year ended March 31, 2017. The operating results
are effective June 15, 2017. All amounts are in US dollars unless otherwise
indicated and all amounts are reported using International Financial Reporting
Standards unless otherwise indicated.

CHIEF EXECUTIVE OFFICER’S MESSAGE TO THE SHAREHOLDERS

The focus of our efforts continues to be to achieve our overarching goal of
enhancing value and ultimately monetizing the Company’s core assets for the
benefit of all its stakeholders. However, general market conditions in the
industry coupled with our on-going legal issues relating to our assets in
India and Bangladesh provide significant challenges that need to be overcome
in order to achieve our goal.

The continued non-payment of amounts due for natural gas and condensate
delivered from Block 9 in Bangladesh threatens the ability of the Company to
fund its operations over the next several months. In addition, it is the
opinion of both the Company and our independent reserves evaluator that
reserves associated with Niko’s interest in Block 9 can no longer be
recognized at this time. If the situation in Bangladesh can be resolved, then
reserves for Block 9 could again be recognized.

Faced with this liquidity concern, we continue to pursue resolution of the
situation in Bangladesh and actively market our interest in the D6 Block in
India. I believe that the recent announcement by the operator of the D6 Block
indicating that they will award contracts to progress development of the
R-Series deepwater gas fields in the block could help this marketing process
and that a sale of our interest in the D6 Block could potentially provide a
solution to our liquidity situation and achieve our Company’s overarching
goal. However, no assurance can be made that these efforts will provide a
solution on a timely basis or at all.

While we remain hopeful, we acknowledge that much work has to be done and we
are committed to doing our best for the benefit of all stakeholders.

William Hornaday – Chief Executive Officer, Niko Resources Ltd.

LIQUIDITY AND CAPITAL RESOURCES

Non-payments by Petrobangla of Amounts Due
Since June 2016, Bangladesh Oil, Gas and Mineral Corporation (“Petrobangla”)
has paid reduced amounts to the operator of the Block 9 PSC for invoiced
amounts due for gas and condensate supplied from March 2016 to March 2017
pursuant to the Block 9 gas and condensate sales agreements, with the amounts
withheld equal to the 60 percent share in the Block 9 PSC held by Niko
Exploration (Block 9) Limited (“Niko Block 9”) and totalling $31.5 million to
date. Niko Block 9 has issued notices of dispute and force majeure under the
Block 9 PSC and sales agreements to the Government of Bangladesh (“GOB”) and
Petrobangla. As the cash flow that was expected to be generated by the Block 9
PSC was targeted to fund the current and projected capital expenditures
related to the drilling program in Block 9 in fiscal 2017 as well as other
cash requirements of the Company, since late September 2016 Niko Block 9 has
not paid cash calls that were due and has been issued default notices by the
operator of the Block 9 PSC. Under the terms of the joint operating agreement
(“JOA”) between the participating interest holders in the Block 9 PSC, during
the continuance of a default, the defaulting party shall not have a right to
its share of gas and condensate sales proceeds, which shall vest in and be the
property of the non-defaulting parties who have paid to cover the amount in
default in order to recover the amounts owed by the defaulting party. In
addition, if the defaulting party does not cure a default within sixty days of
the default notice, the non-defaulting parties have the option to require the
defaulting party to withdraw from the PSC and JOA. To date, the non-defaulting
parties have not exercised this option.

Funding of Projected Cash Requirements of the Company
The Company’s cash flow has been negatively impacted by the failure of
Petrobangla to comply with its legal obligations as outlined above. As a
result, the Company’s cash balances as at March 31, 2017 and projected
revenues from its assets in India are not expected to be sufficient to fund
the projected cash requirements of the Company’s assets in India and its other
cash requirements over the next several months. However, the Company’s cash
resources, and therefore its ability to fund its operations, could be
positively enhanced by various factors, including the following:

/T/

— Receiving payments from Petrobangla of amounts due,
— Executing sale(s) of the Company’s interests in its core assets in India

and Bangladesh, or
— Obtaining financing for planned development projects in the D6 Block.

/T/

No assurance can be made that appropriate steps will be taken, or goals
accomplished, in a manner or on a timely basis so as to enhance the Company’s
cash resources sufficiently. The failure to enhance the Company’s cash
resources on a timely basis will have a material adverse impact on the ability
of the Company to fund its operations.

Term Loan and Convertible Notes
In July 2016, the Company executed an amendment (the “Fourth Amendment”) to
the terms of the Facilities Agreement with its Term Loan Lenders and executed
a supplemental indenture to the Indenture governing its Convertible Notes (the
“Indenture Amendment”) (collectively, the “Amendments”). As a result of the
Amendments, the Company is not required to make interest payments (including
interest previously owing) under the Facilities Agreement or the Indenture
during the term of the Amendments, nor make payments under the deferred
obligation, other than in connection with waterfall distributions (“Waterfall
Distribution”). The Amendments restrict the Company’s ability to utilize
potential proceeds from sales of assets and settlements of arbitration and /
or tax claims, as any proceeds from these types of transactions will be
required to be distributed amongst the lenders under the amended Facilities
Agreement, the holders of the Convertible Notes (the “Noteholders”) and the
Company pursuant to the Waterfall Distribution. The Waterfall Distribution
under the Amendments is described in Note 15(b) of the Company’s audited
consolidated financial statements for the year ended March 31, 2017; and, in
respect of amounts to be retained by the Company, is subject to the 2016
Settlement Agreement described under “Diamond Settlement” below.

Diamond Settlement
In October 2016, Niko executed an agreement (the “2016 Settlement Agreement”)
with subsidiaries of Diamond Offshore (“Diamond”) relating to the settlement
of outstanding claims under drilling contracts and the agreement executed in
December 2013 (the “2013 Settlement Agreement”) (including related judgements
granted by courts in Texas and Alberta), in compliance with the terms of the
Fourth Amendment. The terms of the 2016 Settlement Agreement are described in
Note 16(b) of the Company’s audited consolidated financial statements for the
year ended March 31, 2017.

Claim from the Government of India in Alleged Migration of Natural Gas Dispute
In November 2016, the contractor group of the D6 Block in India received a
letter from the Government of India (“GOI”), in which the GOI made a claim of
approximately $1.55 billion (Niko share $155 million) against the contractor
group in respect of gas said to have migrated from neighboring blocks to the
D6 Block. Reliance Industries Limited, the operator of the D6 Block, has
invoked the dispute resolution mechanism in the PSC and issued a Notice of
Arbitration to the GOI, with the arbitration process currently underway. Niko
believes the contractor group is not liable for the amount claimed by the GOI
and is working with the contractor group to defend against the claim by
invoking the dispute resolution mechanism in the PSC.

Exploration Subsidiaries
The Company’s exploration subsidiaries that previously owned interests in PSCs
in Trinidad and Indonesia have significant accounts payable and accrued
liabilities (including PSC obligations) and unfulfilled exploration work
commitments reflected on the Company’s balance sheet as at March 31, 2017. In
August 2016, three of the Company’s indirect subsidiaries received written
notice from the Government of the Republic of Trinidad and Tobago (“GORTT”)
requesting that unfulfilled exploration work commitments be performed under
each of the subsidiaries’ respective PSCs within sixty days, failing which the
GORTT would terminate the three PSCs and exercise its rights on the parent
company guarantees for unfulfilled exploration commitments of $118 million. In
May 2017, the Company’s indirect subsidiaries received written notices from
the GORTT terminating the three PSCs. In the Company’s view, the parent
guarantees for unfulfilled exploration commitments for the three PSCs have
expired.

Contingent Liabilities
The Company and its subsidiaries are subject to various claims from other
parties, as described in Note 32 of the Company’s audited consolidated
financial statements for the year ended March 31, 2017, and are actively
defending against these claims. An adverse outcome on one or more of these
claims could significantly impact the future cash flows of the Company.

Ability of the Company to Continue as a Going Concern
As a result of the foregoing matters (including the ongoing obligations of the
Company and its subsidiaries), there are material uncertainties that may cast
significant doubt about the ability of the Company to continue as a going
concern.

Complete details of the Company’s financial results are contained in its
audited consolidated financial statements and Management’s Discussion and
Analysis for the year ended March 31, 2017 which will be available under the
Company’s SEDAR profile at www.sedar.com.

ESTIMATED RESERVES and ESTIMATED AFTER-TAX NET PRESENT VALUE OF FUTURE NET
REVENUE

/T/

India
Estimated Reserves – India
—————————————————————————-

As at March 31,
Gross(1) (Bcfe) 2017 2016
—————————————————————————-
Proved 232 265
Proved plus Probable 362 406
—————————————————————————-

/T/

/T/

(1) ‘Gross’ reserves are defined as those accruing to the Company’s

working interest share before deduction of royalties and government
share of profit petroleum, and are reflected on a gas equivalent
basis.

/T/

Deloitte LLP (“Deloitte”), an independent petroleum engineering firm, has
prepared its reserves evaluation for the Company’s interest in the D6 Block in
India. This evaluation has been prepared in accordance with National
Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and the
Canadian Oil and Gas Evaluation Handbook, with an effective date of March 31,
2017.

Deloitte has evaluated the reserves for the Company’s interest in the D6 Block
in India using its forecast of commodity price inputs into the Indian natural
gas pricing formulas under the Guidelines for producing fields and under the
New Guidelines for undeveloped discoveries.

/T/

Estimated After-tax Net Present Value of Future Net Revenue – India
(discounted at 10%)
—————————————————————————-

As at March 31,
(millions of U.S. dollars) 2017 2016
—————————————————————————-
Proved 250 218
Proved plus Probable 486 486
—————————————————————————-

/T/

Bangladesh
Since June 2016, Petrobangla has withheld all payments for Niko’s share of gas
and condensate sales from the Block 9 PSC due to legal disputes between Niko
and the GOB, Petrobangla and Bapex (refer to discussion on Non-payments by
Petrobangla of Amounts Due in the Liquidity and Capital Resources section). In
this situation, it is the opinion of both Deloitte and Niko that reserves
associated with Niko’s interest in Block 9 can no longer be recognized. If the
situation in Bangladesh can be resolved such that payments for the Company’s
share of Block 9 gas and condensate sales resume, then reserves for Block 9
could again be recognized.

Complete details of the Company’s reserves and future net revenues
attributable thereto are contained in its Annual Information Form for the year
ended March 31, 2017, which will be available on the Company’s SEDAR profile
at www.sedar.com.

OVERALL PERFORMANCE AND RESULTS OF OPERATIONS BY REPORTABLE SEGMENT

The Company’s financial results for the year ended March 31, 2017 were
impacted by the following significant items:

Execution of the Amendments in July 2016
As a result of the Amendments, the carrying value of the Term Loan,
Convertible Notes and deferred obligation and related interest and other
payment obligations that had been reflected as current liabilities were
derecognized and these obligations were recorded as long-term liabilities at
their estimated fair values, resulting in the recognition of a gain on debt
modification of $255 million, net of costs. The value of these obligations is
primarily dependent on the net proceeds that would be distributed in the
future under the Waterfall Distribution mechanism to the respective holders of
these debt instruments upon the sale of the assets of the Company and other
events, and is therefore highly uncertain. The estimated fair value of the
Convertible Notes was determined based on the active trading price of
Cdn$11.00 per $100 of Convertible Notes on the date of the Indenture
Amendment, the estimated fair value of the Term Loan was determined using the
estimated fair value of the Convertible Notes and the corresponding net
proceeds that would be payable to the Term Loan lenders under the Waterfall
Distribution mechanism, and the estimated fair value of the deferred
obligation was determined to be zero based on the priority of payments for the
deferred obligation being last under the Waterfall Distribution mechanism
after all other claims under the Term Loan have been completely satisfied. In
addition, subsequent to the date of the Amendment, the Company has not
recognized interest expense on the Term Loan and Convertible Notes.

Diamond Settlement
As a result of the 2016 Settlement Agreement, the carrying value of the
contract settlement obligation that had been reflected as a current liability
was derecognized and this obligation was recorded as a long-term liability at
its estimated fair value, resulting in the recognition of a gain on debt
modification of $28 million, net of costs. The value of this obligation is
primarily dependent on the net proceeds that would be distributed to Diamond
in the future under the Waterfall Distribution mechanism upon the sale of the
assets of the Company and other events, and is therefore highly uncertain. The
estimated fair value of the contract settlement obligation was determined
using the estimated fair value of the Convertible Notes and the corresponding
net proceeds that would be payable to Diamond under the Waterfall Distribution
mechanism.

Non-payments by Petrobangla of Amounts Due
As a result of the continued non-payments by Petrobangla of amounts due and
Niko Block 9’s non-payments of cash calls due to the operator and the default
mechanism in the Block 9 JOA, the invoices issued by the operator of the Block
9 PSC for gas and condensate sales to Petrobangla for September 2016 to March
2017 reflect the non-defaulting parties’ entitlement to the sales proceeds
and, as such, the Company did not recognize $19 million of net oil and gas
revenues that it otherwise would have been entitled to. In addition, the
Company recognized an impairment of $13 million in the second quarter of
fiscal 2017 related to the net revenue receivable from Petrobangla for the
months of March to August 2016. If the non-defaulting parties to the Block 9
exercise their option to require Niko Block 9 to withdraw from the PSC and JOA
and if this results in a loss of Niko Block 9’s interest in the PSC and JOA,
then a full impairment of the Company’s carrying value of the assets and
liabilities related to Block 9 could result.

The Company’s results for the fourth quarter and year ended March 31, 2017 are
as follows:

/T/

Consolidated
—————————————————————————-

Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d)(1) 87 99 88 104
Net oil and natural gas revenue 8,097 20,370 44,385 94,170
EBITDAX from continuing operations(2) 556 11,018 17,575 57,118
Net income (loss) from continuing
operations 24,111 77,595 266,567 (55,694)
Net income (loss) from discontinued
operations (23) (337) (2,148) (30,108)
Development capital expenditures 2,947 2,789 30,968 21,679
Net cash flow(3) (4,783) (1) (25,680) (22,562)
—————————————————————————-

/T/

/T/

(1) Includes volumes for September 2016 to March 2017 in Bangladesh for

which revenue has not been recognized (see below).
(2) Refer to “Non-IFRS Measures” for details.
(3) Net cash flow is the total change in cash and cash equivalents as
stated in the Company’s statement of changes in cash flow. This
additional IFRS measure is used to show the total change in cash and
cash equivalents from the Company’s operating, investing and financing
activities.

/T/

Highlights for the year ended March 31, 2017 include:

Natural production declines and lower natural gas prices for the D6 Block in
India and the non-recognition of net revenue for Block 9 in Bangladesh in
fiscal 2017 contributed to lower net oil and gas revenue and lower EBITDAX for
the Company for fiscal 2017 compared to fiscal 2016, partially offset by lower
production and operating expenses and general and administrative expenses.

Net income from continuing operations of $267 million in fiscal 2017 primarily
resulted from recognition of gains on debt modification totalling $283 million
resulting from the Amendments and the 2016 Settlement Agreement, and
recognition of deferred income tax recovery of $40 million related to an
extension in the carry-forward period for unutilized Minimum Alternative Tax
(“MAT”) credits in India from ten to fifteen years, partially offset by the
negative impact of $32 million of non-payments by Petrobangla of amounts due
in Block 9 and finance expense of $26 million. Refer to Note 26 of the audited
consolidated financial statements for the year ended March 31, 2017 for
details regarding MAT.

Net loss from continuing operations of $(56) million in fiscal 2016 primarily
reflected the recognition of unfulfilled exploration commitments of $54
million, finance expense of $77 million and recognition of deferred income tax
expense of $40 million, partially offset by net reversal of asset impairments
of $121 million primarily related to the D6 Block in India.

Development capital expenditures of $31 million in fiscal 2017 related
primarily to development well programs in the D6 Block in India and Block 9 in
Bangladesh.

Net cash flow of ($26) million in fiscal 2017 primarily reflected the impact
of EBITDAX, payments for development capital expenditures of $17 million, and
principal and interest repayments of $11 million on the finance lease related
to the floating, production, storage and offloading vessel (“FPSO”) employed
in the D6 Block in India.

Highlights for the fourth quarter ended March 31, 2017 include:

Total sales volumes in the fourth quarter of fiscal 2017 of 87 MMcfe/d
decreased from 99 MMcfe/d in fiscal 2016 primarily due to the impact of
natural production declines in the D6 Block in India and impact of increased
delivery pressure requirements of the sales trunkline in Block 9 in
Bangladesh, partially offset by incremental production from two sidetrack
wells in the D6 Block, of which one well was brought on-stream in January
2017.

Net oil and natural gas revenues of $8 million decreased in the fourth quarter
of fiscal 2017 compared to $20 million in the fourth quarter of fiscal 2016
primarily due to lower natural gas sales volumes and prices in India and the
non-recognition of $8 million of net oil and gas revenues in Block 9 during
the fourth quarter.

EBITDAX in the fourth quarter of fiscal 2017 decreased compared to $11 million
in the fourth quarter of fiscal 2016 primarily due to lower net oil and
natural gas revenues in India and a result of the non-recognition of net oil
and gas revenues in Block 9, offset by lower production and operating expense.

Net income from continuing operations of $24 million in the fourth quarter of
fiscal 2017 decreased compared to $78 million in the fourth quarter of fiscal
2016 primarily due to the impact of lower EBITDAX, offset by the recognition
of deferred income tax recovery of $40 million in India related to MAT. In the
fourth quarter of fiscal 2016, the Company recognized a reversal of asset
impairment of $199 million, which was partially offset by the recognition of
deferred income tax expense of $40 million.

Net cash flow of $(5) in the fourth quarter of fiscal 2017 increased from the
fourth quarter of fiscal 2016 primarily due to payments for development
capital expenditures in India.

Results for the year ended March 31, 2017 for each reportable segment are as
follows:

/T/

India
—————————————————————————-

Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d) 29 37 30 41
Net oil and natural gas revenue 8,093 13,667 33,504 67,820
Segment EBITDAX(1) 2,972 7,019 16,669 45,825
Segment income 25,864 159,635 25,447 74,692
Development capital expenditures 2,317 1,154 18,599 16,783
Segment net cash flow(1) (3,322) 1,210 (13,083) (2,155)
—————————————————————————-

/T/

/T/

(1) Refer to “Non-IFRS Measures” for details.

/T/

Total sales volumes from the D6 Block in fiscal 2017 of 28 MMcfe/d decreased
from 39 MMcfe/d in fiscal 2016 primarily due to the impact of natural
production declines in the fields in the block, partially offset by
incremental production from sidetracks and reactivations during fiscal 2016
and fiscal 2017. Two sidetrack wells in the MA field brought on-stream in
October 2016 and January 2017, respectively, contributed approximately 7
MMcfe/d of production for the fourth quarter of fiscal 2017.

Net oil and natural gas revenues decreased in fiscal 2017 compared to fiscal
2016 primarily due to lower natural gas sales volumes and prices. The notified
price for gas sales from the D6 Block was $3.06 / MMbtu GCV for April 1, 2016
to September 30, 2016 and $2.50 / MMbtu for October 1, 2016 to March 31, 2017
(compared to $4.66 / MMbtu for April 1, 2015 to September 30, 2015 and $3.82 /
MMbtu for October 1, 2015 to March 31, 2016). The notified price for gas sales
from the D6 Block for April 1, 2017 to September 30, 2017 is $2.48 / MMbtu.

Segment EBITDAX of $17 million in fiscal 2017 decreased compared to fiscal
2016 primarily due to lower net oil and natural gas revenues, partially offset
by the impact of lower production and operating expenses for the D6 Block.

Segment income of $25 million in fiscal 2017 decreased compared to segment
income of $75 million in fiscal 2016 primarily due to lower EBITDAX in fiscal
2017 and a reversal of asset impairment of $119 million in fiscal 2016,
partially offset by lower depletion expense in fiscal 2017 and a deferred
income tax recovery of $40 million recognized in the fourth quarter of fiscal
2017 versus a deferred income tax expense of $40 million in fiscal 2016.
Depletion expense decreased in fiscal 2017 compared to fiscal 2016 due to
lower production volumes and a lower depletion rate resulting from a change in
the depletion calculation for the common facilities of the D6 Block effective
April 1, 2016, whereby the costs of common facilities are depleted using the
total proved reserves of the D6 Block instead of being depleted using the
total proved reserves of producing fields in prior periods.

Development capital expenditures of $19 million in fiscal 2017 primarily
related to the development drilling program in the D6 Block in India.
Development capital expenditures are expected to increase in fiscal 2018 due
to the planned spending for the development of the R-Series gas fields.

Segment net cash flow of ($13) million in fiscal 2017 primarily reflected the
impact of segment EBITDAX, which was more than offset by payments for
development capital expenditures of $22 million, and $11 million of principal
and interest repayments on the finance lease related to the FPSO employed in
the D6 Block.

In the third quarter of fiscal 2017, the Company signed an asset sale and
purchase agreement for the sale of its 33.33 percent interest in the Hazira
field in India. Closing of the sale transaction is subject to government and
other approvals. The Company’s share of sales volumes from the Hazira field in
fiscal 2017 of 1.3 MMcfe/d was virtually unchanged from fiscal 2016.

/T/

Bangladesh
—————————————————————————-

Three months Year ended March
(thousands of US Dollars, ended March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Sales volumes (MMcfe/d)(1) 58 61 58 62
Net oil and natural gas revenue – 6,703 10,867 26,333
Segment EBITDAX(2) (1,297) 5,120 4,983 17,300
Segment income (loss) (2,605) 3,759 (13,497) 10,266
Development capital expenditures 630 1,635 12,369 4,896
Segment net cash flow(2) (489) 39 (490) 11,241
—————————————————————————-

/T/

/T/

(1) Includes volumes for September 2016 to March 2017 for which revenue

has not been recognized (see below).
(2) Refer to “Non-IFRS Measures” for details.

/T/

Total sales volumes from Block 9 in fiscal 2017 decreased from fiscal 2016,
primarily reflecting the impact of increased delivery pressure requirements of
the sales trunkline, partially offset by the impact of a development well that
was brought on-stream in late January 2017.

Net oil and natural gas revenues in fiscal 2017 decreased from fiscal 2016 due
to lower sales volumes and the non-recognition of $19 million of net oil and
gas revenues from September 2016 to March 31, 2017 in Block 9 (refer to
discussion on Non-payments by Petrobangla of Amounts Due in the Liquidity and
Capital Resources section).

Segment EBITDAX of $5 million in fiscal 2017 decreased compared to fiscal 2016
primarily as a result of the non-recognition of net oil and gas revenues,
partially offset by lower production and operating expenses.

Segment loss of $(13) million in fiscal 2017 decreased compared to segment
income of $10 million in fiscal 2016 primarily as a result of lower segment
EBITDAX and the impairment of $13 million of net revenue receivable from
Petrobangla, partially offset by lower depletion expense.

Development capital expenditures of $12 million in fiscal 2017 related
primarily to costs for the development drilling program in Block 9 in
Bangladesh. The drilling of the first of two planned development wells in the
Bangora field commenced in September 2016 and this well was brought on-stream
in late January 2017. Drilling of the second well is currently under
evaluation (refer to discussion on Non-payments by Petrobangla of Amounts Due
in the Liquidity and Capital Resources section).

Segment net cash flow in fiscal 2017 primarily reflected the non-payment by
Petrobangla of amounts due to the Company and non-payment by the Company of
cash calls due to the operator for development capital and operating
expenditures in Block 9 (refer to discussion on Non-payments by Petrobangla of
Amounts Due in the Liquidity and Capital Resources section).

/T/

Other
—————————————————————————-

Three months ended Year ended March
(thousands of US Dollars, March 31, 31,
unless otherwise indicated) 2017 2016 2017 2016
—————————————————————————-
Segment EBITDAX from continuing
operations(1) (1,119) (1,121) (4,077) (6,007)
Segment income (loss) from
continuing operations 852 (85,799) 254,617 (140,652)
Segment net cash flow from
continuing operations(1) (966) (1,205) (12,088) (37,855)
Net income (loss) from discontinued
operations (23) (337) (2,148) (30,108)
Net cash flow from discontinued
operations(1) 6 (45) (19) 6,207
—————————————————————————-

/T/

/T/

(1) Refer to “Non-IFRS Measures” for details.

/T/

Segment EBITDAX from continuing operations of $(4) million in fiscal 2017
decreased from $(6) million in fiscal 2017, primarily due to lower general and
administrative expenses.

Segment income from continuing operations of $255 million in fiscal 2017
increased from a segment loss of $(141) million in fiscal 2016, primarily due
to the recognition of gains on debt modification of $283 million due to the
Amendments and 2016 Settlement Agreement in fiscal 2017, recognition of
liabilities of $54 million for unfulfilled exploration commitments for a PSC
in Trinidad in fiscal 2016 and lower finance expenses due to the Amendments in
July 2016.

Segment net cash flow from continued operations of ($12) million in fiscal
2017 decreased from ($38) million in fiscal 2016 primarily due to lower
repayment of long-term debt and contract settlement obligations (funded
partially from the release of restricted cash accounts) and lower payments for
restructuring costs and general and administrative expenses.

Net loss from discontinued operations in fiscal 2017 of $(2) million in fiscal
2017 decreased from $(30) million in fiscal 2016 primarily due to recognition
of liabilities of $22 million of unfulfilled exploration commitments for three
PSCs in Indonesia in fiscal 2016.

Net cash flow from discontinued operations of $6 million in fiscal 2016
reflected receipt of net cash consideration for the sale of subsidiaries that
held interests in five Indonesian PSCs in fiscal 2016.

Forward-Looking Information
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains forward looking
information relating to the Company’s ability to fund its cash requirements
over the next several months, the ability of the Company to successfully
complete its strategic plan on a timely basis, the Company not being liable in
respect of claims made by the GOI and the successful pursuit of legal rights
by the Company related to disputes with the Government of Bangladesh and its
subsidiary entities. Such forward-looking information is based on a number of
risks, uncertainties and assumptions, which may cause actual results or other
expectations to differ materially from those anticipated and which may prove
to be incorrect. There can be no assurances that the Company will be able to
successfully complete its strategic plan on a timely basis or that the Company
will be able to meet the goals and purposes of its business plan (including
resolving various disputes against governments and others in its favour) or
fund its operations over the next several months. The failure to meet or
satisfy any of the foregoing is likely to have a material adverse impact on
the Company and thereby significantly impair the value of security holders’
interest in the Company. Undue reliance should not be placed on
forward-looking information. Such forward-looking information reflects the
Company’s current beliefs and assumptions and is based on information
currently available to the Company. This forward-looking information is based
on certain key expectations and assumptions, many of which are not within the
control of the Company and include expectations and assumptions regarding the
future actions of the Company’s lenders, future actions of the GOI, future
actions of the People’s Republic of Bangladesh, Petrobangla or Bapex, whether
courts in the People’s Republic of Bangladesh will recognize the exclusive
jurisdiction of the international tribunals constituted under the Rules of the
International Centre for Settlement of Investment Disputes, Niko being able to
terminate or otherwise overcome a certain stay order in respect of Block 9
PSC, non-defaulting parties not seeking to require a subsidiary of the Company
to withdraw from the Block 9 PSC or JOA, future commodity prices, results of
operations, production, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive advantages, plans
for and results of drilling activity, environmental matters, business
prospects and opportunities, prevailing exchange rates, applicable royalty
rates and tax laws, future well production rates, the performance of existing
wells, the success of drilling new wells, the availability of capital to
undertake planned activities, the availability and cost of labour and services
and general market conditions. The reader is cautioned that the assumptions
used in the preparation of such information, although considered reasonable at
the time of preparation, may prove to be incorrect. Actual results may vary
from the information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors and such variations may be material.
Such risk factors include, but are not limited to: risks related to the
ability of the Company to continue as a going concern, risks related to the
Company not being able to increase its cash resources, the risks associated
with the Company meeting its obligations under the amended Facilities
Agreement and successfully completing its strategic plan, risks related to the
various legal claims against the Company or its subsidiaries, risks related to
non-payments by Petrobangla of amounts due to subsidiaries of the Company, as
well as the risks associated with the oil and natural gas industry in general,
such as operational risks in development, exploration and production, delays
or changes in plans with respect to exploration or development projects or
capital expenditures, the uncertainty of estimates and projections relating to
production rates, costs and expenses, commodity price and exchange rate
fluctuations, government regulation, marketing and transportation risks,
environmental risks, competition, the ability to access sufficient capital
from internal and external sources, changes in tax, royalty and environmental
legislation, the impact of general economic conditions, imprecision of reserve
estimates, the lack of availability of qualified personnel or management,
stock market volatility, risks associated with meeting all of the Company’s
financing obligations and contractual commitments (including work
commitments), the risks discussed under “Risk Factors” in the Company’s Annual
Information Form for the year-ended March 31, 2017 and in the Company’s public
disclosure documents, and other factors, many of which are beyond the
Company’s control. Niko makes no representation that the actual results
achieved during the forecast period will be the same in whole or in part as
those forecast.

The forward looking information included in this press release is expressly
qualified in its entirety by this cautionary statement. The forward looking
information included herein is made as of the date of this press release and
Niko assumes no obligation to update or revise any forward looking information
to reflect new events or circumstances, except as required by law.

Non-IFRS Measures
The selected financial information presented throughout this press release is
prepared in accordance with IFRS, except for “EBITDAX”, “Segment EBITDAX” and
“Segment Net Cash Flow”. The Company utilizes EBITDAX and Segment EBITDAX to
assess performance and to help determine its ability to fund future capital
projects and to repay debt. EBITDAX and Segment EBITDAX is calculated as net
income before interest expense, income taxes, depletion and depreciation
expenses, exploration and evaluation expenses, and other non-cash items (gain
or loss on debt modification, gain or loss on asset disposal, gain or loss on
derivatives, asset impairment, share-based compensation expense, restructuring
expenses, accretion expense, unfulfilled exploration commitment expense and
unrealized foreign exchange gain or loss). Segment net cash flow is the total
change in cash and cash equivalents for each of the Company’s reportable
segments (India, Bangladesh and Other). This additional measure is used to
show the total net change in cash and cash equivalents from the reportable
segment’s operating, investing and financing activities. EBITDAX, Segment
EBITDAX and Segment Net Cash Flow should not be viewed as a substitute for
measures of financial performance presented in accordance with IFRS or as a
measure of a company’s profitability or liquidity. These non-IFRS measures do
not have any standardized meaning prescribed by IFRS and is therefore may not
be comparable to similar measures presented by other companies. Refer to the
Company’s Management’s Discussion and Analysis for details on these non-IFRS
financial measures.

– END RELEASE – 15/06/2017

For further information:

For further information, please contact:
Niko Resources Ltd.
(403) 262-1020
Glen Valk
VP Finance & CFO
or visit the Company’s website at www.nikoresources.com

COMPANY:
FOR: NIKO RESOURCES LTD.
TSX Symbol: NKO

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC016

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: MAXIM POWER CORP.TSX SYMBOL: MXGDate issue: June 15, 2017Time in: 6:23 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Maxim Power Corp. (TSX:MXG)
(“MAXIM” or the “Company”) today announced the final director election results
fro…

FOR: CES ENERGY SOLUTIONS CORP.
TSX SYMBOL: CEU
OTCQX SYMBOL: CESDF

Date issue: June 15, 2017
Time in: 6:18 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – June 15, 2017) – CES Energy Solutions Corp.
(“CES” or the “Corporation”) (TSX:CEU)(OTCQX:CESDF) (OTC – Nasdaq Intl: CESDF)
is pleased to announce that it has changed its corporate name from “Canadian
Energy Services & Technology Corp.” to “CES Energy Solutions Corp.” effective
today. CES has significantly transformed its business since its initial public
offering in March 2006, and has broadened its operational footprint across
North America. The new company name avoids geographic reference, while
incorporation of the CES acronym helps to maintain brand recognition.

At the annual general and special meeting of shareholders held on June 15, 2017
(the “Meeting”), shareholders representing approximately 100.0% of votes cast
approved the name change.

Subject to the final submission and processing of documents with the Toronto
Stock Exchange (“TSX”), it is expected that the common shares of the
Corporation will commence trading on the TSX and be quoted on the OTC under the
Corporation’s new name at the opening of business on or about June 20, 2017.
The Corporation’s common shares will continue to trade on the TSX and be quoted
on the OTC under the trading symbols CEU and CESDF, respectively.

Voting Results of Election of Directors

Based on the proxies received and on a ballot conducted at the Meeting, the
following individuals, being the eight nominees listed in the management
information circular of the Corporation dated May 11, 2017 (the “Circular”),
were elected as directors of the Corporation until the next annual
shareholders’ meeting:

/T/

Votes cast % of votes Votes cast % of votes cast
Name of Nominee FOR cast FOR WITHHELD WITHHELD
—————————————————————————-
Burton J. Ahrens 204,207,689 97.8% 4,599,460 2.2%
Colin D. Boyer 208,482,723 99.8% 324,426 0.2%
Rodney L. Carpenter 208,510,195 99.9% 296,954 0.1%
John M. Hooks 202,418,680 96.9% 6,388,469 3.1%
Kyle D. Kitagawa 204,235,398 97.8% 4,571,751 2.2%
Philip J. Scherman 208,481,274 99.8% 325,875 0.2%
Thomas J. Simons 208,486,238 99.9% 320,911 0.1%
D. Michael G. Stewart 194,917,208 93.4% 13,889,941 6.6%

/T/

All other resolutions provided for in the Circular were duly passed and a
report on the voting results has been filed today with the Canadian securities
regulatory authorities at www.sedar.com.

Dividend Declared

In addition, CES announces today that it will pay a cash dividend of $0.0025
per common share on July 14, 2017 to shareholders of record at the close of
business on June 30, 2017.

Nasdaq International Designation

CES is also pleased to announce that the Corporation has been admitted to
Nasdaq’s International Designation program, a new visibility offering available
to international companies. CES’ common shares have been quoted on the
over-the-counter market (“OTC”) since 2012 under the OTCQX program. As the
Corporation’s US operations continue to grow, so has the increase in interest
from the US investment community. The Nasdaq International Designation will
provide CES with access to Nasdaq’s investor marketing programs and investor
relations services to increase the visibility of CES in the US capital markets.
Nasdaq will distribute CES’ news through Nasdaq’s press release distribution
service, reaching both investor and financial news and online services.

The Nasdaq International Designation is not a US regulated public exchange, and
there are no additional regulatory or compliance requirements to what is
currently in place for the Corporation’s OTC quotation. The companies who
participate in this program are not subject to the same listing or
qualification standards applicable to securities listed on a US public exchange
market that is regulated by the US Securities and Exchange Commission. However,
Nasdaq International Designation companies are distinguished from other OTC
traded companies by having met Nasdaq’s high program requirements.

About CES Energy Solutions Corp.

CES is a leading provider of technically advanced consumable chemical solutions
throughout the lifecycle of the oilfield. This includes solutions at the
drill-bit, at the point of completion and stimulation, at the wellhead and
pump-jack, and finally through to the pipeline and midstream market. CES’s
business model is relatively asset light and requires limited re-investment
capital to grow. As a result, CES has been able to capitalize on the growing
market demand for drilling fluids and production and specialty chemicals in
North America while generating free cash flow. Additional information about CES
is available at www.sedar.com or on the Corporation’s new website at
www.cesenergysolutions.com.

Forward Looking Information

This press release contains certain forward-looking statements and
forward-looking information (“forward-looking information”) within the meaning
of applicable Canadian securities laws. Forward-looking information is often,
but not always, identified by the use of words such as “anticipate”, “believe”,
“plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”,
“may”, “will”, “project”, “should” or similar words suggesting future outcomes.
In particular, this press release includes, without limitation, forward-looking
information relating to: expectations regarding expansion of services in Canada
and the U.S.; expectations regarding CES’ growth opportunities in Canada and
the U.S.; expectations regarding the performance or expansion of CES’
operations; the date the Corporation’s common shares will begin trading on the
TSX and quoted on the OTC under the new name; future estimates as to dividend
levels; the potential means of funding dividends; the intention to make future
dividend payments; and the business strategy regarding cash dividend payments
in the future. CES believes the expectations reflected in such forward-looking
information are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking information
should not be unduly relied upon.

Forward-looking information is based on various assumptions. Those assumptions
are based on information currently available to CES, and in particular certain
forward looking information in this press release is based on the assumption
that the conditions of the TSX can be satisfied and the TSX will grant final
approval in respect of the name change.

Forward-looking information is not a guarantee of future performance and
involves a number of risks and uncertainties some of which are described
herein. Any forward-looking information is made as of the date hereof and,
except as required by law, CES assumes no obligation to publicly update or
revise such information to reflect new information, subsequent or otherwise.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

– END RELEASE – 15/06/2017

For further information:
CES Energy Solutions Corp.
Tom Simons
President and Chief Executive Officer
403-269-2800
OR
CES Energy Solutions Corp.
Craig Nieboer, CA
Chief Financial Officer
403-269-2800
cesinfo@ceslp.ca
www.cesenergysolutions.com

COMPANY:
FOR: CES ENERGY SOLUTIONS CORP.
TSX SYMBOL: CEU
OTCQX SYMBOL: CESDF

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170615CC0085

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: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI

Date issue: June 15, 2017
Time in: 5:53 PM e

Attention:

SYLVAN LAKE, ALBERTA–(Marketwired – June 15, 2017) – Lonestar West Inc. (TSX
VENTURE:LSI) (the “Company” and/or “Lonestar”) is pleased to announce it has
mailed an information circular and proxy statement and related meeting
materials (collectively, the “Meeting Materials”) in connection with the
special meeting of the shareholders of Lonestar, currently scheduled to be held
at its offices of at 9:00 a.m. (Mountain time) on July 12, 2017 (the
“Meeting”).

At the Meeting, shareolders will be asked to approve the Company’s previously
announced transaction with Clean Harbors, Inc. (NYSE:CLH) (“Clean Harbors”),
whereby Clean Harbors, through an indirect wholly-owned subsidiary, will
acquire 100% of Lonestar’s issued and outstanding common shares (“Lonestar
Shares”), including Lonestar Shares issuable upon the exercise of outstanding
options, for C$0.72 per Lonestar Share (the “Acquisition”). The Acquisition
will be accomplished by way of an amalgamation (the “Amalgamation”) pursuant to
the Canada Business Corporations Act. The Amalgamation must be approved by the
holders of Lonestar Shares representing at least two-thirds of votes cast in
person or by proxy at the Meeting.

Each of the directors and officers of Lonestar and certain other principal
shareholders, collectively holding approximately 35.7% of the issued and
outstanding Lonestar Shares, have entered into agreements with Clean Harbors
pursuant to which such holders have agreed to vote their Lonestar Shares in
favor of the Amalgamation at the Meeting.

The Board of Directors of Lonestar has unanimously approved the Amalgamation
and determined that the Amalgamation is in the best interests of Lonestar and
the Lonestar shareholders and unanimously recommends that the Lonestar
shareholders vote in favor of the Amalgamation.

The Meeting Materials contain, among other things, details concerning the
Amalgamation, the background to and reasons for Lonestar’s Board’s unanimous
favourable recommendation of the Amalgamation, the requirements for the
Amalgamation to become effective, the procedure for receiving consideration
payable under the Amalgamation for Lonestar Shares, procedures for voting at
the Meeting and other related matters. Shareholders are urged to carefully
review the Meeting Materials, which includes a copy of the proposed
Amalgamation Agreement, as they contain important information regarding the
Acquisition and its consequences to shareholders. A copy of the Meeting
Materials are available under the Company’s profile on SEDAR at www.sedar.com.

About Lonestar

Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 140
Hydrovac, Vacuum and Auxiliary units throughout Western Canada, Ontario,
California, and the southern United States. It is focused on profitably growing
its HVAC services to become a major competitor in the North American market.
For more information please visit the Lonestar website at www.lonestarwest.com

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 – 15/06/2017

For further information:
Lonestar West Inc.
James Horvath
President & CEO
403-887-2074
info@lonestarwest.com

COMPANY:
FOR: LONESTAR WEST INC.
TSX VENTURE SYMBOL: LSI

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0083

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: CONDOR PETROLEUM INC.TSX Symbol: CPIDate issue: June 15, 2017Time in: 5:11 PM eAttention:
CALGARY, AB –(Marketwired – June 15, 2017) – Condor Petroleum Inc. (“Condor”
or the “Company”) (TSX: CPI), a Canadian based oil and gas company focused on…

FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

Date issue: June 15, 2017
Time in: 4:43 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Bonavista Energy Corporation
(“Bonavista”) (TSX:BNP) confirms that a quarterly dividend of $0.01 per common
share will be paid in cash on July 17, 2017 to common shareholders of record on
June 30, 2017. The ex-dividend date is June 28, 2017.

Bonavista’s dividend policy is reviewed quarterly and is based on future
commodity prices, foreign exchange rates, our commodity hedging program,
current operations and future investment opportunities. This dividend has been
designated as an “eligible dividend” for Canadian income tax purposes.

Bonavista is focused on creating premium shareholder value through the
efficient development of high quality oil and natural gas assets.

Forward-Looking Statements

Corporate information provided herein contains forward-looking information. The
reader is cautioned that assumptions used in the preparation of such
information, particularly those pertaining to cash dividends, which are
considered reasonable by Bonavista at the time of preparation, may be proven to
be incorrect. Actual results achieved during the forecast period will vary from
the information provided herein and the variations may be material. There is no
representation by Bonavista that actual results achieved during the forecast
period will be the same in whole or in part as those forecasts.

– END RELEASE – 15/06/2017

For further information:
Jason E. Skehar
President & CEO
OR
Dean M. Kobelka
Vice President, Finance & CFO
OR
Berk Sumen
Investor Relations Lead
OR
Bonavista Energy Corporation
1500, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
www.bonavistaenergy.com

COMPANY:
FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0076

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: PEYTO EXPLORATION & DEVELOPMENT CORP.
TSX SYMBOL: PEY

Date issue: June 15, 2017
Time in: 4:30 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Peyto Exploration &
Development Corp. (“Peyto”) (TSX:PEY) confirms that the monthly dividend with
respect to June 2017 of $0.11 per common share is to be paid on July 14, 2017,
for shareholders of record on June 30, 2017. The ex-dividend date is June 28,
2017.

Dividends paid by Peyto to Canadian residents are eligible dividends for
Canadian income tax purposes.

Shareholders and interested investors are encouraged to visit the Peyto website
at www.peyto.com to learn more about what makes Peyto one of North America’s
most exciting energy companies. The website also includes the President’s
monthly report, which discusses various topics chosen by the President and
includes estimates of monthly capital expenditures and production.

Certain information set forth in this document, including management’s
assessment of Peyto’s future plans and operations, contains forward-looking
statements. By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond these parties’ control,
including the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other industry participants,
the lack of availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and external
sources. Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. Peyto’s actual results, performance or achievement
could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Peyto will derive therefrom.
The Toronto Stock Exchange has neither approved nor disapproved the information
contained herein.

– END RELEASE – 15/06/2017

For further information:
Peyto Exploration & Development Corp.
Darren Gee
President and Chief Executive Officer
(403) 237-8911
(403) 451-4100 (FAX)

COMPANY:
FOR: PEYTO EXPLORATION & DEVELOPMENT CORP.
TSX SYMBOL: PEY

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0070

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: PETROLIA INC.
TSX VENTURE SYMBOL: PEA

Date issue: June 15, 2017
Time in: 3:54 PM e

Attention:

QUEBEC CITY, QUEBEC–(Marketwired – June 15, 2017) – Petrolia Inc. (TSX
VENTURE:PEA) and its subsidiaries – Petrolia Anticosti (operator for Anticosti
Hydrocarbons L.P. (HASEC)) and Investissements PEA Inc. (a partner of HASEC) –
have reached an agreement with their partners – Ressources Quebec Inc.,
Saint-Aubin E & P (Quebec) Inc., and Corridor Resources Inc. – relating to
safeguard measures for maintaining the status quo with respect to the Anticosti
project. This order recognizes the obligation to cover certain financial
expenses of the operator and, in particular, orders Ressources Quebec to
advance sufficient funds on a monthly basis to cover the essential needs of
HASEC.

The partners of HASEC have also agreed to postpone the work planned for
Anticosti Island this summer pending the result of the ongoing negotiations
with the Government of Quebec and the resolution of certain other issues. In
the meantime, Petrolia is committed to only performing essential work until the
resumption of work. At this time, Petrolia remains open to a settlement, but no
agreement with the government has been reached.

In the event that these negotiations fail, Petrolia Anticosti will pursue the
resumption of the work planned for Anticosti.

“If work resumes, this agreement will have allowed us to preserve the expertise
acquired over the years. Should an agreement ever be reached within the context
of the ongoing negotiations, Petrolia Anticosti will need to use this expertise
to carry out the operations that will put an end to the Anticosti project.”
announced Martin Belanger, Interim President and CEO of Petrolia.

About Petrolia

Petrolia is a junior oil and gas exploration company which owns interests in
oil and gas licences covering 16,000 km2 (4 million acres), which represents
almost 23% of the Quebec Territory under lease. Petrolia is a leader in oil and
gas research in Quebec whose objective is to develop oil from here, by the
people here, for here. Social and environmental dimensions are at the heart of
Petrolia’s concerns and its approach to exploration. The closing of a
partnership on Anticosti Island has led to the creation of Anticosti
Hydrocarbons L.P., a limited partnership in which Petrolia holds a 21.7%
interest. In order to carry out the project’s operations, Petrolia Anticosti
Inc., a subsidiary of Petrolia, was designated project operator. Petrolia has
108,399,683 shares issued and outstanding.

Disclaimer

Certain statements made herein may constitute forward-looking statements. These
statements relate to future events or the future economic performance of
Petrolia and carry known and unknown risks, uncertainties and other factors
that may appreciably affect their results, economic performance or
accomplishments when considered in light of the content or implications of
statements made by Petrolia. Actual events or results could be significantly
different. Accordingly, investors should not place undue reliance on
forward-looking statements. Petrolia disclaims any intention or obligation to
update these forward-looking statements.

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 – 15/06/2017

For further information:
Petrolia Inc.
Martin Belanger, P. Eng
Interim President and Chief Executive Officer
1-418-657-1966
www.petrolia-inc.com

COMPANY:
FOR: PETROLIA INC.
TSX VENTURE SYMBOL: PEA

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0061

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: SHAMARAN PETROLEUM CORP.TSX VENTURE SYMBOL: SNMOMX SYMBOL: SNMDate issue: June 15, 2017Time in: 1:00 PM eAttention:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 15, 2017) – ShaMaran Petroleum
Corp. (“ShaMaran” or the “Company”) (TSX VENTURE:S…

FOR: RIDGEBACK RESOURCES INC.
Date issue: June 15, 2017Time in: 12:30 PM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Ridgeback Resources Inc.
(“Ridgeback” or the “Company”) (www.ridgeback.com), a private oil and gas
exploration and p…

FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG

Date issue: June 15, 2017
Time in: 11:19 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG) (NYSE:CPG) confirms that the
dividend to be paid on July 17, 2017, in respect of June 2017 production, for
shareholders of record on June 30, 2017, will be CDN$0.03 per share.

These dividends are designated as “eligible dividends” for Canadian income tax
purposes. For U.S. income tax purposes, Crescent Point’s dividends are
considered “qualified dividends.”

Crescent Point is a leading North American light and medium oil producer that
seeks to maximize shareholder return through its total return strategy of
long-term growth plus dividend income.

CRESCENT POINT ENERGY CORP.

Scott Saxberg, President and Chief Executive Officer

Crescent Point shares are traded on the Toronto Stock Exchange and New York
Stock Exchange, both under the symbol CPG.

– END RELEASE – 15/06/2017

For further information:
Crescent Point Energy Corp.
Ken Lamont
Chief Financial Officer
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
OR
Crescent Point Energy Corp.
Brad Borggard
Vice President, Corporate Planning and Investor Relations
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
www.crescentpointenergy.com

COMPANY:
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0048

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: STRATEGIC OIL & GAS LTD.
TSX VENTURE SYMBOL: SOG

Date issue: June 15, 2017
Time in: 9:31 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – June 15, 2017) – Strategic Oil & Gas Ltd.
(“Strategic” or the “Company”) (TSX VENTURE:SOG) announces the commencement of
its summer drilling program planned for the third quarter of 2017.

Building on the Company’s success in the first half of 2017, Strategic has
commenced a summer program to drill and complete up to four new Muskeg
horizontal wells. In addition, Strategic plans to evaluate a second prospective
formation in the Company’s multi-zone light oil prospect at Marlowe. In the
first half of 2017 Strategic brought five new Muskeg wells on production. Three
of the new wells have produced their load fluid and production tested at the
following rates:

/T/

—————————————————————————-

Well Test Rates (BOED)
(Average 48 hour rate)
—————————————————————————-
00/16-35 741 (94% oil)
—————————————————————————-
00/13-01 746 (70% oil)
—————————————————————————-
02/13-01 453 (77% oil)
—————————————————————————-

/T/

The remaining two wells 00/5-12 and 00/11-12 have tested over 200 bbl/d of oil
with limited gas as they continue to clean up. The five new wells are equipped
with a pump jack and are now tied-in and producing into the Company’s
infrastructure. Early indications show that these Muskeg wells are
significantly more oil weighted as compared to the previous Muskeg wells.

The new Muskeg wells have been designed and equipped with downhole equipment to
handle the associated gas production and improve the efficiency of the pump
jack over the life of the well. This new artificial lift configuration limits
initial peak production rates from the Muskeg horizontal wells but is intended
to increase overall performance over the first 90 days. The company is
delighted with the success of the latest Muskeg horizontal wells and plans to
further reduce drilling costs while improving production per stage.

About Strategic

Strategic is a junior oil and gas company committed to becoming a premier
northern oil and gas operator by exploiting its light oil assets primarily in
northern Alberta. The Company relies on its extensive subsurface and reservoir
experience to develop its asset base and grow production and cash flows while
managing risk. The Company maintains control over its resource base through
high working interest ownership in wells, construction and operation of its own
processing facilities and a significant undeveloped land and opportunity base.
Strategic’s primary operating area is at Marlowe, Alberta. Strategic’s common
shares trade on the TSX Venture Exchange under the symbol SOG.

ADDITIONAL INFORMATION

Additional information, including the Company’s corporate presentation, is also
available at www.sogoil.com and at www.sedar.com.

Reader Advisories

Any references in this news release to initial production or test rates are
useful in confirming the presence of hydrocarbons, however, such rates are not
necessarily determinative of the rates at which such wells will continue
production. These flow- back or test results are quoted on a raw basis before
shrinkage on natural gas volumes and may not be indicative of long-term well
performance or ultimate recovery. While encouraging, readers are cautioned not
to place reliance on such rates in estimating the aggregate production for the
Company. Total corporate production volumes include natural gas shrinkage.

This news release includes certain information, with management’s assessment of
Strategic’s future plans and operations, and contains forward-looking
statements which may include some or all of the following: (i) anticipated
production rates and the related oil weighting; (ii) capital spending programs
and the results therefrom; (iii) capital projects to be undertaken; (iv)
production equipment installed and its impact on long-term production rates,
downtime and efficiency; and (v) future drilling costs and production
performance per completion stage; which are provided to allow investors to
better understand the Company’s business. By their nature, forward-looking
statements are subject to numerous risks and uncertainties; some of which are
beyond Strategic’s control, including the impact of general economic
conditions, industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, changes in
environmental tax and royalty legislation, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital from internal
and external sources, and other risks and uncertainties described under the
heading ‘Risk Factors’ and elsewhere in the Company’s Annual Information Form
for the year ended December 31, 2016 and other documents filed with Canadian
provincial securities authorities and are available to the public at
www.sedar.com. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. The principal assumptions Strategic
has made includes security of land interests; drilling cost stability; royalty
rate stability; oil and gas prices to remain in their current range; finance
and debt markets continuing to be receptive to financing the Company and
industry standard rates of geologic and operational success. Actual results
could differ materially from those expressed in, or implied by, these
forward-looking statements. Strategic disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.

Basis of Presentation

This discussion and analysis of Strategic’s oil and natural gas production and
related performance measures is presented on a working-interest, before
royalties basis. For the purpose of calculating unit information, the Company’s
production and reserves are reported in barrels of oil equivalent (Boe) and Boe
per day (Boe/d). Boe may be misleading, particularly if used in isolation. A
Boe conversion ratio for natural gas of 6 Mcf: 1 Boe has been used, which is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not necessarily represent a value equivalency at the
wellhead. As the value ratio between natural gas and crude oil based on the
current prices of natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.

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 – 15/06/2017

For further information:
Strategic Oil & Gas Ltd.
Gurpreet Sawhney
President and CEO
403.767.2949
403.767.9122 (FAX)
OR
Strategic Oil & Gas Ltd.
Aaron Thompson
Chief Financial Officer
403.767.2952
403.767.9122 (FAX)
www.sogoil.com

COMPANY:
FOR: STRATEGIC OIL & GAS LTD.
TSX VENTURE SYMBOL: SOG

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170615CC0040

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: DVGDate issue: June 15, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – June 15, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (T…