Month: March 2017

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

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

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

Attention:

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

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

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

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

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

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

– END RELEASE – 31/03/2017

For further information:
United Hunter Oil and Gas Corp.
Timothy Turner
CEO
(832) 487-0813
[email protected]
www.unitedhunteroil.com

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

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

Press Release from Marketwired 1-866-736-3779

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

FOR: CHANGFENG ENERGY INC.
TSX VENTURE SYMBOL: CFY

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

Attention:

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

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

/T/

—————————————————————————-

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

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

/T/

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

Change in functional and presentation currency of the Company

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

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

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

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

/T/

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

/T/

Financial Results

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

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

/T/

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

/T/

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

/T/

— comparatively higher amount of new residential customers connected

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

/T/

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

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

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

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

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

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

Financial Position

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

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

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

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

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

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

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

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

EBITDA

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

/T/

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

/T/

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

Forward-Looking Statements

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

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

– END RELEASE – 31/03/2017

For further information:
Mr. Yan Zhao CPA. CA
Chief Financial Officer
647.313.0066
[email protected]
OR
Ms. Ann S.Y. Lin
VP, Corporate Development and
Corporate Secretary
647.313.0066
[email protected]

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

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

Press Release from Marketwired 1-866-736-3779

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

FOR: INTER PIPELINE LTD.
TSX SYMBOL: IPL

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

Attention:

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

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

Annual General Meeting of Shareholders

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

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

Inter Pipeline Ltd.

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

– END RELEASE – 31/03/2017

For further information:
Investor Relations:
Jeremy Roberge
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
[email protected]
OR
Media Relations:
Breanne Oliver
Manager Corporate Communications
587-475-1118
[email protected]

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

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

Press Release from Marketwired 1-866-736-3779

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

FOR: CLEARVIEW RESOURCES LTD.

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

Attention:

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

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

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

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

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

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

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

– END RELEASE – 31/03/2017

For further information:
Clearview Resources Ltd.
Greg Baum
President
(403) 265-3503
[email protected]
OR
Clearview Resources Ltd.
Steve Glover
CFO
(403) 990-3876
[email protected]

COMPANY:
FOR: CLEARVIEW RESOURCES LTD.

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

Press Release from Marketwired 1-866-736-3779

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

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

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

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

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

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

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

FOR: PRAIRIE PROVIDENT RESOURCES INC.
TSX SYMBOL: PPR

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

Attention:

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

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

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

FOURTH QUARTER 2016 HIGHLIGHTS

/T/

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

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

/T/

2016 ANNUAL HIGHLIGHTS

/T/

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

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

/T/

FINANCIAL AND OPERATING HIGHLIGHTS

/T/

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

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

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

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

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

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

—————————————————————————-

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

/T/

YEAR IN REVIEW

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

/T/

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

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

/T/

OPERATIONS UPDATE

Wheatland, AB

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

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

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

Princess, AB

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

Evi, AB

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

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

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

2017 OUTLOOK AND GUIDANCE

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

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

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

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

/T/

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

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

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

/T/

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

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

ABOUT PRAIRIE PROVIDENT:

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

OTHER ADVISORIES

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

Non-IFRS Measures

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

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

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

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

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

– END RELEASE – 31/03/2017

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

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

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

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: ECO (ATLANTIC) OIL AND GAS LTDTSX VENTURE SYMBOL: EOGAIM SYMBOL: ECODate issue: March 31, 2017Time in: 2:00 AM eAttention:
TORONTO, ON–(Marketwired – March 30, 2017) – Eco (Atlantic) Oil and Gas Ltd
(TSX VENTURE: EOG) (AIM: ECO)
TSXV: EOG; AIM: E…

FOR: CORRIDOR RESOURCES INC.
TSX SYMBOL: CDH

Date issue: March 30, 2017
Time in: 7:47 PM e

Attention:

HALIFAX, NOVA SCOTIA–(Marketwired – March 30, 2017) – Corridor Resources Inc.
(TSX:CDH) (“Corridor” or the “Company”) announced today its 2016 year-end
financial results and reserves evaluations. Corridor’s annual financial
statements, annual management’s discussion and analysis and Annual Information
Form for the year ended December 31, 2016 have been filed on SEDAR at
www.sedar.com and are available on Corridor’s website at www.corridor.ca. All
amounts referred to in this press release are in Canadian dollars unless
otherwise stated.

Year End Financial Results

The following table provides a summary of Corridor’s financial and operating
results for the three and twelve months ended December 31, 2016 with
comparisons to the three and twelve months ended December 31, 2015.

Selected Financial Information

/T/

—————————————————————————-

Three months ended Twelve months ended
December 31 December 31
thousands of dollars
except per share
amounts 2016 2015 2016 2015
—————————————————————————-
Sales $ 2,356 $ 3,630 $ 13,541 $ 15,876
Net income (loss) $ 12,316 $ (33,952) $ (29,291) $ (31,879)
Net income (loss)
per share – basic $ 0.139 $ (0.383) $ (0.330) $ (0.360)
Net income (loss)
per share – diluted $ 0.139 $ (0.383) $ (0.330) $ (0.360)
Cash flow from
operations(1) $ 722 $ 984 $ 4,307 $ 6,726
Capital expenditures $ 175 $ 163 $ 420 $ 937
Total assets $ 104,618 $ 133,066 $ 104,618 $ 133,066
—————————————————————————-
—————————————————————————-
(1) Cash flow from operations is a non-IFRS measure. Cash flow from
operations represents net earnings adjusted for non-cash items including
depletion, depreciation and amortization, deferred income taxes, share-based
compensation and other non-cash expenses. See “Non-IFRS Financial Measures”
in Corridor’s management’s discussion and analysis for the year ended
December 31, 2016.

/T/

2016 Highlights

/T/

— The average daily natural gas production increased to 5.8 mmscfpd in

2016 from 4.0 mmscfpd in 2015 as a result of management’s decision to
shut-in most of the McCully wells from May 1, 2015 to October 29, 2015
as opposed to only partially shutting-in its natural gas production
between September 2016 and November 2016. Management had determined in
each of 2015 and 2016 to selectively shut-in its producing natural gas
wells in the McCully Field as a long term optimization strategy to take
advantage of the expected significant differential in the sale price of
natural gas at the Algonquin city-gates (“AGT”) for the summer/fall
relative to the winter.

— Corridor entered into a forward sale agreement from December 1, 2016 to

March 31, 2017 for an average of 4,755 mmbtupd of natural gas
production. The forward sale volumes were based on AGT pricing but
subject to lower transportation costs, resulting in an estimated
increase of approximately $800 thousand of cash flow from operations
over the term of the forward sale agreement.

— As part of its optimization strategy and to mitigate the risks

associated with the volatility of natural gas prices, Corridor entered
into the following financial hedges; 2,500 mmbtupd of natural gas
production at a fixed price of $US6.50/mmbtu for the period from
December 1, 2016 to March 31, 2017; 1,000 mmbtupd at a fixed price of
$US7.30/mmbtu for the period from January 1, 2017 to February 28, 2017,
and 1,000 mmbtupd at a fixed price of $US9.55/mmbtu for January 2017.

— In its reserves report dated March 1, 2017 in respect of the McCully

Field in New Brunswick effective as at December 31, 2016 (“2016 GLJ
Reserves Report”), GLJ Petroleum Consultants Ltd. (“GLJ”) increased the
estimate of future natural gas revenues due to lower future
transportation costs expected as a result of an anticipated increase in
the Company’s sales to the local Maritimes market as opposed to the New
England market. As a result, the net present value of proved plus
probable reserves before income taxes discounted at 10% increased by 16%
to $54.1 million.

— As at December 31, 2016, Corridor had cash and cash equivalents of

$27,272 thousand, net working capital of $29,365 thousand and no
outstanding debt.

/T/

Financial Summary for 2016

/T/

— Natural gas sales for 2016 decreased to $12,596 thousand from $15,086

thousand for 2015 due to the decrease in the average natural gas price
to $5.96/mscf in 2016 from $10.23/mscf in 2015, partially offset by the
increase in the average daily natural gas production to 5.8 mmscfpd in
2016 from 4.0 mmscfpd in 2015.

— Cash flow from operations decreased to $4,307 thousand for the year

ended December 31, 2016 from $6,726 thousand for the year ended December
31, 2015 due to the lower natural gas sales.

— Net general and administrative expenses returned to a normal level in

2016 decreasing to $2,969 thousand from $4,175 thousand in 2015 due
mostly to the costs associated with the establishment of the New
Brunswick Responsible Energy Development Alliance in 2015 and to lower
salary expenses in 2016 following a reduction in the personnel of the
Company in Q2 2015.

— The Company recognized impairment losses of $15.7 million for the year

ended December 31, 2016 which are the result of an initial impairment
loss of $28.4 million recognized in Q2 2016 following the announcement
by the Government of New Brunswick on May 27, 2016 of its decision to
continue a moratorium on hydraulic fracturing for an indefinite period
resulting in a material reduction in the Company’s undeveloped reserves.
However, this impairment was partially offset by a reversal of
impairment loss of $12.7 million in Q4 2016 due to an increase in the
2016 GLJ Reserves Report of the estimated future natural gas revenues.

/T/

Q4 2016 Netback Analysis

/T/

—————————————————————————-

Three months ended Twelve months ended
December 31 December 31
thousands of dollars
except $/mscf 2016 2015 2016 2015
—————————————————————————-
Natural gas sales $2,199 $ 3,433 $ 12,596 $ 15,086
Other revenues 157 197 945 790
Realized financial
derivatives loss (121) – (121) –
Royalty expense (54) (70) (276) (371)
Transportation
expense (239) (931) (3,443) (2,781)
Production expense (616) (785) (2,421) (2,428)
—————————————————————————-
Field operating
netback $ 1,326 $ 1,844 $ 7,280 $ 10,296
—————————————————————————-

Natural gas
production per day
(mmscfpd) 3.0 5.3 5.8 4.0
Barrels of oil
equivalent per day
(boepd) 505 890 963 673
Average natural gas
price ($/mscf) $ 7.88 $ 6.99 $ 5.96 $ 10.23

Natural gas revenues
($/boe) $ 47.28 $ 41.92 $ 35.74 $ 61.39
Other revenues
($/boe) 3.37 2.41 2.68 3.22
Realized financial
derivatives
loss($/boe) (2.60) – (0.34) –
Royalty expense
($/boe) (1.15) (0.86) (0.78) (1.51)
Transportation
expense ($/boe) (5.15) (11.37) (9.77) (11.32)
Production expense
($/boe) (13.25) (9.59) (6.87) (9.88)
—————————————————————————-
Field operating
netback ($/boe) $ 28.50 $ 22.51 $ 20.66 $ 41.90
General and
administrative
expenses ($/boe) (15.14) (12.10) (8.43) (16.99)
Interest, foreign
exchange and other
($/boe) 2.16 1.61 (0.01) 2.46
—————————————————————————-
Cash flow from
operations netback
($/boe) $ 15.52 $ 12.02 $ 12.22 $ 27.37
—————————————————————————-
—————————————————————————-

— Corridor’s cash flow from operations netback for Q4 2016 increased to

$15.52/boe from $12.02/boe in Q4 2015 as a result of higher natural gas
sales prices partially offset by lower natural gas production.

— Natural gas sales decreased to $2,199 thousand in Q4 2016 from $3,433

thousand in Q4 2015 due to lower natural gas production partially offset
by an increase in the average natural gas price to $7.88/mscf in Q4 2016
from $6.99/mscf in Q4 2015. The decrease in the average daily natural
gas production to 3.0 mmscfpd in Q4 2016 from 5.3 mmscfpd in Q4 2015 is
due to management’s optimization strategy to partially shut-in its
natural gas production from September 2016 to November 2016 due to
higher anticipated pricing in the winter of 2016/2017.

— Corridor’s royalty expense for Q4 2016 decreased to $54 thousand from

$70 thousand for Q4 2015 due to lower natural gas sales in Q4 2016.

— Transportation expense for Q4 2016 decreased significantly to $239

thousand from $931 thousand for Q4 2015 due to management’s optimization
strategy to partially shut-in its natural gas production from September
2016 to November 2016 and the Company’s forward sale agreement in effect
from December 1, 2016 to March 31, 2017 for the sale of 4,755 mmbtupd of
natural gas production to the local Maritimes market as opposed to the
New England market. As a result, transportation expense per boe
decreased from $11.37/boe in Q4 2015 to $5.15/boe in Q4 2016.

— The decrease in net production expense to $616 thousand in Q4 2016 from

$785 thousand in Q4 2015 is due to the cost of workover operations of
$114 thousand during Q4 2015.

/T/

2016 Reserve Information

Corridor currently has natural gas reserves in the McCully Field near Sussex,
New Brunswick. GLJ assessed Corridor’s reserves in its report dated March 1,
2017 and effective as at December 31, 2016 (“2016 GLJ Reserves Report”) and its
updated report dated June 15, 2016 and effective December 31, 2015 (“GLJ 2015
Updated Reserves Report”) (collectively, the “GLJ Reports”) which were both
prepared in accordance with National Instrument 51-101 Standards of Disclosure
of Oil and Gas Activities (“NI 51-101”). The GLJ 2015 Updated Reserves Report
updated GLJ’s initial reserves report effective December 31, 2015 to assess the
impact on Corridor’s reserves of the New Brunswick Government’s announcement on
May 27, 2016 of its decision to continue the moratorium on hydraulic fracturing
for an indefinite period. The GLJ 2015 Updated Reserves Report demonstrated
that the New Brunswick Government’s decision resulted in a material reduction
in Corridor’s undeveloped reserves, future development capital and associated
net present value of future revenue as Corridor’s undeveloped wells no longer
qualified as reserves given that such wells require hydraulic fracture
stimulations. See Corridor’s material change report dated June 16, 2016, a copy
of which is filed on SEDAR at www.sedar.com.

The following table presents a summary from the GLJ Reports of Corridor’s total
gross natural gas and shale gas reserves, before the deduction of royalties,
using forecast prices and costs.

/T/

—————————————————————————-

2016 Gross Reserves 2015 Gross Reserves
Reserves Category bscf bscf
—————————————————————————-
Total proved 15.9 18.8
Total probable 4.1 4.1
—————————————————————————-
Total proved plus probable 20.0 22.9
—————————————————————————-

/T/

The decrease in Corridor’s proved plus probable natural gas reserves from
December 31, 2015 to December 31, 2016 is primarily attributable to Corridor’s
production in 2016.

GLJ assessed the net present value of Corridor’s natural gas, oil and natural
gas liquids reserves in the GLJ Reports, based on GLJ’s forecast prices as at
January 1, 2016 and 2015, as applicable, as follows:

Net Present Value ($ in million) – undiscounted

/T/

—————————————————————————-

2016 2015
—————————————————————————-

Reserves Before Income After Income Before Income After Income
Category Tax(1) Tax(1) Tax(1) Tax(1)
—————————————————————————-
Proved 71.0 71.0 52.9 52.9
Proved plus
probable 93.9 93.9 70.5 70.5
—————————————————————————-
(1) The estimated value of future net revenue does not represent the fair
market value of Corridor’s reserves.

/T/

Net Present Value ($ in million) – discounted at 10%

/T/

—————————————————————————-

2016 2015
—————————————————————————-

Reserves Before Income After Income Before Income After Income
Category Tax(1) Tax(1) Tax(1) Tax(1)
—————————————————————————-
Proved 45.8 45.8 39.3 39.3
Proved plus
probable 54.1 54.1 46.6 46.6
—————————————————————————-
(1) The estimated value of future net revenue does not represent the fair
market value of Corridor’s reserves.

/T/

The increase in the net present value of Corridor’s proved plus probable
natural gas reserves is primarily attributable to the increase in the estimate
of future natural gas revenues due to lower future transportation costs
expected as a result of an anticipated increase in the Company’s sales to the
local Maritimes market as opposed to the New England market.

A summary of the 2016 GLJ Reserves Report will be available on Corridor’s
website at www.corridor.ca on or about March 30, 2017 and in Corridor’s Annual
Information Form for the year ended December 31, 2016, which is filed on SEDAR
at www.sedar.com.

Anticosti Joint Venture

Corridor has a 21.67% interest in Anticosti Hydrocarbons L.P., which has
undeveloped lands on Anticosti Island, Quebec. The Anticosti Joint Venture is a
limited partnership between Corridor, Ressources Quebec Inc., a subsidiary of
Investissement Quebec (an affiliate of the Government of Quebec), Petrolia Inc.
and Saint-Aubin E&P Quebec Inc. formed to appraise and potentially develop
hydrocarbon resources on Anticosti Island.

Beginning in December 2015, the Premier of Quebec stated on numerous occasions
that he is not in favor of the development of hydrocarbons on Anticosti Island
and that he is willing to face the financial consequences of pulling out of the
Anticosti Joint Venture and cancelling the agreements governing the Anticosti
Joint Venture. Subsequently, in March 2016, the Premier issued a statement
confirming that the Quebec Government would respect the Anticosti Joint Venture
agreements as long as the project met environmental standards.

In January 2017, the Quebec Government announced its decision to support the
designation of Anticosti Island as a UNESCO World Heritage site. If designated
as a UNESCO World Heritage site, the Anticosti Joint Venture would not be
permitted to engage in development or production of oil and gas on the Island.
While the Quebec Government confirmed its intention to respect the Anticosti
Joint Venture agreements, there is uncertainty that Anticosti Hydrocarbons’
drilling program will proceed in 2017. Corridor is reviewing its options to
ensure the value of its investment in Anticosti Hydrocarbons is protected.

Old Harry

On January 15, 2017, the Canada – Newfoundland and Labrador Offshore Petroleum
Board issued exploration license EL-1153 to Corridor in exchange for the
surrender of exploration license EL-1105 covering the Newfoundland and Labrador
sector of the Old Harry Prospect in the Gulf of St. Lawrence. The new
exploration license expires on January 14, 2020, subject to extension by
Corridor for an additional one year period (January 14, 2021) with the payment
of a $1 million deposit.

Corridor intends to purchase a user license for a controlled source
electro-magnetic (“CSEM”) data program to investigate the resistivity of
geological prospects over the Newfoundland and Labrador sector of the Old Harry
prospect, similar to resistivity logging in well bores of potential hydrocarbon
zones. Highly resistive layers in a geological structure measured with CSEM
technology could indicate hydrocarbon bearing reservoirs and, therefore, would
serve to reduce exploration risk and increase the likelihood of finding
commercial quantities of hydrocarbons. The undertaking of the CSEM program,
currently planned by an independent service provider for a seven day period in
the fall of 2017, is subject to the receipt of the necessary regulatory
approvals and vessel availability.

Guidance

Corridor has revised its guidance for the period from April 1, 2016 to March
31, 2017 from guidance previously disclosed on October 7, 2016 to reflect
actual results to December 31, 2016 and expected natural gas prices from
January 1, 2017 to March 31, 2017, as follows:

Revised Guidance from April 1, 2016 to March 31, 2017

/T/

—————————————————————————
AGT average natural gas price $US 3.40/mmbtu
USD/CAD exchange rate $ 1.31 USD/CAD
Average natural gas price realized $ 5.70/mscf
Average daily natural gas production 5.5 mmscfpd
Field operating netback $ 7.2 million
Cash flow from operations (1) $ 4.4 million
Field operating netback per mscf $ 3.55/mscf
Cash flow from operations (1) per mscf $ 2.20/mscf
Capital expenditures (for the calendar year 2016) $ 0.4 million
Working capital estimate (as at March 31, 2017) $ 33.2 million
—————————————————————————
—————————————————————————
(1) Cash flow from operations is a non-IFRS measure. Cash flow from
operations represents net earnings adjusted for non-cash items including
depletion, depreciation and amortization, deferred income taxes, share-based
compensation and other non-cash expenses.

/T/

Notwithstanding a significant decrease in natural gas prices at AGT from those
previously forecasted for the first quarter of 2017, Corridor’s cash flow from
operations for the period from April 1, 2016 to March 31, 2017 is only expected
to decrease by $0.2 million to $4.4 million. This is due to the financial
hedges Corridor put in place and lower general and administrative expenses.

Corridor is currently evaluating alternatives for its optimization strategy for
the period from April 1, 2017 to March 31, 2018 and anticipates providing
guidance for that period at its annual shareholders’ meeting, currently
scheduled for May 11, 2017.

“Corridor is well positioned for 2017,” said Steve Moran, President and Chief
Executive Officer. “Our balance sheet is very strong, with a forecast $33.2
million of positive working capital at the end of Q1 2017. We are very pleased
with the results of our optimization strategy over the past two years, taking
advantage of the winter pricing premium of our natural gas market, while
preserving reserves for production in future years. We expect this winter
pricing premium to continue for the foreseeable future. Corridor has been
evaluating new opportunities to deploy our working capital, but with the
prolonged downturn in commodity prices, we have been patient in our approach.
We will continue to be selective in any opportunities we may decide to pursue.”

Corridor is a Canadian junior resource company engaged in the exploration for
and development and production of petroleum and natural gas onshore in New
Brunswick and Quebec and offshore in the Gulf of St. Lawrence. Corridor
currently has natural gas production and reserves in the McCully Field near
Sussex, New Brunswick. In addition, Corridor has a shale gas prospect in New
Brunswick, an offshore conventional hydrocarbon prospect in the Gulf of St.
Lawrence and an unconventional hydrocarbon prospect through a 21.67% interest
in Anticosti Hydrocarbons L.P., a joint venture with undeveloped lands on
Anticosti Island, Quebec.

Forward-Looking Statements

This press release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
“forward-looking statements”) within the meaning of Canadian securities laws.
All statements other than statements of historical fact are forward-looking
statements. Forward-looking information typically contains statements with
words such as “anticipate”, “believe”, “plan”, “continuous”, “estimate”,
“expect”, “may”, “will”, “project”, “should”, or similar words suggesting
future outcomes. In particular, this press release contains forward-looking
statements pertaining to: the characteristics of Corridor’s and the Anticosti
Joint Venture’s properties; business plans and strategies (including plans to
shut-in production to take advantage of expected price differentials),
exploration and development plans, including timing of such plans (including
the CSEM and Anticosti Hydrocarbons L.P.’s plans); expectation of the price of
natural gas; expectations regarding Corridor’s financial resilience and plans
to maintain a strong balance sheet and the estimates of reserves and the net
present values of reserves; the financial position of the Company; government
plans, including in particular the Quebec Government’s plans in respect of the
Anticosti Joint Venture and Anticosti Island; and expectations regarding
natural gas prices, the U.S. Canada exchange rate, natural gas production,
operating netbacks, cash flow from operations, capital expenditures and working
capital estimates;

Statements relating to “reserves” are forward-looking statements, as they
involve the implied assessment, based on certain estimates and assumptions that
the reserves described exist in the quantities predicted or estimated and can
profitably be produced in the future.

Undue reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or circumstances
contemplated by the forward-looking statements will not occur. There can be no
assurance that the plans, intentions or expectations upon which forward-looking
statements are based will in fact be realized. Actual results will differ, and
the difference may be material and adverse to Corridor and its shareholders.

Forward-looking statements are based on Corridor’s current beliefs as well as
assumptions made by, and information currently available to, Corridor
concerning anticipated financial performance, business prospects, strategies,
regulatory developments, future natural gas commodity prices, future natural
gas production levels, the ability to obtain equipment in a timely manner to
carry out development activities, the ability to market natural gas
successfully to current and new customers, the impact of increasing
competition, the ability to obtain financing on acceptable terms, and the
ability to add production and reserves through development and exploration
activities. 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 forward-looking
statements will not be achieved. These factors may be found under the heading
“Risk Factors” in Corridor’s Annual Information Form for the year ended
December 31, 2016.

The forward-looking statements contained in this press release are made as of
the date hereof and Corridor does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, except as
required by applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.

Oil and Gas Advisory

Boe Conversion

All calculations converting natural gas to crude oil equivalent have been made
using a ratio of six mscf of natural gas to one barrel of crude oil equivalent.
Boes may be misleading, particularly if used in isolation. A boe conversion
ratio of six mscf of natural gas to one barrel of crude 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.

– END RELEASE – 30/03/2017

For further information:
Steve Moran
President
Corridor Resources Inc.
(902) 429-4511
(902) 429-0209 (FAX)
www.corridor.ca

COMPANY:
FOR: CORRIDOR RESOURCES INC.
TSX SYMBOL: CDH

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC0131

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: MACRO ENTERPRISES INC.TSX VENTURE SYMBOL: MCRDate issue: March 30, 2017Time in: 5:43 PM eAttention:
FORT ST. JOHN, BRITISH COLUMBIA–(Marketwired – March 30, 2017) – Macro
Enterprises Inc. (TSX VENTURE:MCR) –
/T/
…

FOR: AFRICA ENERGY CORP.
TSX VENTURE SYMBOL: AFE

Date issue: March 30, 2017
Time in: 5:30 PM e

Attention:

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 30, 2017) – Africa Energy
Corp. (TSX VENTURE:AFE) (“Africa Energy” or the “Company) announces that it has
terminated the farmout agreement (the “Farmout Agreement”) entered into on
November 29, 2016 with a subsidiary of Pancontinental Oil & Gas N.L.
(“Pancontinental”). Pursuant to the Farmout Agreement, the Company was to
acquire a 10% participating interest in Petroleum Exploration Licence 37
offshore, Republic of Namibia (“PEL 37”). Africa Energy exercised its right to
terminate the Farmout Agreement as a result of due diligence procedures
performed by the Company which identified discrepancies in respect of certain
agreed commercial terms of the farmout transaction.

About Africa Energy Corp.

Africa Energy Corp. is a Canadian oil and gas exploration company, the shares
of which are listed on the TSX Venture Exchange under the symbol “AFE”. The
Company holds a 90% participating interest in Block 2B, offshore Republic of
South Africa and is actively building an exploration portfolio in Africa.

Forward Looking Information

Certain statements contained in this press release constitute forward-looking
information. These statements relate to future events or future performance.
The use of any of the words “will”, “expected” and similar expressions and
statements relating to matters that are not historical facts are intended to
identify forward looking information and are based on the Company’s current
belief or assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or projections
set out in forward-looking information. Those assumptions and factors are based
on information currently available to the Company. The forward-looking
information contained in this release is made as of the date hereof and the
Company is not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any
forward-looking information contained herein.

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.

ON BEHALF OF THE BOARD

James Phillips, President and CEO

– END RELEASE – 30/03/2017

For further information:
Africa Energy Corp.
Sophia Shane
Corporate Development
(604) 689-7842
[email protected]
www.africaenergycorp.com

COMPANY:
FOR: AFRICA ENERGY CORP.
TSX VENTURE SYMBOL: AFE

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC0113

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: BLACKBIRD ENERGY INC.TSX VENTURE SYMBOL: BBIDate issue: March 30, 2017Time in: 4:51 PM eAttention:
CALGARY, ALBERTA–(Marketwired – March 30, 2017) – Blackbird Energy Inc. (TSX
VENTURE:BBI) (“Blackbird”) is pleased to announce that it has released…

FOR: CANADIAN SECURITIES EXCHANGE (CSE)

Date issue: March 30, 2017
Time in: 3:16 PM e

Attention:

TORONTO, ONTARIO–(Marketwired – March 30, 2017) – The common shares of Squatex
Energy and Ressources Inc. have been approved for listing on the CSE.

Listing and disclosure documents will be available at www.thecse.com

Squatex Energy and Ressources Inc. is a junior oil and gas exploration company
established in 2001 which main activity is to carry out works and studies
aiming at the evaluation and the development of the oil and gas potential of a
territory of 656,093 hectares under exploration license in the Province of
Quebec, in which it is holding a 70% interest.

L’inscription a la cote de CSE des actions ordinaires de Ressources & Energie
Squatex Inc. a ete approuvee.

Les documents d’inscription et de divulgation seront disponibles sur
www.thecse.com

Ressources & Energie Squatex Inc. est une societe d’exploration petroliere et
gaziere junior qui a ete cree en 2001 dont l’activite principale est
d’effectuer des travaux et des etudes visant a l’evaluation et le developpement
du potentiel petrolier et gazier d’un territoire de 656 093 hectares sous
permis d’exploration au Quebec, dans lesquels elle detient un interet de 70%.

/T/

—————————————————————————-
Issuer/Emetteur: Squatex Energy and Ressources Inc.
/Ressources & Energie Squatex Inc.
—————————————————————————-
Security Type/Titre: Common Shares/Actions ordinaires
—————————————————————————-
Symbol(s)/Symbole(s): SQX
—————————————————————————-
Number of securities issued and 105 841 876
outstanding/ Titres emis et en
circulation:
—————————————————————————-
Number of Securities reserved for 1 212 632
issuance/ Titres reserves pour
emission:
—————————————————————————-
CSE Sector/Categorie: Oil & Gas/Hydrocarbures
—————————————————————————-
CUSIP: 85224X 10 8
—————————————————————————-
ISIN: CA85224X 10 8 7
—————————————————————————-
Boardlot/Quotite: 500
—————————————————————————-
Trading Currency/Monnaie de CDN$/ $CA
negociation:
—————————————————————————-
Trading Date/Date de negociation: April 3, 2017/ le 3 avril 2017
—————————————————————————-
Other Exchanges/Autres marches: N/A
—————————————————————————-
Fiscal Year end /Cloture de March 31/le 31 mars
l’exercice financier:
—————————————————————————-
Transfer Agent/Agent des transferts: TSX Trust Company
—————————————————————————-

/T/

– END RELEASE – 30/03/2017

For further information:
Canadian Securities Exchange (CSE)
Listings
(416) 367-7340
[email protected]
www.thecse.com

COMPANY:
FOR: CANADIAN SECURITIES EXCHANGE (CSE)

INDUSTRY: Financial Services – Investment Services and Trading,
Financial Services – Personal Finance
RELEASE ID: 20170330CC0094

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issuing the release, not to The Canadian Press.

FOR: MULLEN GROUP LTD.TSX SYMBOL: MTLDate issue: March 30, 2017Time in: 2:00 PM eAttention:
OKOTOKS, ALBERTA–(Marketwired – March 30, 2017) – Mullen Group Ltd. (“Mullen
Group” and/or the “Corporation”) (TSX:MTL) intends to release its 2017 First
Quart…

FOR: CANADA ENERGY PARTNERS INC.
TSX VENTURE SYMBOL: CE

Date issue: March 30, 2017
Time in: 12:46 PM e

Attention:

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 30, 2017) – Canada Energy
Partners Inc. (TSX VENTURE:CE) (the “Company”) has filed an appeal to the
British Columbia Oil & Gas Appeal Tribunal. As part of this appeal, the Company
has requested an immediate ‘stay’ of the General Order. If granted, the stay
would allow immediate restoration of water disposal operations while the appeal
process goes forth.

The Company received a General Order from the British Columbia Oil & Gas
Commission (“OGC”) on March 16th ordering a suspension of all disposal
activities at the Company’s water disposal well in northeast British Columbia.
The Order “shall remain in effect until amended or terminated in whole or in
part by the Commission…pending a review of additional technical information”.
The Company immediately ceased disposing and has secured the well.

The reasons given were concern over enhanced seismicity alleged to be related
to water disposal. The OGC gave no evidence of increased seismicity related to
the Company’s disposal well but referenced increased seismicity in other areas
of British Columbia. The General Order states that the Company “has met the
conditions” stipulated in its disposal permit.

The Company decided to by-pass the review process and go straight to the appeal
because the Company believes this approach should expedite the process of
reaching a definitive conclusion.

The timing of a decision is unknown at this time but the Company will provide
additional updates as material events unfold.

The Notice of Appeal and General Order can be viewed on the Company’s website:
www.canadaenergypartners.com.

On behalf of the Board of Directors of Canada Energy Partners Inc.

Benjamin Jones

President & CEO

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

This press release contains forward-looking statements within the meaning of
applicable securities laws. 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, estimated revenues.

Forward-looking statements 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. These
factors include, without limitation, regulatory approvals, mechanical integrity
of the water disposal well, receptivity of the disposal zone, variability of
operating costs, risks associated with oil and gas production and exploration,
retention of and ability to attract company personnel, volatility of commodity
prices, currency and interest rate fluctuations, environmental risk, inability
to access sufficient capital from internal and external sources and changes in
legislation, including income tax, environmental and regulatory matters.

This press release, in particular the information in respect of estimated
revenues, may contain future-oriented financial information or financial
outlook within the meaning of applicable securities laws. Such future-oriented
financial information or financial outlook has been prepared for the purpose of
providing information about management’s reasonable expectations as to the
anticipated results of its proposed business activities. Readers are cautioned
that reliance on such information may not be appropriate for other purposes.

The forward-looking statements contained in this press release are made as of
the date hereof, and the Company undertakes no obligation to update publicly or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless so required by law.

– END RELEASE – 30/03/2017

For further information:
Canada Energy Partners Inc.
650-669 Howe Street
Vancouver, BC V6C 0B4
Main Phone: (778) 725-1489
Facsimile: (604) 428-1124
Email: [email protected]
OR
Ben Jones
President and CEO
Direct Phone: +1 225.388.9900 ext 101
www.canadaenergypartners.com

COMPANY:
FOR: CANADA ENERGY PARTNERS INC.
TSX VENTURE SYMBOL: CE

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC0069

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: EGUANA TECHNOLOGIES INC.
TSX VENTURE SYMBOL: EGT
OTCQB SYMBOL: EGTYF

Date issue: March 30, 2017
Time in: 9:00 AM e

Attention:

CALGARY, ALBERTA and HONOLULU, HAWAII–(Marketwired – March 30, 2017) – Eguana
Technologies Inc. (TSX VENTURE:EGT) (OTCQB:EGTYF) and E-Gear LLC are pleased to
announce that the Eguana AC Battery with E-Gear’s Energy Management & Control
(EMC) technology is the first AC coupled grid interactive lithium-ion battery
system approved by the City and County of Honolulu Department of Planning and
Permitting’s Material and Methods (MM#) expedited approval process. This
unlocks the backlog of over 1MWh of utility connected residential battery
installations under contract through E-Gear dealers in Hawaii.

“This process will help continue our cooperation with the industry and the
State of Hawaii to achieve the energy independence so important to the
community we serve,” said Timothy Hiu, Deputy Director of the Department of
Planning and Permitting. “The Mayor’s office has been supportive of industry
and we have made a consistent effort to educate our personnel on the highly
innovative solar industry, where the technological advances are so rapid that
it’s important to establish this type of relationship. The City and County of
Honolulu has partnered going back over a decade to accomplish this task and our
contribution to the betterment of the State and this City to move toward a more
sustainable energy industry will continue.”

“Our customers are demanding products that are available today, and are not
interested in just reserving a system for some unknown length of time.” Said
Tim Johnston, President of Hawaii Energy Smart, an E-Gear technology dealer.
“We have been chasing other products for over a year now. Other suppliers just
could not deliver product that supports the new solar program, which is
necessary for us to maintain our business.”

“We have worked tirelessly with our partners and customers in Hawaii to
introduce this solution that enables the next phase of Hawaii’s renewable
transition,” said Brent Harris, CTO of Eguana Technologies. “Eguana remains
committed to supporting the growth of the Hawaiian market with our AC coupled
solution that is compatible with any PV system already installed or approved
for installation in Hawaii. The AC Battery is a proven and fully certified
product that supports any of the functionality being considered under the
HPUC’s Distributed Energy Resources docket.”

Installations for backlog customers will begin through E-Gear dealers in April,
and the pipeline of contracted systems is expected to grow with many customers
awaiting demonstration of permitted and operating systems before committing to
a purchase.

About E-Gear, LLC

E-Gear, LLC is a renewable energy innovation company offering proprietary
patented and patent pending edge-of-grid energy management and storage
solutions. These systems provide intelligent real-time adaptive control,
flexibility, visibility, predictability and support to energy generating
customers, renewable energy solution providers, energy service companies
(ESCO’s) and Utilities.

About The AC Battery:

The Eguana AC Battery(TM) is a certified, grid ready power control solution
pre-integrated with LG Chem Li-ion batteries. Our solution can be seamlessly
integrated with a local energy management system or a distributed fleet control
network using open communication protocols to provide a fully functional energy
storage installation. The AC Battery provides maximum flexibility for system
aggregators which want to deploy it as a standalone product, as part of new
solar storage installations, or as a retrofit to solar PV installations already
in place.

About Eguana Technologies Inc.

Eguana Technologies Inc. (TSX VENTURE:EGT) designs and manufactures high
performance power controls for residential and commercial energy storage
systems. Eguana has more than 15 years’ experience delivering grid edge power
electronics for fuel cell, photovoltaic and battery applications and delivers
proven, durable, high quality solutions from its high capacity manufacturing
facilities in Europe and North America.

With thousands of its proprietary energy storage inverters deployed in the
European and North American markets, Eguana is the leading supplier of power
controls for solar self-consumption, grid services and demand charge
applications at the grid edge.

To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech

Forward Looking Information

The reader is advised that some of the information herein may constitute
forward-looking statements within the meaning assigned by National Instruments
51-102 and other relevant securities legislation. In particular, we include:
statements pertaining to the value of our power controls to the energy storage
market and statements concerning the use of proceeds and the Company’s ability
to obtain necessary approvals from the TSX Venture Exchange.

Forward-looking information is not a guarantee of future performance and
involves a number of risks and uncertainties. Many factors could cause the
Company’s actual results, performance or achievements, or future events or
developments, to differ materially from those expressed or implied by the
forward-looking information. Readers are cautioned not to place undue reliance
on forward-looking information, which speaks only as of the date hereof.
Readers are also directed to the Risk Factors section of the Company’s most
recent audited Financial Statements which may be found on its website or at
sedar.com The Company does not undertake any obligation to release publicly any
revisions to forward-looking information contained herein to reflect events or
circumstances that occur after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required under applicable securities
laws.

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 – 30/03/2017

For further information:
Company Inquiries
Justin Holland
CEO, Eguana Technologies Inc.
+1.416.728.7635
[email protected]
OR
Product Inquiries
Vishwas Ganesan
Director of Business Development, USA
+1.408.685.2670
[email protected]

COMPANY:
FOR: EGUANA TECHNOLOGIES INC.
TSX VENTURE SYMBOL: EGT
OTCQB SYMBOL: EGTYF

INDUSTRY: Energy and Utilities – Alternative Energy, Energy and
Utilities – Equipment
RELEASE ID: 20170330CC0036

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: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE

Date issue: March 30, 2017
Time in: 8:00 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 30, 2017) – Razor Energy Corp. (“Razor”
or the “Company”) (TSX VENTURE:RZE) (www.razor-energy.com) is pleased to
announce our operating and financial results for the three and 12 month periods
ended December 31, 2016. Our full audited consolidated financial statements and
notes thereto, as well as management’s discussion and analysis (“MD&A”) can be
found on SEDAR at www.sedar.com.

OPERATIONS UPDATE

Since entering negotiations to acquire oil and gas properties during the fourth
quarter of 2016, Razor has invested approximately $2.5 million to re-activate
light oil production from 19 (17.5 net) suspended Swan Hills wells. These
operations have resulted in the addition of approximately 690 (635 net) boepd
with anticipated annual decline of less than 10 percent, which is the same
decline trend prior to the wells being suspended.

Amongst other capital programs, the Company is in the process of initiating a
second re-activation program including 24 (22.0 net) suspended wells to
liberate additional light oil at low decline rates. Concurrently, Razor is
participating in an additional 24 (3.1 net) well non-operated re-activation
program.

Razor is appropriately staffed for future growth, comprised of skilled and
competent staff in all functional departments. Our head office staff
complements the 14 fulltime, talented, and dedicated field staff led by Scott
Littke and Robert Dowsett executing daily operations in the Swan Hills area.
All technical, operating and production staff continue to apply rigor and
discipline on cost reduction and value generation while embracing stewardship
roles with a view of serving the interests of all stakeholders.

2017 CAPITAL BUDGET

With the market volatility in commodity prices and Razor’s ability to grow
production through high frequency / low capital intensive projects and with
emerging acquisition opportunities, the Company expects to take a disciplined
and conservative approach to the 2017 budget. This capital budget will be
reviewed continuously by management and the Board of Directors of the Company
(the “Board”) for changes in commodity price assumptions and project economics.
We remain steadfast in our conviction to maintain our financial advantage and
build a top-tier junior oil and gas company.

For fiscal 2017, the Board has approved a capital expenditure budget of $13.0
million. The Company has or intends to invest in a combination of
re-activations, re-entries, perforations, re-completions, workovers,
stimulations, and waterflood optimizations. In addition, the budget addresses
the Alberta Energy Regulator’s requirement under the Inactive Well Compliance
Program, and other end of life well and facility spending.

With innovative focus and disciplined capital deployment in the Swan Hills
area, the Company believes that it is well positioned to execute on its growth
strategy while maintaining financial flexibility.

2017 GUIDANCE

The Company’s 2017 financial and operating guidance and assumptions are as
follows:

/T/

—————————————————————————-
Average daily production 2017
—————————————————————————-

Light/medium oil (bblpd) 2,150
—————————————————————————-
NGLs (bblpd) 650
—————————————————————————-
Natural gas (mcfpd) 2,700
—————————————————————————-
Oil equivalent (boepd) 3,250
—————————————————————————-
Capital expenditures $13.0 million
—————————————————————————-
Term Loan (maturity January 31, 2021) $30.0 million
—————————————————————————-
Cash on hand, December 31, 2017 $7.8 million
—————————————————————————-
Net debt, December 31, 2017 $22.2 million
—————————————————————————-
Funds flow from operations(1) $8.4 million
—————————————————————————-
Exit net debt to 2017 funds flow from operations(1) 2.6x
—————————————————————————-
Assumptions:
—————————————————————————-
WTI (US$/bbl) $52.50
—————————————————————————-
Exchange rate (US$/C$) 0.75
—————————————————————————-
Light sweet oil differential to WTI (C$/bbl) ($4.00)
—————————————————————————-
Average corporate oil quality discount (C$/bbl) ($3.00)
—————————————————————————-
AECO gas (C$/mcf) $2.50
—————————————————————————-
(1) “Funds flow from operations” and “net debt” do not have any standardized
meaning prescribed by International Financial Reporting Standards (“IFRS”).
Refer to the Reader Advisories at the end of the news release.

/T/

The Company intends to continue to pursue value-driven acquisitions. This is
expected to include a consolidation of land positions within the Company’s
existing project areas, in addition to targeting new potential opportunities in
complementary shallow, light oil, horizons within its Alberta core region. The
Company is focused on adding to its inventory of high-quality projects to
sustain longer-term growth.

HIGHLIGHTS SUMMARY

During the fourth quarter and year-ended December 31, 2016, the current
management and Board negotiated a business combination with Vector Resources
Inc. (“Vector”). This combination, in conjunction with a term loan facility
provided by Alberta Investment Management Corporation (“AIMCo”) and asset
acquisition in the Swan Hills area of Alberta (the “Asset”), provided the
necessary operational foundation to position Razor for future growth.

Subsequent to the end of 2016, Razor achieved the following milestones:

/T/

— On January 30, 2017, at a special meeting of shareholders of Vector,

shareholder approval was obtained for: (i) a change of name of Vector to
“Razor Energy Corp.”; (ii) a share consolidation of Vector’s common
shares on a 20:1 basis; and (iii) the continuance of Vector from Ontario
into Alberta resulting in a change of the Company’s primary office.
— On January 31, 2017, Vector and Razor completed the business
combination, name change of Vector to “Razor Energy Corp.”, the share
consolidation and appointed new officers and directors to the Company.
— On January 31, 2017, Razor entered into a $30 million term loan
agreement (the “Term Loan”) with AIMCo. The Term Loan bears interest at
a rate of 10% per annum, calculated and payable semi-annually and
matures on January 31, 2021. The Term Loan is secured by all present and
after-acquired personal property as well as a floating charge on land
pursuant to a general security agreement and a promissory note. In
addition, Razor issued 1,024,128 common shares of Razor (“Common
Shares”) to AIMCo, representing approximately 10.05% of the issued and
outstanding Common Shares. Upon completion of the business combination
and the issuance of shares to AIMCo, Razor has 10,187,224 Common Shares
issued and outstanding (on a post-consolidated basis).
— On January 31, 2017, Razor closed an asset acquisition to acquire the
Asset from a third party for consideration of $15 million in cash, prior
to customary adjustments. The Asset consists of producing oil and gas
assets in the Swan Hills area of Alberta.

/T/

ABOUT RAZOR

Razor Energy Corp., is a light oil focused company operating predominantly in
Alberta. Razor’s full-cycle business plan provides an opportunity to reposition
the Company as a disciplined and high-growth junior E&P company. With an
experienced management team and a strong, committed Board, growth is
anticipated to occur through timely strategic acquisitions and operations.
Razor currently trades on TSX Venture Exchange under the ticker “RZE”.

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking
statements. More particularly, this press release contains statements
concerning, but not limited to: the anticipated annual decline rate; capital
program of the Company, including the reactivation program, other capital
expenditures, acquisitions, and abandonment, reclamation and remediation
expenditures; the approach to the 2017 capital budget including reviewing the
capital budget continuously; 2017 guidance including: average daily production,
cash on hand on December 31, 2017, net debt as at December 31, 2017, funds flow
from operations and exit net debt to 2017 funds flow from operations; and the
Company’s acquisition strategy. In addition, the use of any of the words
“anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”,
“project”, “can”, “will”, “should”, “continue”, “may”, and similar expressions
are intended to identify forward-looking statements. The forward-looking
statements contained herein are based on certain key expectations and
assumptions made by the Company, including but not limited to expectations and
assumptions concerning the availability of capital, current legislation,
receipt of required regulatory approval, the success of future drilling and
development activities, the performance of existing wells, the performance of
new wells, the Company’s growth strategy, general economic conditions,
availability of required equipment and services and prevailing commodity
prices. Although the Company believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, risks associated with the oil and
gas industry in general (e.g., operational risks in development, exploration
and production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; as the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to production,
costs and expenses, and health, safety and environmental risks), commodity
price and exchange rate fluctuations, changes in legislation affecting the oil
and gas industry and uncertainties resulting from potential delays or changes
in plans with respect to exploration or development projects or capital
expenditures. Please refer to the filing statement of the Company dated January
27, 2017, on SEDAR at www.sedar.com, and the risk factors contained therein and
the MD&A.

The forward-looking statements contained in this press release are made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.

NON-IFRS MEASURES: This press release contains the terms “funds flow from
operations” and “net debt”, which do not have standardized meanings prescribed
by IFRS and therefore may not be comparable with the calculation of similar
measures by other companies. Funds flow from operations represents cash flow
from operating activities before changes in non-cash working capital and
decommissioning expenditures. Management uses funds flow from operations to
analyze operating performance and leverage. Net debt is calculated as long-term
debt less working capital (or plus working capital deficiency), with working
capital excluding mark-to-market risk management contracts. Management believes
net debt is a useful supplemental measure of the total amount of current and
long-term debt of the Company.

ADVISORY ON PRODUCTION INFORMATION: Unless otherwise indicated herein, all
production information presented herein has presented on a gross basis, which
is the Company’s working interest prior to deduction of royalties and without
including any royalty interests.

BARRELS OF OIL EQUIVALENT: The term “boe” or barrels of oil equivalent may be
misleading, particularly if used in isolation. A boe conversion ratio of six
thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1
bbl) is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.
Additionally, given that the value ratio based on the current price of crude
oil, as compared to natural gas, is significantly different from the energy
equivalency of 6:1; utilizing a conversion ratio of 6:1 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 news release.

– END RELEASE – 30/03/2017

For further information:
Doug Bailey
President and Chief Executive Officer
OR
Kevin Braun
Chief Financial Officer
OR
Razor Energy Corp.
1250, 645 7th Avenue S.W.
Calgary, Alberta T2P 4G8
(403) 262-0242
www.razor-energy.com

COMPANY:
FOR: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC0022

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: TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD.
TSX VENTURE Symbol: TWM

Date issue: March 30, 2017
Time in: 7:30 AM e

Attention:

CALGARY, AB –(Marketwired – March 30, 2017) – Tidewater Midstream and
Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX VENTURE: TWM) is
pleased to announce that it has filed its audited consolidated financial
statements, Management’s Discussion and Analysis (“MD&A”) and Annual
Information Form for the year ended December 31, 2016.

Highlights

/T/

— Tidewater maintained strong financial results in the fourth quarter of

2016, generating adjusted earnings before interest, taxes, depreciation
and amortization (“Adjusted EBITDA”) of $11.8 million or $0.04 per
share. For the year ended December 31, 2016 the Corporation generated
Adjusted EBITDA of $37.9 million or $0.15 per share.
— Tidewater increased its working interest to 100% and obtained full
control of the Brazeau River Complex (the “BRC”), surrounding gas
gathering pipelines and infrastructure, and three proven natural gas
storage reservoirs connected to the BRC, in the fourth quarter of 2016.
— Tidewater has reached an agreement in principal for a ten-year
processing and reserve dedication at the BRC on approximately 55,000
acres of undeveloped lands with a well-capitalized, high-growth, mid-
sized private company that will keep the BRC near or at capacity into
the foreseeable future.
— The Corporation’s previously announced capital budget remains on time
and on budget with commissioning of the 10,000 bbl/day fractionation
facility at the BRC, relocation of the turbo expander and commissioning
of the rail facility to occur in the second quarter of 2017.
— On January 11, 2017 Tidewater closed on its $69 million bought deal
financing which was used in part to finance the above acquisitions and
ongoing capital projects.
— In March 2017, Tidewater increased availability under its Credit
Facility from $120 million to $180 million with a current net debt
position of approximately $10 million, ensuring sufficient available
capital to execute on its near term organic and acquisition growth
opportunities.
— Tidewater expanded its Montney footprint into North East British
Columbia (“NEBC”) with the acquisition of a 40% working interest in a
sour gas processing facility in the heart of the Montney at Parkland,
approximately 1,000 acres of greenfield surface land, and 100% working
interest in an 80 km cross-border sales gas pipeline.
— Tidewater entered an agreement to further enhance its value chain
through the acquisition of an NGL trucking division. The NGL Trucking
Acquisition enhances the value of the recently announced fractionation
facility at the BRC gas plant and NGL truck-out gas processing
facilities by providing further control of Tidewater’s operations.
— Current corporate throughput is at record levels and drilling activity
at all-time highs around the BRC which is expected to contribute to
strong first quarter 2017 results.

/T/

Selected financial and operating information is outlined below and should be
read with Tidewater’s audited consolidated financial statements and related
MD&A which are available at www.sedar.com and on our website at
www.tidewatermidstream.com.

Financial Overview

/T/

(In thousands of Canadian dollars, except per share data)
—————————————————————————-

For the
period
from
Three-months Year February 4,
ended ended to
December 31, December 31, December 31,
2016 2015 2016 2015
—————————————————————————-
Total revenues $ 38,876 $ 13,623 $ 109,940 $ 21,563
Income for the period $ 3,678 $ 8,487 $ 15,128 $ 8,467
Earnings per common
share – basic and
diluted $ 0.01 $ 0.05 $ 0.06 $ 0.10
EBITDA(1) $ 9,719 $ 11,003 $ 34,084 $ 13,700
Adjusted EBITDA(2) $ 11,768 $ 6,547 $ 37,871 $ 11,327
Adjusted EBITDA per
common share – basic(2) $ 0.04 $ 0.04 $ 0.15 $ 0.13
Adjusted EBITDA per
common share –
diluted(2) $ 0.04 $ 0.04 $ 0.14 $ 0.13
Total cash and cash
equivalents $ 8,010 $ 372 $ 8,010 $ 372
Total assets $ 580,430 $ 298,318 $ 580,430 $ 298,318
Total acquisitions $ 59,798 $ 62,693 $ 231,198 $ 264,452
Total capital
expenditures $ 33,305 $ 2,004 $ 49,556 $ 3,378
Bank debt $ 50,000 $ 30,803 $ 50,000 $ 30,803
Total non-current
financial liabilities $ 104,959 $ 80,374 $ 104,959 $ 80,374
Working capital surplus
(deficit) $ (49,041) $ 16,904 $ (49,041) $ 16,904
Cash flow from operating
activities(3) $ 11,654 $ 6,474 $ 36,851 $ 11,059
Cash flow from operating
activities per common
share – basic and
diluted(3) $ 0.04 $ 0.04 $ 0.14 $ 0.13
Distributable cash
flow(4) $ 10,113 $ 6,474 $ 34,717 $ 11,059
Distributable cash flow
per common share –
basic(4) $ 0.04 $ 0.04 $ 0.13 $ 0.13
Distributable cash flow
per common share –
diluted(4) $ 0.03 $ 0.04 $ 0.13 $ 0.13
Dividends declared $ 2,846 $ 1,759 $ 11,309 $ 3,507
Dividends declared per
common share $ 0.01 $ 0.01 $ 0.04 $ 0.02
Total common shares
outstanding (000s) 284,158 168,065 284,158 168,065
Total RSUs outstanding
(000s) 5,569 2,468 5,569 2,468
Total Options
outstanding (000s) 4,080 782 4,080 782
—————————————————————————-

/T/

/T/

Notes:

(1) EBITDA is calculated as income or loss before finance costs, taxes,

depreciation and amortization. EBITDA is not a standard measure under
GAAP. See “Non-GAAP Financial Measures” beginning on page 14 of the
MD&A for a reconciliation of EBITDA to its most closely related GAAP
measure.

(2) Adjusted EBITDA is calculated as EBITDA adjusted for incentive

compensation, unrealized gains/losses, non-cash items, transaction
costs and items that are considered non-recurring in nature. Adjusted
EBITDA per common share is calculated as Adjusted EBITDA divided by the
weighted average number of common shares outstanding for the year ended
December 31, 2016. Adjusted EBITDA and Adjusted EBITDA per common share
are not standard measures under GAAP. See “Non-GAAP Financial Measures”
beginning on page 14 of the MD&A for a reconciliation of Adjusted
EBITDA and Adjusted EBITDA per common share to their most closely
related GAAP measures.

(3) Cash flow from operating activities is calculated as net cash used in

operating activities before changes in non-cash working capital less
any long term incentive plan expenses. Cash flow from operating
activities per common share is calculated as cash flow from operating
activities divided by the weighted average number of common shares
outstanding for the year ended December 31, 2016. Cash flow from
operating activities and cash flow from operating activities per common
share are not standard measures under GAAP. See “Non-GAAP Financial
Measures” beginning on page 14 of the MD&A for a reconciliation of cash
flow from operating activities and cash flow from operating activities
per common share to their most closely related GAAP measures.

(4) Distributable cash flow is calculated as net cash used in operating

activities before changes in non-cash working capital and after any
expenditures that use cash from operations. Distributable cash flow per
common share is calculated as distributable cash flow over the weighted
average number of common shares outstanding for the year ended December
31, 2016. Distributable cash flow and distributable cash flow per
common share are not standard measures under GAAP. See “Non-GAAP
Financial Measures” beginning on page 14 of the MD&A for a
reconciliation of distributable cash flow and distributable cash flow
per common share to their most closely related GAAP measures.

/T/

Ten-Year Processing Agreement and Reserve Dedication at BRC

Tidewater has reached an agreement in principal for a ten-year processing and
reserve dedication with a well-capitalized, high-growth private company that
is expected to bring the BRC near or at capacity into the foreseeable future.
The related processing fees are in line with the existing processing fees at
the BRC and Tidewater will market all NGLs associated with the reserve
dedications, where Tidewater continues to pursue opportunities to improve
netbacks for its customers. The arrangement is expected to replace the largest
customer at the BRC, whose existing take-or-pay agreement ends in the second
quarter of 2018. Drilling activity around the BRC remains at all-time highs;
and as a result of this, Tidewater has started to scope an expansion of the
BRC to increase its processing capacity and add additional natural gas and NGL
takeaway options for producers, which includes the previously announced three
proven natural gas storage reservoirs that are directly connected to the BRC.
As part of the arrangement, Tidewater will divest of the previously acquired
undeveloped mineral rights, which were announced on November 16, 2016 in
return for a three to four well drilling commitment and area dedication for
the life of the reserves on approximately 30,000 acres of undeveloped lands.
Additionally, Tidewater is expected to invest $10-15 million of capital to
tie-in a new core area the private company owns and is not currently connected
to the BRC. The capital will be backstopped by a ten-year processing agreement
and reserve dedication on an additional 25,000 acres. The agreement is
expected to be finalized in the next few weeks and is subject to customary
closing conditions.

Strategic Acquisitions

The NEBC Acquisition

Tidewater entered into an agreement with Predator Oil BC Ltd. (“Predator”), a
related party, to acquire a non-operated 40% working interest in a 30 MMcf/d
sour, shallow-cut gas processing facility in the Parkland area of NEBC,
approximately 1,000 acres of greenfield surface land in the Fort St. John area
of NEBC and an 80 km, cross-border sales gas pipeline in the Cordova area of
NEBC for a total consideration of $10 million in cash. As part of the
consideration, Tidewater is also transferring Predator approximately 2,500 net
acres of undeveloped lands previously acquired in October 2015.

The Parkland Gas Plant and the Land are in a new core area for Tidewater,
within the heart of the Montney play in NEBC near numerous pipeline egress
options for NGL and natural gas connectivity and access to rail which have
current and future opportunities to become a major energy hub in NEBC, with
the potential to connect Tidewater’s Montney infrastructure/egress hub in the
Pipestone area. The Sales Pipeline is connected to the 140 MMcf/d Wildboy gas
processing facility in the Cordova area of NEBC, which Predator has a 100%
working interest in, and connects to Westcoast Energy Inc. in NEBC and Nova
Gas Transmission Ltd. in Alberta. As part of the transaction, Predator has
entered an agreement for gas processing at the Parkland Gas Plant with an area
dedication for the life of the reserves and an agreement for transportation on
the Sales Pipeline with an area dedication for the life of the reserves.
Tidewater estimates the NEBC Acquisition to generate annualized EBITDA of
$1.8-2.0 million, which is a 5.0-5.5x multiple based on total consideration of
$10 million in cash.

Predator is a related party by virtue of Tidewater’s Chairman, President and
CEO, Joel MacLeod, and one of Tidewater’s Directors, Stephen Holyoake, both
being shareholders and Directors of Predator. Tidewater formed an independent
special committee (the “Independent Special Committee”) comprised of two
independent Board of Directors to evaluate the NEBC Acquisition and the NGL
Trucking Acquisition referred to below. CIBC and Stikeman Elliott LLP were
retained to provide financial and legal advice, respectively, to the
Independent Special Committee. CIBC provided an opinion to the Independent
Special Committee to the effect that, as of the date of such opinion and
subject to the assumptions, limitations and qualifications contained herein,
the consideration to be paid by Tidewater pursuant to the NEBC Acquisition is
fair, from a financial point of view, to Tidewater.

The NEBC Acquisition constitutes a “related party transaction” as such term is
defined under Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). Tidewater is relying on the
exemptions from the formal valuation and minority approval requirements under
MI 61-101. Tidewater is exempt from the formal valuation requirement of MI
61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 as the fair market
value of the NEBC Acquisition, insofar as it involves interested parties, is
not more than the 25% of Tidewater’s market capitalization, and no securities
of Tidewater are listed or quoted for trading on prescribed stock exchanges or
stock markets. Additionally, Tidewater is exempt from minority shareholder
approval relying on section 5.7(1)(a) of MI 61-101.

The Independent Special Committee determined that the NEBC Acquisition was in
the best interests of Tidewater and recommended that the Tidewater Board of
Directors approve the NEBC Acquisition. On March 29, 2017 the Tidewater Board
of Directors approved the NEBC Acquisition. The NEBC Acquisition is subject to
ordinary conditions including the acceptance of the TSX Venture Exchange.

The NGL Trucking Acquisition

Tidewater also entered an agreement with Mach Energy Services Inc. (“Mach”) to
acquire six tractors, seven NGL trailers and three condensate trailers for a
total consideration of $3.5 million in cash. The NGL Trucking Acquisition
enhances the value of the recently announced fractionation facility at the BRC
gas plant and NGL truck-out gas processing facilities by providing further
control of its operations, and is consistent with Tidewater’s strategy to
enhance its logistics network and market access infrastructure throughout the
natural gas and NGL value chain. Tidewater estimates the NGL Trucking
Acquisition to generate annualized EBITDA of $0.9 million, which is a 4.0x
multiple based on total consideration of $3.5 million in cash.

Mach is a related party by virtue of being owned or controlled by Tidewater’s
Chief Financial Officer, Joel Vorra; Vice President, Logistic and Midstream
Operations, Jarvis Williams; and, various other Tidewater employees, officers
and related parties including Chairman, President and CEO, Joel Macleod and
one of Tidewater’s Directors, Steve Holyoake. Mach was formed prior to the
incorporation of Tidewater as an independent, standalone business. The
executive officers who owned shares of Mach have committed to invest a
significant portion of the proceeds received from the Mach disposition into
the acquisition of Tidewater common shares in the open market. CIBC provided
an opinion to the Independent Special Committee to the effect that, as of the
date of such opinion and subject to the assumptions, limitations and
qualifications contained herein, the consideration to be paid by Tidewater
pursuant to the NGL Trucking Acquisition is fair, from a financial point of
view, to Tidewater.

The NGL Trucking Acquisition constitutes a “related party transaction” as such
term is defined under MI 61-101. Tidewater is relying on the exemptions from
the formal valuation and minority approval requirements under MI 61-101.
Tidewater is exempt from the formal valuation requirement of MI 61-101 in
reliance on sections 5.5(a) and (b) of MI 61-101 as the fair market value of
the NGL Trucking Acquisition, insofar as it involves interested parties, is
not more than the 25% of Tidewater’s market capitalization, and no securities
of Tidewater are listed or quoted for trading on prescribed stock exchanges or
stock markets. Additionally, Tidewater is exempt from minority shareholder
approval relying on section 5.7(1)(a) of MI 61-101.

The Independent Special Committee determined that the NGL Trucking Acquisition
was in the best interests of Tidewater and recommended that the Tidewater
Board of Directors approve the NGL Trucking Acquisition. On March 29, 2017,
the Tidewater Board of Directors approved the NGL Trucking Acquisition. The
NGL Trucking Acquisition is subject to ordinary conditions including the
acceptance of the TSX Venture Exchange.

Outlook

Corporate throughput is currently at all-time highs with some processing
facilities operating at record levels through the quarter. Drilling activity
in Tidewater’s core Deep Basin area has continued to accelerate to all-time
highs with approximately 370 wells being licensed within 60 miles of the BRC
in the past six months contributing to strong first quarter 2017 results.
Tidewater continues to evaluate several organic capital growth opportunities
including an expansion at the BRC. The Corporation has also benefited from
increased throughput at its Edmonton area assets with the reactivation of the
Fort Saskatchewan Extraction Plant and continues to grow its NGL business
while working with producers to increase netback pricing. Commissioning of
Tidewater’s 10,000 bbl/d fractionation facility will further integrate the
Corporation’s value chain and help achieve its goal of offering producers
better pricing.

Tidewater also continues to increase its exposure to the Montney resource play
development with the move into North East British Columbia and the ongoing
development of the Montney Egress Hub in the Pipestone area. Tidewater has
received significant interest from Montney producers for processing,
fractionation, egress and marketing solutions.

Capital Program

Tidewater is nearing completion of a portion of its previously announced
capital projects, with $60 — $65 million deployed including its 10,000 bbl/d
fractionation facility at the BRC, relocation of the idled turbo expander from
the Edmonton area, and its Acheson rail facility. Tidewater remains on time
and on budget on its capital program and expects the above projects to be
commissioned at various stages through the second quarter of 2017. The EBITDA
generated from Tidewater’s capital program is expected to be in line with the
amount previously disclosed.

Tidewater has commenced reservoir injections on Phase I of its Montney
infrastructure/egress hub in the Pipestone area, which was completed on time
and on budget. In light of the recent and continued volatility in AECO pricing
as well as AECO summer and winter spreads, the Corporation continues to
advance toward a final investment decision on Phase II of the project which
will include connections to both Alliance and TCPL and continues to receive
interest from several investment grade counter parties to contract the
available capacity on a five-year basis, which will further diversify
Tidewater’s customer base. It is now expected Tidewater will make a final
investment decision by the end of 2017. The capital required to move the
project forward is currently accounted for in Tidewater’s total $125 million
capital budget previously announced through the end of 2017. If approved,
Tidewater expects to commence operations in the second quarter of 2018.

Tidewater continues to progress on its 50-100 Mmcf/day sour gas plant which
would be backed by take or pay contracts and/or reserve dedications. Although
no certainty can be provided, Tidewater is encouraged by the progress and
support and expects a final investment decision in 2017. The Pipestone Gas
Plant is expected to be directly connected to Tidewater’s Montney
infrastructure/egress hub in the Pipestone area.

Credit Facility Increase

Tidewater is also pleased to announce that it has increased availability under
its credit facility from $120 million to $180 million. The National Bank
Financial led facility includes ATB Financial, Canadian Imperial Bank of
Commerce, Business Development Bank, and Canadian Western Bank.

Stock Options and RSUs

The Corporation has approved a grant of 1,659,000 restricted share units and
1,231,000 stock options to directors, officers, employees and consultants of
the Corporation. The options will have an exercise price equal to the price
per common share on the date of grant, will vest over a period of three years,
and will expire five years from the date of grant. The Corporation has
determined that exemptions from the various requirements of TSX Venture
Exchange Policies are available for the granting of the options and RSUs.

About Tidewater

Tidewater was incorporated under the Alberta Business Corporations Act on
February 4, 2015 to pursue the purchase, sale and transportation of natural
gas liquids (“NGLs”) throughout North America and export to overseas markets.
Tidewater is engaged in the acquisition of oil and gas infrastructure,
including gas plants, pipelines, NGLs by rail, export terminals and storage
facilities. Tidewater continues to investigate opportunities with North
American producers and mid-streamers for the acquisition and operation of such
infrastructure assets.

Additional information relating to Tidewater is available on SEDAR at
www.sedar.com and at www.tidewatermidstream.com.

Advisory Regarding Forward-Looking Statements

In the interest of providing Tidewater’s shareholders and potential investors
with information regarding Tidewater, including management’s assessment of
Tidewater’s future plans and operations, certain statements in this press
release are “forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities legislation
(collectively, “forward-looking statements”). In some cases, forward-looking
statements can be identified by terminology such as “anticipate”, “believe”,
“continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”,
“objective”, “ongoing”, “outlook”, “potential”, “project”, “plan”, “should”,
“target”, “would”, “will” or similar words suggesting future outcomes, events
or performance. The forward-looking statements contained in this press release
speak only as of the date thereof and are expressly qualified by this
cautionary statement.

Specifically, this press release contains forward-looking statements relating
to but not limited to: our business strategies, plans and objectives. These
forward-looking statements are based on certain key assumptions regarding, our
ability to execute on our business plan, our operating activities and current
industry conditions, laws and regulations continuing in effect (or, where
changes are proposed, such changes being adopted as anticipated). Readers are
cautioned that such assumptions, although considered reasonable by Tidewater
at the time of preparation, may prove to be incorrect.

Actual results achieved will vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.

The above summary of assumptions and risks related to forward-looking
statements in this press release has been provided in order to provide
shareholders and potential investors with a more complete perspective on
Tidewater’s current and future operations and such information may not be
appropriate for other purposes. There is no representation by Tidewater that
actual results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and Tidewater 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 may be required by applicable securities law.

TSX Venture Exchange

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 – 30/03/2017

For further information:

For further information:

Joel MacLeod,
Chairman, President and CEO
Tidewater Midstream & Infrastructure Ltd.
587.475.0210
[email protected]

COMPANY:
FOR: TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD.
TSX VENTURE Symbol: TWM

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC003

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: BRI-CHEM CORP.
TSX SYMBOL: BRY

Date issue: March 30, 2017
Time in: 1:24 AM e

Attention:

EDMONTON, ALBERTA–(Marketwired – March 29, 2017) –

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

Bri-Chem Corp. (“Bri-Chem” or “Company”) (TSX:BRY), a leading North American
wholesale distributor and manufacturer of oil and gas drilling fluids announced
its fourth quarter and yearend financial results. During the fourth quarter of
2016, drilling activity levels continued to show signs of recovery as the
active USA rig count increased 106 rigs on average from the third quarter,
while Canada increased from 144 average active rigs in the third quarter to 172
average active rigs for the fourth quarter of 2016. The Q4 2016 increase in
drilling activity resulted in a 23% increase in quarterly revenues and a $1.57M
increase in quarterly EBITDA as compared to Q3 2016. As a result of the
increase in recent activity levels, the Company, subsequent to year end,
obtained an increase of $5,000,000 in credit available under its ABL facility
and no further amendments were made to the sub-debt loan which matures
effective November 2017.

Bri-Chem’s Q4 2016 consolidated revenues from its North American oil and gas
drilling fluids distribution, blending and packaging businesses was $22,097,598
compared to $21,507,712 in the same prior period in 2015. This comparable
quarter revenue increase is a direct result of an increase in oil and gas
drilling activity throughout North America. The Company generated $62,091,325
in revenues for the year ended December 31, 2016 compared to sales of
$96,822,080, representing a decrease of 36% year over year. Earnings before
interest, taxes, amortization and depreciation, share-based payments expense,
and impairment charges (“EBITDA”) were $1,244,236 and ($955,696) for the three
and twelve months ended December 31, 2016, compared to ($5,695,852) and
($2,761,020) for the same periods in 2015. Net loss for the three month period
was $2,570,028 compared to net loss of $13,373,037 for the same period of 2015,
while net loss for the twelve month period was $6,793,064 compared to a net
loss of $14,357,367 for the same period of 2015.

North American Drilling Fluids Distribution Divisions

Bri-Chem’s Canadian drilling fluids distribution division generated sales of
$9,551,720 and $22,377,480 for the three and twelve months ended December 31,
2016, compared to sales of $6,873,850 and $29,606,959 over the comparable
periods in 2015. 2016 sales were affected by the overall continued decline in
drilling activity, while the industry did see a modest recovery in rig activity
late in Q4 2016, which led to a 39% increase in sales quarter over quarter.
With continued unstable oil prices, many companies remain cautious and are not
commencing drilling projects until commodity prices become more favorable. The
number of wells drilled in Western Canada for the three month period ended
December 31, 2016 was 1,483, representing an increase of 17% quarter over
quarter.

Bri-Chem’s United States drilling fluids distribution division generated sales
of $8,565,823 and $24,685,969 for the three and twelve month periods ended
December 31, 2016, compared to revenues of $8,995,967 and $45,986,292 in the
comparable periods of 2015, representing decreases of 5% and 46% respectively.
The average number of active rigs running in the USA during the fourth quarter
of 2016 was 586, a decrease of 22% from comparable quarters. The decline in
2016 revenue is primarily driven by a reduction in drilling activity as the
average number of active rigs running in 2016 was 560 compared to 1022 in 2015,
a decrease of 45.2%.

North American Drilling Fluids Blending & Packing Divisions

Bri-Chem’s Canadian drilling fluids blending and packaging division generated
sales of $3,434,795 and $11,163,466 for the quarter and year ended December 31,
2016 compared to the prior year period sales of $4,119,208 and $15,323,772
representing a 17% decrease quarter over quarter and 27% decrease year over
year. This decrease is directly related to lower customer demand for blending
services as a result of the significant decline in drilling activity throughout
2016.

Bri-Chem’s USA fluids blending and packaging division, generated sales of
$545,263 for the three month period ended December 31, 2016, while reporting
sales of $3,864,411 for the year of 2016 compared to $1,518,688 and $5,905,357
respectively for the comparable periods in 2015.

Outlook Summary

Bri-Chem is more optimistic about its future prospects than a year ago as
various industry benchmarks and recent activity levels signal improved industry
stability for the medium to long-term. North American oil and gas drilling
activity levels, throughout 2016, continued to decline year over year, however,
the industry did experience a healthy increase in activity levels in Q4 2016,
compared to Q3 2016, as commodity prices have rebounded from their 2016 lows
and oil and gas companies have cautiously increased drilling activity as a
result. We expect a continued modest increase in North American activity levels
into Q1 2017 with PSAC forecasting the number of wells to be drilled in Western
Canada to increase by 25.6% in 2017.

It is the Company’s view that further development of increased crude oil
transportation capacity, through proposed pipeline expansion to tidewater, is
required in order for Canada to have any profound increase to its future
oilfield activity levels. The oilfield activity levels in the USA have seen a
recent rebound from their historic lows and we expect this trend to continue so
long as commodity prices remain at or near current levels. Bri-Chem has been
proactive in response to the recent increase in North American business
activity and has successfully managed to supply and service its customers
during this recent surge in demand for oilfield chemicals.

As activity levels continue to improve over the short to medium term, we remain
committed to providing superior customer service, having sufficient inventory
levels to meet demand of our customers while maintaining our North American
exceptional industry infrastructure located throughout Canada and the U.S. We
will serve to be a valuable contributor to many of our customers throughout
North America and will benefit appreciably when the market returns to more
reasonable and stable levels as observed in Q4 2016.

About Bri-Chem

Bri-Chem has established itself, through a combination of strategic
acquisitions and organic growth, as the North American industry leader for
wholesale distribution and blending of oilfield drilling, completion,
stimulation and production chemical fluids. We sell, blend, package and
distribute a full range of drilling fluid products from 27 strategically
located warehouses throughout Canada and the United States. Additional
information about Bri-Chem is available at www.sedar.com or at Bri-Chem’s
website at www.brichem.com.

To receive Bri-Chem news updates send your email to [email protected].

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

– END RELEASE – 30/03/2017

For further information:
Bri-Chem Corp.
Jason Theiss
CFO
(780) 962-9490 x237
[email protected]
www.brichem.com

COMPANY:
FOR: BRI-CHEM CORP.
TSX SYMBOL: BRY

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170330CC0003

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: QUESTOR TECHNOLOGY INC.TSX VENTURE SYMBOL: QSTDate issue: March 29, 2017Time in: 5:13 PM eAttention:
CALGARY, ALBERTA–(Marketwired – March 29, 2017) –
THIS DOCUMENT IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED
STATES.
Questor T…

FOR: DIVESTCO INC.
TSX VENTURE Symbol: DVT

Date issue: March 29, 2017
Time in: 5:10 PM e

Attention:

CALGARY, AB –(Marketwired – March 29, 2017) – In connection with the debt
financing announced by Divestco Inc. (“Divestco” or the “Company”) (TSX
VENTURE: DVT) on March 21, 2017, the Company paid a success fee of $131,250 in
addition to work fees of $21,000 to Cambio Merchant Capital Inc.

About the Company

Divestco provides innovative geoscience solutions to Energy and Service
companies worldwide. Our customers predominantly operate in geology,
geophysics, land and engineering and we work with our clients to ensure they
have the right solutions, at the right time, to help them make more informed
decisions. Commitment, innovation, accountability and agility form the
cornerstone of our values and enable us to consistently provide reliable
solutions and exceptional, personalized service in all of the core areas in
which we operate. Divestco provides Software & Data, Seismic Processing,
Geomatics Services, Seismic Data & Brokerage, and Land Services. Divestco is
headquartered in Calgary and trades on the TSX Venture Exchange under the
symbol “DVT”.

Additional information on the Company is available on its website at
Divestco.com and on SEDAR at sedar.com.

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 news release.

Forward-Looking Information and Statements

In particular, this press release contains forward-looking information and
statements pertaining to the following: the use of proceeds of the loan and
the Company’s contractual obligations and intentions in respect of repayment
of any existing loans. This forward- looking information and the related
statements are based upon factors, expectations and assumptions reflected in
the forward-looking statements that reasonable at this time but no assurance
can be given that these factors, expectations and assumptions will prove to be
correct.

The forward-looking information and statements contained in this press release
are based upon several material factors and expectations and assumptions of
Divestco including, without limitation: Divestco’s status as a going concern;
that Divestco will continue to conduct its operations in a manner consistent
with past operations; future interests rates; future availability of debt
and/or equity sources to fund Divestco’s capital and operating requirements as
needed on terms acceptable to management of Divestco or at all; future prices
for crude oil and natural gas; and the ability of the Company to complete a
sale of non-strategic assets, including but not limited to finding appropriate
potential purchasers who are willing to purchase such assets at market prices.

The forward-looking information and statements included in this press release
are not guarantees of future performance and should not be unduly relied upon.
Such information and statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ materially
from those anticipated in such forward- looking information and statements
including, without limitation: general economic, market and business
conditions; increased debt levels or debt service requirements; limited,
unfavourable or no access to debt or equity capital markets; volatility in
market prices for crude oil and natural gas; ability of Divestco’s clients to
explore for, develop and produce oil and gas; availability of financing and
capital; the ability of Divestco’s customers to pay in a timely manner;
fluctuations in interest rates; demand for the Company’s product and services;
the lack of a suitable purchaser for Divestco’s non-strategic assets;
competitive actions by other companies; failure to obtain regulatory approvals
in a timely manner; adverse conditions in the debt and equity markets; and
government actions including changes in environment and other regulation; and
certain other risks detailed from time to time in Divestco’s public disclosure
documents including, without limitation, those risks identified in this press
release.

The forward-looking information and statements contained in this press release
speak only as of the date of this press release, and Divestco does not assume
any obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable laws.

– END RELEASE – 29/03/2017

For further information:

For more information please contact:

Divestco Inc.
(www.divestco.com)

Mr. Stephen Popadynetz
CEO and President
Tel 587-952-8152

Mr. Danny Chiarastella
Chief Financial Officer
Tel 587-952-8027

COMPANY:
FOR: DIVESTCO INC.
TSX VENTURE Symbol: DVT

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170329CC017

Press Release from Marketwired 1-866-736-3779

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

FOR: ALECTRA UTILITIES
Date issue: March 29, 2017Time in: 10:18 AM eAttention:
Presentation made at HCOC Outstanding Business Achievement Awards
HAMILTON, ON –(Marketwired – March 29, 2017) – In celebration of more than
100 years of business in Hamil…

FOR: JUST ENERGY GROUP INC.NYSE Symbol: JETSX Symbol: JEDate issue: March 29, 2017Time in: 9:38 AM eAttention:
HOUSTON, TX –(Marketwired – March 29, 2017) – Senior representatives from
Just Energy Group Inc. (NYSE: JE) (TSX: JE) will be on site at th…

FOR: JADESTONE ENERGY INC.TSX VENTURE SYMBOL: JSEDate issue: March 29, 2017Time in: 9:08 AM eAttention:
SINGAPORE, SINGAPORE–(Marketwired – March 29, 2017) – Jadestone Energy Inc.
(TSX VENTURE:JSE) (the “Company”) announces that it has issued an aggre…

FOR: DIVERGENT ENERGY SERVICES CORP.TSX VENTURE SYMBOL: DVGDate issue: March 29, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 29, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (…

FOR: SAVANNA ENERGY SERVICES CORP.TSX SYMBOL: SVYDate issue: March 29, 2017Time in: 7:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 29, 2017) – Savanna Energy Services
Corp. (“Savanna”) (TSX:SVY) announces it has terminated the arrangement
a…

FOR: WESTERN ENERGY SERVICES CORP.TSX SYMBOL: WRGDate issue: March 29, 2017Time in: 7:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 29, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES…

FOR: CANADIAN OVERSEAS PETROLEUM LTDTSX VENTURE SYMBOL: XOPLSE SYMBOL: COPLDate issue: March 29, 2017Time in: 2:00 AM eAttention:
CALGARY, AB–(Marketwired – March 28, 2017) – Canadian Overseas Petroleum
Limited (TSX VENTURE: XOP) (LSE: COPL)
XOP: TSX-…

FOR: MCW ENERGY GROUP LIMITEDTSX VENTURE SYMBOL: MCWOTCQX SYMBOL: MCWEFDate issue: March 28, 2017Time in: 9:16 PM eAttention:
TORONTO, ONTARIO–(Marketwired – March 28, 2017) – MCW Energy Group Limited
(“MCW”) (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian…

FOR: HARVEST OPERATIONS CORP.

Date issue: March 28, 2017
Time in: 8:16 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 28, 2017) – Harvest Operations Corp.
(“Harvest” or the “Company”) announced the filing of its Annual Information
Form (“AIF”) and its Statement of Reserves Data and Other Oil and Gas
Information Form 51-101F1 for the year ended December 31, 2016.

The Company filed its Audited Consolidated Financial Statements for the year
ended December 31, 2016 and related Management’s Discussion and Analysis
(“MD&A”) on SEDAR, EDGAR and SGXNet on February 23, 2016.

An electronic copy of each document is available on Harvest’s website at
www.harvestenergy.ca and on Harvest’s System for Electronic Document Analysis
and Retrieval (“SEDAR”) profile at www.sedar.com.

HARVEST CORPORATE PROFILE

Harvest is a wholly-owned, subsidiary of Korea National Oil Corporation
(“KNOC”). Harvest is a significant operator in Canada’s energy industry
offering stakeholders exposure to exploration, development and production of
crude oil and natural gas (Upstream) and an oil sands project under
construction and development in northern Alberta (BlackGold).

KNOC is a state owned oil and gas company engaged in the exploration and
production of oil and gas along with storing petroleum resources. KNOC will
fully establish itself as a global government-run petroleum company by applying
ethical, sustainable and environment-friendly management and by taking
corporate social responsibility seriously at all times. For more information on
KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp.

ADVISORY

Certain information in this press release constitute “forward-looking
statements” which involve known and unknown risks, uncertainties and other
factor that may cause actual results to be materially different from future
results, performance or achievements expressed or implied by such statements.
Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”,
“believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of
such words and similar expressions are intended to identify such
forward-looking statements.

Readers are cautioned that the forward-looking information may not be
appropriate for other purposes and the actual results may differ materially
from those anticipated. Although management believes that the forward-looking
information is reasonable based on information available on the date such
forward-looking statements were made, no assurances can be given as to future
results, levels of activity and achievements. Therefore, readers are cautioned
not to place undue reliance on forward-looking statements as there can be no
assurance that the plans, intentions or expectations upon which they are based
will occur. Although we consider such information reasonable at the time of
preparation, it may prove to be incorrect and actual results may differ
materially from those anticipated. Harvest assumes no obligation to update
forward-looking statements should circumstances, estimates or opinions change,
except as required by law. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.

– END RELEASE – 28/03/2017

For further information:
INVESTOR & MEDIA CONTACT:
Greg Foofat, Investor Relations
Harvest Operations Corp.
Toll Free Investor Mailbox: (866) 666-1178
Email: [email protected]
Website: www.harvestenergy.ca

COMPANY:
FOR: HARVEST OPERATIONS CORP.

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170328CC0107

Press Release from Marketwired 1-866-736-3779

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

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

Date issue: March 28, 2017
Time in: 5:10 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 28, 2017) – Canacol Energy Ltd.
(“Canacol” or the “Corporation”) (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to
provide an update on the Mono Capuchino 1ST exploration well and the
Corporation’s drilling program.

/T/

Mono Capuchino 1ST Exploration Well
VMM2 Exploration & Exploitation (“E&P”) contract
Middle Magdalena Valley Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 66.9%
Vetra Exploracion y Produccion Colombia S.A., Partner WI 33.1%

/T/

The Mono Capuchino 1 exploration well was spud on December 17, 2016, reaching a
total depth of 10,023 feet measured depth (“ft. md”) before experiencing
mechanical difficulties that required the well to be sidetracked. The Mono
Capuchino 1ST reached a total depth of 10,245 ft. md within the La Luna
formation on February 22, 2017. The well encountered approximately 103 feet of
net oil pay within the Tertiary Basal Lisama sandstone reservoir, with average
porosity of 22%, and approximately 406 feet of net oil pay within the
Cretaceous La Luna formation, which consists of shales and limestones with
average porosity of 15% and open fractures visible on image logs.

The Lisama sandstone reservoir interval was perforated between 5,691 and 5,884
ft md and flowed at a final stabilized rate 1,013 barrels of oil per day of 18
degrees API oil, 70 barrels of water per day, and 0.3 million standard cubic
feet per day of gas using a jet pump with an injection pressure of 3,000 psi
over a 34 hour test period. The composition of the produced water indicates
that it is power fluid for the jet pump and trace amounts of filtrate related
to the drilling process and not formation water. Approximately 769 feet of open
hole section within the La Luna was tested and recovered uncommercial heavy oil.

The Mono Capuchino 1ST well will be tied into the permanent production
facilities located at Mono Arana and brought on full time production within the
next 60 days.

2017 Near Term Drilling Program

/T/

Canahuate 1 Exploration Well
Esperanza E&P contract
Middle Magdalena Valley Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 100%

/T/

The Canahuate 1 exploration well was spud on March 24, 2017. The Canahuate 1
well is located 3 kilometers (“kms”) north of the Corporation’s Jobo gas
processing facility and is targeting gas-bearing sandstones within the Cienaga
de Oro reservoir. Over the past three years, six of the seven exploration wells
drilled by the Corporation on its gas blocks, including the Esperanza E&P
contract, have resulted in commercial gas discoveries. The Canahuate 1 well
will take approximately 6 weeks to drill and test.

/T/

Pumara 1 Exploration Well
LLA23 E&P contract
Llanos Basin, Colombia
CNE Oil and Gas S.A.S. Operator WI 91%

/T/

The Corporation plans to spud the Pumara 1 exploration on March 31, 2017. The
Pumara 1 exploration is located 3 kms north of the Labrador field and is
targeting light oil bearing reservoirs within the proven producing C7, Mirador,
Gacheta, and Ubaque reservoirs. Over the past four years, five of the six
exploration wells drilled by the Corporation on the LLA23 contract have
resulted in commercial producing light oil discoveries. The Pumara 1 well will
take approximately 5 weeks to drill and test, and if successful will be placed
on permanent production via the Corporation’s oil processing facilities located
at Pointer.

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 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.

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

– END RELEASE – 28/03/2017

For further information:
Canacol Energy Ltd.
Investor Relations
214-235-4798
[email protected]
www.canacolenergy.com

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

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170328CC0095

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: JUST ENERGY FOUNDATIONAND MLSE FoundationDate issue: March 28, 2017Time in: 9:30 AM eAttention:
TORONTO, ON –(Marketwired – March 28, 2017) – On Monday evening, MLSE
Foundation announced Northern Nishnawbe Education Council as this year’s
recipi…

FOR: DIVERGENT ENERGY SERVICES CORP.TSX VENTURE SYMBOL: DVGDate issue: March 28, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – March 28, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (…

FOR: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE

Date issue: March 28, 2017
Time in: 7:30 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 28, 2017) – Razor Energy Corp. (“Razor”
or the “Company”) (TSX VENTURE:RZE) is pleased to provide a summary of its 2016
year-end reserves evaluation.

The highlights and reserves summary below sets forth Razor’s gross reserves as
at December 31, 2016, as evaluated by Sproule Associates Limited (“Sproule”) in
an independent report (the “Sproule Report”). The figures in the following
tables have been prepared in accordance with the standards contained in the
Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”) and the reserve
definitions contained in National Instrument 51-101 – Standards of Disclosure
for Oil and Gas Activities (“NI 51-101”). Additional reserve information as
required under NI 51-101 will be included in the Company’s annual information
form which will be filed on SEDAR on or before April 30, 2017.

HIGHLIGHTS(1)

/T/

— Net asset value, including estimated January 31, 2017 net cash ($12

million or $1.18 per basic share outstanding) and the term debt facility
due January 31, 2021 ($30 million or $2.95 per basic share outstanding),
excluding undeveloped land, tax pools, seismic, reclamation liabilities,
and other corporate attributes (“NAV”), was $6.50/share on a proved
developed producing basis (“PDP”) discounted at 10% (“NPV10”) and
$9.77/share on a total proved plus probable basis (“2P”) NPV10.(2)
— The Company’s gross year-end 2016 PDP reserves were 7,687 Mboe (74% oil
and liquids). Total proved (“1P”) reserves were 10,130 Mboe and 2P
reserves were 12,651 Mboe.
— PDP reserves represent approximately 76% of 1P reserves and
approximately 61% of 2P reserves.
— The Company’s reserve life index is 7.2 years for PDP, 9.5 years for 1P
and 11.9 years for 2P reserves based on February, 2017 average field-
estimated production of 2,900 boepd.

Notes:
(1) Financial information is based on the Company’s preliminary estimate as
at January 31, 2017 and is therefore subject to change.
(2) There are approximately 10.2 million common shares of the Company
outstanding as of the date hereof.

/T/

2016 INDEPENDENT RESERVES EVALUATION
Sproule conducted an independent reserves evaluation effective December 31,
2016, which was prepared in accordance with definitions, standards and
procedures contained in the COGE Handbook and in NI 51-101. Sproule evaluated
100% of Razor’s reserves and is familiar with the properties as it has
evaluated wells within these areas previously for other clients prior to
Razor’s acquisition of the properties. The reserves evaluation was based on
Sproule forecast pricing and foreign exchange rates at December 31, 2016 as
outlined herein.

Reserves included herein are stated on a company gross basis (working interest
before deduction of royalties without the inclusion of any royalty interest)
unless otherwise noted.

RESERVES SUMMARY

Summary of Gross Oil and Gas Reserves as of December 31, 2016(1), (2), (3), (4)

/T/

Light and
Medium Conventional Natural Gas Barrels of Oil
Crude Oil Natural Gas Liquids Equivalent
Gross Gross Gross Gross
(Mbbl) (MMcf) (Mbbl) (Mboe)
—————————————————————————-
Proved
Developed
Producing 4,824 5,146 2,006 7,687
Developed Non-
Producing 1,390 1234 847 2,442
Undeveloped – – – –
—————————————————————————-
Total Proved 6,214 6,379 2,852 10,130
Probable 1,517 1,707 720 2,521
—————————————————————————-
Total Proved
plus Probable 7,731 8,087 3,572 12,651
—————————————————————————-
—————————————————————————-

/T/

Net Present Value Before Income Taxes Discounted at (% per Year) (M$)

/T/

0% 5% 10% 15% 20%
—————————————————————————-
Proved
Developed Producing 142,228 105,905 84,208 70,005 60,060
Developed Non-Producing 21,682 17,998 14,974 12,543 10,601
Undeveloped – – – – –
—————————————————————————-
Total Proved 163,910 123,903 99,182 82,548 70,661
Probable 53,009 29,125 18,338 12,623 9,252
—————————————————————————-
Total Proved plus Probable 216,919 153,028 117,520 95,170 79,913
—————————————————————————-
—————————————————————————-
Notes:
(1) The tables summarize the data contained in the Sproule Report and as a
result may contain slightly different numbers due to rounding.
(2) Gross reserves means the total working interest (operating or non-
operating) share of remaining recoverable reserves owned by Razor before
deductions of royalties payable to others and without including any royalty
interests owned by Razor.
(3) Based on Sproule’s December 31, 2016 escalated price forecast. See
“Summary of Pricing and Inflation Rate Assumptions”.
(4) The net present value of future net revenue attributable to the
Company’s reserves is stated without provision for interest costs and
general and administrative costs, but after providing for estimated
royalties, production costs, development costs, other income, future capital
expenditures, and well abandonment and reclamation costs for only those
wells assigned reserves by Sproule. It should not be assumed that the
undiscounted or discounted net present value of future net revenue
attributable to the Company’s reserves estimated by Sproule represent the
fair market value of those reserves. Other assumptions and qualifications
relating to costs, prices for future production and other matters are
summarized herein. The recovery and reserve estimates of the Company’s oil,
NGL and natural gas reserves provided herein are estimates only and there is
no guarantee that the estimated reserves will be recovered. Actual reserves
may be greater than or less than the estimates provided herein.

/T/

NET ASSET VALUE(1)

/T/

NPV10(M$) $/share(2)
—————————————————————————-
Proved
Developed Producing 84,208 8.27
Developed Non-Producing 14,974 1.47
Undeveloped – –
—————————————————————————-
Total Proved 99,182 9.74
Probable 18,338 1.80
—————————————————————————-
Total Proved plus Probable 117,520 11.54
Net Debt(3) (18,000) (1.77)
—————————————————————————-
Net Asset Value 99,520 9.77
—————————————————————————-
—————————————————————————-
Notes:
(1) The estimated Net Asset Values are based on the estimated net present
value of all future net revenue from Razor’s reserves, before tax, as
estimated by Sproule at year-end. All Net Asset Values cited in this press
release are the resulting NPV per reserves category per basic share plus
cash of $12 million or $1.18/share less $30 million term debt facility or
$2.95/share.
(2) Basic shares outstanding of approximately 10.2 million. There are no
dilutive instruments currently outstanding.
(3) Financial information is based on the Company’s preliminary estimate as
at January 31, 2017 and is therefore subject to change.

/T/

Summary of Pricing and Inflation Rate Assumptions – Forecast Prices and Costs

The forecast cost and price assumptions assume increases in wellhead selling
prices and include inflation with respect to future operating and capital
costs. Crude oil and natural gas benchmark reference pricing, inflation and
exchange rates utilized by Sproule as at December 31, 2016 were as follows:

/T/

—————————————————————————-

WTI
Cushing Canadian Hardisty
Exchange Oklahoma Light Bow River Natural Gas
Rate 40 API Sweet 40 API 25 API AECO
Year (CAD/USD) (USD/bbl) (CAD/bbl) (CAD/bbl) (CAD/mmbtu)
—————————————————————————-

2017 0.780 55.00 65.58 53.77 3.44
2018 0.820 65.00 74.51 62.59 3.27
2019 0.850 70.00 78.24 65.72 3.22
2020 0.850 71.40 80.64 67.74 3.91
2021 0.850 72.83 82.25 69.09 4.00
2022 0.850 74.28 83.90 70.47 4.10
2023 0.850 75.77 85.58 71.88 4.19
2024 0.850 77.29 87.29 73.32 4.29
2025 0.850 78.83 89.03 74.79 4.40
2026+ 0.850 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
—————————————————————————-
—————————————————————————-

/T/

Reconciliation of Company Gross Reserves By Principle Product Type(1), (2)

The following table sets forth the reconciliation of the Company’s reserves at
Forecast Prices and Costs:

/T/

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

Light and Medium Crude Oil Natural Gas Liquids
Gross Gross
Gross Gross Proved + Gross Gross Proved +
Proved Probable Probable Proved Probable Probable
Factors (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl)
—————————————————————————-

December 31,
2015 – – – – – –
Discoveries – – – – – –
Extensions/Infil
l Drilling – – – – – –
Improved
Recovery – – – – – –
Technical
Revisions – – – – – –
Acquisitions 6,320.5 1,516.5 7,837.1 2,905.5 720.0 3,625.5
Dispositions – – – – – –
Economic Factors – – – – – –
Production (106.5) – (106.5) (53.5) – (178.0)
December 31,
2016 6,214.0 1,516.5 7,730.6 2,852.0 720.0 3,572.0
—————————————————————————-
—————————————————————————-

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

Conventional Natural Gas Barrels of Oil Equivalent
Gross Gross
Gross Gross Proved + Gross Gross Proved +
Proved Probable Probable Proved Probable Probable
Factors (Mmcf) (Mmcf) (Mmcf) (MBOE) (MBOE) (MBOE)
—————————————————————————-

December 31,
2015 – – – – – –
Discoveries – – – – – –
Extensions/Infil
l Drilling – – – – – –
Improved
Recovery – – – – – –
Technical
Revisions – – – – – –
Acquisitions 6,486.6 1,707.0 8,194.6 10,307.1 2,521.0 12,828.4
Dispositions – – – – – –
Economic Factors – – – – – –
Production (108) – (108) (178) – (178)
December 31,
2016 6,379.0 1,707.0 8087.0 10,129.6 2,521.0 12,650.5
—————————————————————————-
—————————————————————————-
Notes:
(1) The tables summarize the data contained in the Sproule Report and as a
result may contain slightly different numbers due to rounding.
(2) Conventional Natural Gas includes associated and non-associated gas.

/T/

Future Development Costs

The following table sets forth development costs deducted in the estimation of
Razor’s future net revenue attributable to the reserve categories noted below:

/T/

Forecast Prices and Costs (M$)
————————————————–
Year Proved Reserves Proved plus Probable
—————————————————————————-

2017 2,775 2,775
2018 1,186 1,186
2019 – –
2020 – –
Thereafter – –
—————————————————————————-
Total Undiscounted 3,961 3,961
—————————————————————————-
Total Discounted at 10% 3,625 3,625
—————————————————————————-

/T/

The future development costs are estimates of capital expenditures required in
the future for Razor to convert proved developed non-producing reserves and
probable reserves to proved developed producing reserves. The undiscounted
future development costs are $3.96 million for proved reserves and $3.96
million for proved plus probable reserves (in each case based on forecast
prices and costs).

ABOUT RAZOR

Razor Energy Corp. is a light oil focused company operating predominantly in
Alberta. Razor’s full-cycle business plan provides an opportunity to reposition
the Company as a disciplined and high-growth junior E&P company. With an
experienced management team and a strong, committed board of directors, growth
is anticipated to occur through timely strategic acquisitions and operations.
Razor currently trades on TSX Venture Exchange under the ticker “RZE”.

READER ADVISORY

Forward-Looking Statements. Certain information included in this press release
constitutes forward-looking information under applicable securities
legislation. Forward-looking information typically contains statements with
words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”,
“propose”, “project” or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information in this press release may
include, but is not limited to future development costs associated with oil and
gas reserves. Statements relating to “reserves” are also deemed to be
forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described exist in the
quantities predicted or estimated and that the reserves can be profitably
produced in the future.

The forward-looking statements contained in this press release are based on
certain key expectations and assumptions made by Razor, including expectations
and assumptions concerning the success of future drilling, development and
completion activities, the performance of existing wells, the performance of
new wells, the availability and performance of facilities and pipelines, the
geological characteristics of Razor’s properties, the successful application of
drilling, completion and seismic technology, prevailing weather and break-up
conditions, commodity prices, royalty regimes and exchange rates, the
application of regulatory and licensing requirements, the availability of
capital, labour and services, the creditworthiness of industry partners and our
ability to acquire additional assets.

Although Razor believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Razor can give no assurance
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses; and health, safety and environmental risks),
constraint in the availability of services, commodity price and exchange rate
fluctuations, regulatory and political risks, adverse weather or break-up
conditions and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. These and other risks are set out in more detail in Razor’s
filing statement dated January 27, 2017 and in Razor’s annual information form
for the year ended December 31, 2016 which will be filed on SEDAR on or before
April 30, 2017.

The forward-looking information contained in this press release is made as of
the date hereof and Razor undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, unless required by applicable securities laws. The
forward-looking information contained in this press release is expressly
qualified by this cautionary statement.

Oil and Gas Metrics. This press release contains a number of oil and gas
metrics, including “future development costs”, “net asset value” and “reserves
life index”, which do not have standardized meanings or standard methods of
calculation and therefore such measures may not be comparable to similar
measures used by other companies. Such metrics have been included herein to
provide readers with additional measures to evaluate the Company’s performance;
however, such measures are not reliable indicators of the future performance of
the Company and future performance may not compare to the performance in
previous periods. Future development costs are calculated as the sum of
development capital plus the change in future development costs for the period.
Net asset value is based on present value of future net revenues discounted at
10% before tax on 2P reserves net of net debt as at January 31, 2017 divided by
the number of Razor shares outstanding as at January 31, 2017. Reserves life
index is calculated as total Company share reserves divided by annual
production.

Boe Disclosure. The term barrels of oil equivalent (“boe”) may be misleading,
particularly if used in isolation. A BOE conversion ratio of six thousand cubic
feet of natural gas to barrels of oil equivalence is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. All BOE conversions in the
report are derived from converting gas to oil in the ratio mix of six thousand
cubic feet of gas to one barrel of oil.

Non-IFRS Measures. This press release contains the term “net debt”, which does
not have a standardized meaning prescribed by International Financial Reporting
Standards (“IFRS”) and therefore may not be comparable with the calculation of
similar measures by other companies. Management believes “net debt” is a useful
supplemental measure of the total amount of current and long-term debt of the
Company. Additional information relating to non-IFRS measures can be found in
the Company’s most recent management’s discussion and analysis MD&A, which may
be accessed through the SEDAR website (www.sedar.com).

– END RELEASE – 28/03/2017

For further information:
Doug Bailey
President and Chief Executive Officer
(403) 262-0242
OR
Kevin Braun
Chief Financial Officer
(403) 262-0242

COMPANY:
FOR: RAZOR ENERGY CORP.
TSX VENTURE SYMBOL: RZE

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170328CC0020

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: SUNSHINE OILSANDS LTD.HKSE SYMBOL: 2012Date issue: March 28, 2017Time in: 7:20 AM eAttention:
HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – March 28, 2017) – The
Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation”…

FOR: GENOIL INC.
OTCQB SYMBOL: GNOLF

Date issue: March 28, 2017
Time in: 6:00 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – March 28, 2017) – Genoil Inc. (OTCQB:GNOLF),
the publicly traded clean technology engineering company for the petroleum
industry, has today announced the addition of a special adviser to its
management team with the appointment of Douglas A. Phillips, CPA, who joins
Genoil to provide strategic input on major transactions and provide advice to
top management.

Phillips has a distinguished track record in business counsel, having served a
wide variety of domestic and foreign companies in the areas of accounting and
auditing, mergers and acquisitions, and corporate structurings. He served as
the Chairman, CEO and Managing Partner of WeiserMazars LLP, Certified Public
Accountants, in the US, and as Co-CEO and the Vice Chairman of Mazars SCRL on
an international level. In these roles, which he held until 2015, Phillips
achieved a top ranking in the greater New York region and the US, executing
twenty mergers and acquisitions and engineering significant organic growth for
the company.

He is currently CEO of GYST Advisors LLC, a management consulting firm focusing
on strategy, business development, mergers and acquisitions, financial
performance and risk management.

Phillips joins Genoil after the agreement of several major initiatives for the
company. In November 2016, Genoil signed a US $50 billion Letter of Intent to
develop and construct upgrading and energy projects in Russia and Chechnya,
including the provision of a complete solution from oil field development
through to the production of 3.5m barrels per day of clean fuels. In April
2016, Genoil received a $5 billion Letter of Intent from a Chinese Policy
“Superbank” to develop a project in the Middle East. In February 2017 Genoil
also signed a Memorandum of Understanding with Bomin Group, a leading global
physical supplier and trader of marine fuel, to develop a co-operation
agreement to supply the marine market with compliant low sulphur products.

Bruce Abbott, COO of Genoil, commented: “The level of interest in Genoil’s
Hydroconversion Unit has been growing steadily in line with the global demand
for cleaner energy and low sulphur products. Doug’s high level of experience in
strategic business development and finance will add real value to Genoil as we
drive continued growth and negotiate on future deals.”

The appointment of Douglas Phillips follows the recent appointment of Raushan
Telyashev as Vice President of Genoil Middle East, which is testament to
Genoil’s strong and continued global growth ambitions.

About Genoil Inc.:

Genoil is a publicly traded Canadian clean technology engineering company for
the petroleum industries. Genoil is headquartered in Edmonton, Alberta, with
offices in Calgary, Sherwood Park, New York City, Constanta, Romania, and Dubai
& Abu Dhabi. Genoil has developed its proprietary technology, the Hydrocracking
Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean
burning fuels for transportation industries including shipping. The GHU can be
placed in remote locations, including receiving terminals, pipelines and ports.
The company operates one of the largest and most advanced pilot & design test
facilities in the world, from its 147-acre site in Alberta, Canada.

About The Genoil Hydrocracking Upgrader:

The Genoil Hydrocracking Upgrader (GHU(R)) is an advanced upgrading and
desulfurization technology, which converts heavy or sour crude oil into much
more valuable light low sulphur oil for a very low cost. The Genoil GHU was
designed to be versatile, can be placed at many different locations, either
upstream at oil fields, or downstream at refineries, in a standalone form at
ports and other logistical locations.

The GHU achieves 96% pitch conversion and 95% desulfurization with an operating
cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil
converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also
removed 92% of the sulphur reducing the amount from 5.14% to below 0.24%. These
results were taken by Conoco Canada Ltd, who had them analysed by Core
Laboratories, one of the largest service providers of core and fluid analysis
in the petroleum industry.

– END RELEASE – 28/03/2017

For further information:
BLUE
Georgey Routen
01865 514214
[email protected]

COMPANY:
FOR: GENOIL INC.
OTCQB SYMBOL: GNOLF

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170328CC0007

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.