Calgary, Canada
Calgary, Canada

Talisman Energy Inc. is a Canadian multinational oil and gas exploration and production company headquartered in Calgary, Alberta. It is one of Canada's largest independent oil and gas companies, and was founded in 1992 by the renaming of BP Canada Ltd. Prior to the renaming, British Petroleum sold off its 57% stake in the company to the public.It operates globally which include Canada and the United States of America in North America; Colombia, South America; Algeria in North Africa; United Kingdom and Norway in Europe; Indonesia, Malaysia, Vietnam, Papua New Guinea, East Timor and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm Demonstrator in the North Sea off the coast of Scotland.The company initially grew quickly through a number of mergers and acquisitions, which reflects in the complex history and large diversity of holdings. Talisman was the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group and is a participant in the United Nations Global Compact. Wikipedia.


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News Article | May 8, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2017) - International Wastewater Systems Inc. ("IWS" or the "Company") (CSE:IWS)(CSE:IWS.CN)(CNSX:IWS)(FRANKFURT:IWI)(OTC PINK:INTWF) announces that Yaron Conforti will be leaving his role as the Company's Chief Financial Officer and a member of its Board of Directors, to pursue new opportunities. Mr. Conforti will remain a consultant to IWS to assist with the transition to the newly appointed CFO, Mr. David Alexander, CA, CPA. Mr. Alexander has extensive experience as a CFO and his past achievements include CFO of Arakis Energy Corporation (subsequently sold to Talisman Energy TSX:TLM), and Nortran Pharmaceuticals, Inc., (later Cardiome Pharma NASDAQ:CRME). Lynn Mueller, Chairman and CEO of IWS commented: "Yaron Conforti provided valuable leadership as our CFO and a member of our Board of Directors since 2015. I would like to thank him for his contributions and wish him every success in the future. We welcome David Alexander, an experienced CFO who further strengthens our management team during a period of significant growth for IWS." ON BEHALF OF THE BOARD International Wastewater Systems Inc. is a world leader in thermal heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings. IWS is publicly traded in Canada (CSE:IWS)(CSE:IWS.CN)(CNSX:IWS), the United States (OTC PINK:INTWF) and Germany (FRANKFURT:IWI).


CE COMMUNIQUÉ NE DOIT PAS ÊTRE DISTRIBUÉ AUX AGENCES DE PRESSE AMÉRICAINES NI DIFFUSÉ AUX ÉTATS-UNIS Pétrolia Inc. (TSX CROISSANCE:PEA) (« Pétrolia » ou la « Société ») annonce la conclusion d'un accord définitif en date du 15 mai 2017 (la « Convention d'arrangement ») avec Pieridae Energy Limited (« Pieridae »), une société canadienne sous contrôle privé, qui prévoit une fusion par le biais d'un plan d'arrangement (l'« Arrangement ») conformément à l'article 192 de la Loi canadienne sur les sociétés par actions (« LCSA »), en vertu duquel Pétrolia et Pieridae fusionneront afin de former une nouvelle entité qui sera nommée « Pieridae Energy Limited » (l'« Entité fusionnée »). L'exécution de l'Arrangement aura comme résultat une prise de contrôle inversée de la Société au sens des politiques de la Bourse de croissance TSX (la « Bourse »). L'exécution de l'Arrangement est entre autres conditionnelle à l'approbation de la Bourse ainsi qu'à l'approbation des actionnaires de Pétrolia et Pieridae. Cet Arrangement permettra à l'Entité fusionnée de se positionner stratégiquement sur les marchés boursiers nord-américains en tant que société énergétique en développement pleinement intégrée, de la production en amont à la distribution de gaz naturel liquéfié (« GNL »). Le projet de terminal méthanier Goldboro de Pieridae (« Projet de GNL Goldboro »), conjugué au potentiel de ressources détenu par Pétrolia, constitue un atout majeur pour les investisseurs désireux de participer à la croissance et au développement de la seule usine intégrée au Canada détenant les permis et autorisations, conformément au stade de son développement, pour le traitement du GNL. La combinaison des expertises et de la diversification des deux sociétés permettra à la nouvelle entité de bénéficier du potentiel d'un plan de croissance à long terme efficace et durable. L'Arrangement offrira également aux actionnaires de Pétrolia la possibilité de participer à l'industrie du GNL à travers le développement d'une société énergétique pleinement intégrée et permettra une exploitation accélérée des propriétés de Pétrolia tout en offrant un marché à long terme pour toute production gazière. Cet Arrangement conférera aux actionnaires de Pétrolia une prime immédiate et un potentiel de croissance considérable en comparaison avec la situation rencontrée par des entreprises semblables pendant l'année dernière sur les marchés boursiers nord-américains. L'Entité fusionnée maintiendra ses bureaux à Calgary, dans la ville de Québec et à Halifax. Les conseils d'administration de Pieridae et de Pétrolia ont approuvé l'Arrangement à l'unanimité et ont conclu que celui-ci est dans le meilleur intérêt de leurs actionnaires respectifs. Valeurs mobilières Banque Laurentienne inc. (« Valeurs mobilières Banque Laurentienne ») agit à titre de conseiller financier exclusif auprès de Pieridae en ce qui concerne l'Arrangement. Pieridae est une société canadienne sous contrôle privé basée à Calgary (Alberta). Concentrée sur le développement du Projet de GNL Goldboro, Pieridae s'est lancée dans une stratégie visant à consolider les réserves des principaux bassins de gaz naturel afin de développer de nouveaux marchés internationaux pour le gaz naturel canadien et américain. Depuis sa première acquisition de ressources au Nouveau-Brunswick jusqu'à cette fusion avec Pétrolia, Pieridae cherche à bâtir un portefeuille de gaz naturel à long terme afin d'alimenter le Projet de GNL Goldboro. Pieridae est à la fine pointe de la réintégration de la chaîne de valeur du GNL en Amérique du Nord. Le développement de son propre potentiel en gaz naturel constitue une stratégie structurée de gestion des risques. Pieridae cible la prochaine vague mondiale de production de GNL, après 2020, et a déjà vendu 50 % de la capacité initiale de son terminal méthanier de Goldboro en vertu d'un contrat d'approvisionnement ferme sur 20 ans avec Uniper Global Commodities SE, une filiale à 100 % d'Uniper SE, l'une des plus importante entreprises gazières d'Europe. Pieridae prévoit une croissance significative et soutenue dans les marchés nationaux et internationaux pour le gaz naturel liquéfié alors que les consommateurs chercheront à remplacer le pétrole par le gaz naturel, un combustible plus propre, afin d'alimenter les secteurs des transports et de la production d'électricité. Les principaux dirigeants de Pieridae ont fondé Galveston LNG, laquelle a mis sur pied le projet de Kitimat LNG en Colombie-Britannique, soit la première nouvelle usine de liquéfaction autorisée en Amérique du Nord en 40 ans, qui est désormais la propriété de Chevron et de Woodside Petroleum. Suite à la vente de Galvestion LNG, Pieridae a été constituée en vertu de la Loi canadienne sur les sociétés par actions le 29 mai 2012 afin d'investir dans le Projet de GNL Goldboro, dont elle est propriétaire à 100%. De plus, Pieridae est en voie d'établir une entreprise de GNL pleinement intégrée par l'acquisition d'actifs qui pourront fournir le Projet de GNL Goldboro. Le 4 mars 2017, Pieridae a conclu une convention de société en commandite établissant Pieridae Production Limited Partnership (la « Société en commandite ») et Pieridae Production GP Ltd., afin de développer des ressources en gaz naturel au Nouveau Brunswick, en Nouvelle Écosse et dans les états du Nord-Est des États-Unis. Au 1er janvier 2014, Pieridae détenait une participation de 16,98 % dans la Société en commandite et n'a pas effectué d'autres contributions cette même année. En 2015, Pieridae a investi 750 000 $ supplémentaires dans la Société en commandite, augmentant sa participation à 20 %. Pieridae est en droit de contribuer 14 125 000 $ supplémentaires dans la Société en commandite avant tout autre financement par son autre commanditaire, et d'ainsi augmenter sa participation jusqu'à 50 %. Le 3 décembre 2015, Pieridae a procédé à l'acquisition auprès de la municipalité du district de Guysborough (la « Municipalité ») d'environ 107,5 hectares (265,5 acres) de terres situées dans le parc industriel de Goldboro (Nouvelle Écosse) (la « Propriété Goldboro »), en contrepartie de 3 200 000 $ (le « Prix de Vente »). La Propriété Goldboro constitue le site du Projet de GNL Goldboro envisagé. Le Projet de GNL Goldboro est situé sur la côte de l'océan Atlantique, à environ deux kilomètres des communautés de Goldboro à l'ouest et Drum Head à l'est à Goldboro, comté de Guysborough, Nouvelle Écosse. Pieridae développe actuellement le Projet de GNL Goldboro, comprenant des réservoirs de stockage et des ouvrages maritimes ainsi que des équipements de traitement de gaz. Les permis initiaux autorisent une capacité de production de GNL allant jusqu'à 10 millions de tonnes métriques par année (MMTPA). L'installation pourra accueillir des transporteurs de GNL allant jusqu'à 250 000 m3. Le Projet de GNL Goldboro dispose de son permis d'évaluation environnementale, de son permis d'exportation de GNL et l'Office national de l'énergie du Canada, des permis d'exportation de GNL de l'Accord de libre-échange et hors de l'Accord de libre-échange du US Department of Energy et du US Department of Energy Statement on Energy in Transit between Canada and the US. Le Projet de GNL Goldboro est le seul projet sur la côte Est du Canada qui ait à la fois les permis clés pour son stade actuel de développement et un client d'approvisionnement solvable. Pieridae, avec ses partenaires stratégiques, General Electric, CB&I et OrRLEN Upstream Canada, une filiale en propriété exclusive de PKN ORLEN S.A. en Pologne, est bien placée pour mener le premier projet de liquéfaction de GNL au Canada à être construit. Pieridae a nommé Ernst & Young LLP en tant que vérificateurs. Les états financiers consolidés et leurs notes ont été préparés pour chacune des cinq (5) années fiscales précédentes (y compris l'année s'étant terminée le 31 décembre 2016), conformément aux International Financial Reporting Standards telles qu'émises par le International Accounting Standards Board. Selon ses états financiers vérifiés, Pieridae a investi à ce jour environ 65 millions de dollars dans le développement du Projet de GNL Goldboro. Au 31 décembre 2016, Pieridae avait un passif à court terme de 24 260 000 $, en conformité avec son stade de développement. La transaction est conditionnelle à la clôture d'un Placement privé de 50 000 000 $, décrit ci-après, et il est attendu que ces fonds permettent à l'Entité fusionnée d'atteindre une décision finale d'investissement relative au Projet de GNL Goldboro et de financer ses opérations et ses besoins généraux de fonds de roulement. Afin de compléter l'Arrangement, Pétrolia devra tout d'abord continuer son existence corporative sous le régime de la LCSA, tel que prévue par la Convention d'arrangement, laquelle continuation inclura une modification des statuts de Pétrolia afin d'ajouter une catégorie d'actions privilégiées non-transférables et non-votantes à la description de son capital-actions (les « Actions Privilégiées de Pétrolia »), le tout étant assujetti à l'approbation des actionnaires de Pétrolia. Les Actions Privilégiées de Pétrolia ne seront pas cotées en bourse. Sous réserve de l'accomplissement ou de la renonciation aux conditions de clôture de l'Arrangement, immédiatement avant la prise d'effet de l'Arrangement, chaque reçu de souscription en circulation de Pieridae (« Reçu de souscription de Pieridae ») devant être émis dans le cadre du Placement privé (décrit plus bas) sera annulé et, en contrepartie, les détenteurs de Reçus de souscription de Pieridae recevront une action ordinaire entièrement libérée et non susceptible d'appels de versements dans le capital-actions de Pieridae (« Action de Pieridae ») relativement aux Reçus de souscription Pieridae ainsi annulés. Au moment de la prise d'effet de l'Arrangement, chaque événement décrit ci-après devra se produire et sera considéré comme se produisant dans l'ordre suivant, sans autre mesure ou formalité sauf disposition contraire expressément prévue dans la Convention d'arrangement : (a) Pétrolia déclarera et paiera un dividende à ses actionnaires par voie d'émission d'une (1) Action Privilégiée de Pétrolia pour chaque action ordinaire du capital de Pétrolia émise et en circulation (« Action Ordinaire de Pétrolia »); (b) les Actions Ordinaires de Pétrolia émises et en circulation seront consolidées sur la base d'une (1) Action Ordinaire de Pétrolia post-consolidation pour chaque lot de douze (12) Actions Ordinaires de Pétrolia pré-consolidation; (c) les Actions Privilégiées de Pétrolia émises et en circulation seront consolidées sur la base d'une (1) Action Privilégiée de Pétrolia post-consolidation pour chaque lot de douze (12) Actions Privilégiées de Pétrolia pré-consolidation; (d) les options d'achat d'Actions Ordinaires de Pétrolia émises et en circulation de Pétrolia (« Options de Pétrolia ») seront consolidées sur la base d'une (1) Option de Pétrolia post-consolidation pour chaque lot de douze (12) Options de Pétrolia pré-consolidation ; (e) les bons de souscription d'actions émis et en circulation de Pétrolia (« Bons de souscription de Pétrolia ») seront consolidés sur la base d'un (1) Bon de souscription de Pétrolia post-consolidation pour chaque lot de douze (12) Bons de souscription de Pétrolia pré-consolidation ; et (f) Pétrolia et Pieridae seront fusionnées et poursuivront leur existence corporative sous une entité régie par la LCSA, formant ainsi l'Entité fusionnée. Si ce qui précède mène à l'émission de fractions d'Actions Ordinaires de Pétrolia ou d'Actions Privilégiées de Pétrolia ou à des fractions d'options ou de bons de souscription donnant le droit d'acquérir des Actions Ordinaires de Pétrolia, le nombre d'actions, d'options ou de bons de souscription à être émis sera arrondi vers le bas au nombre entier le plus près d'actions, d'options ou de bons de souscription. Lors de, et en raison de, la fusion de Pétrolia et de Pieridae dans le cadre de l'Arrangement : (a) chaque Action Ordinaire de Pétrolia consolidée émise et en circulation sera annulée et en contrepartie de celle-ci, les détenteurs d'Actions Ordinaires de Pétrolia recevront une (1) action ordinaire entièrement libérée et non susceptible d'appels de versements de l'Entité fusionnée (« Action Ordinaire de l'Entité fusionnée ») à l'égard de chaque Action Ordinaire de Pétrolia consolidée ainsi annulée ; (b) chaque Action Privilégiée de Pétrolia consolidée émise et en circulation sera annulée et en contrepartie de celle-ci, les détenteurs d'Actions Privilégiées de Pétrolia consolidées recevront une (1) action privilégiée entièrement libérée et non-susceptible d'appels de versements de l'Entité fusionnée (« Action Privilégiée de l'Entité fusionnée ») à l'égard de chaque Action Privilégiée de Pétrolia consolidée ainsi annulée; (c) chaque Option de Pétrolia consolidée émise et en circulation, sera annulée et en contrepartie de celle-ci, les détenteurs d'Options de Pétrolia consolidée recevront une (1) option d'achat d'actions pour une Action Ordinaire de l'Entité fusionnée à l'égard de chaque Option de Pétrolia consolidée ainsi annulée; (d) chaque Bon de souscription de Pétrolia consolidé sera annulé et en contrepartie de celui-ci, les détenteurs de Bons de souscription de Pétrolia consolidé recevront (1) un bon de souscription à l'égard de chaque Bon de souscription de Pétrolia consolidé ainsi annulé; (e) chaque Action de Pieridae émise et en circulation sera annulée et en contrepartie, les détenteurs d'Actions de Pieridae recevront une quantité d'Actions Ordinaires de l'Entité fusionnée relativement à chaque Action de Pieridae ainsi annulée, conformément à un ratio d'échange de 2,74123, présupposant : (i) la réalisation du Placement privé de Pieridae décrit ci-dessous, sous réserve d'ajustements en cas d'attributions excédentaires, (ii) la conversion de la dette convertible de Pieridae (la « Débenture Pieridae »), et (iii) l'exercice de toute option émise et en circulation permettant l'achat d'Actions de Pieridae (« Options Pieridae »), Options de Pétrolia ou Bons de souscription de Pétrolia; et (f) chaque Option Pieridae émise et en circulation sera annulée et en contrepartie les détenteurs d'Options Pieridae recevront des options pour l'achat d'Actions Ordinaires de l'Entité fusionnée relativement à chaque Option Pieridae ainsi annulée, conformément au même ratio d'échange sous réserve d'arrondir vers le bas toute fraction d'action. Pétrolia a actuellement 108 399 683 Actions Ordinaires de Pétrolia émises et en circulation, tandis que Pieridae a 15 599 157 Actions de Pieridae émises et en circulation, et ce avant de donner effet au Placement privé, la conversion de la Débenture Pieridae et l'exercice de toute Option Pieridae, Option de Pétrolia et Bon de souscription de Pétrolia pouvant être exercé avant la clôture. Le taux d'échange susmentionné valorise les actions de Petrolia à 0,38 $, ce qui équivaut à 200% du cours de clôture moyen de 0,19 $ pour les dix (10) jours de bourse consécutifs des actions ordinaires de Pétrolia sur le TSX-V avant le 17 janvier 2017, ce qui représente une prime de 100%. En outre, les actionnaires de Pétrolia recevront les Actions Privilégiées de l'Entité fusionnée, tel que décrit ci-dessous. À la fin de l'Arrangement, et suivant les mêmes hypothèses, les détenteurs d'Actions Ordinaires de Pétrolia devraient détenir 14,75 % des Actions Ordinaires de l'Entité fusionnée en circulation, et les détenteurs d'Actions de Pieridae devraient en détenir 85,25 %. Tous les administrateurs et dirigeants de Pieridae et Pétrolia ainsi que certains actionnaires représentant cumulativement 8 309 192 (53,3 %) des Actions de Pieridae et 1 351 067 (1,25 %) des Actions Ordinaires de Pétrolia ont conclu des conventions de vote et d'appui conformément auxquelles ils ont accepté de voter, à l'aide de chacun des titres octroyant le droit de vote qu'ils détiennent, en faveur de l'Arrangement. En vertu de la Convention d'arrangement, Pieridae a accepté de déployer tous les efforts commercialement raisonnables afin de compléter, en date ou avant la clôture de l'Arrangement, un placement privé (le « Placement privé ») de Reçus de souscription à un prix de 12,50 $ par Reçu de Souscription pour un produit brut minimum de 50 000 000 $ sous réserve d'attribution excédentaire. Chaque Reçu de Souscription sera automatiquement converti en une Action de Pieridae immédiatement avant l'accomplissement de l'Arrangement. Ces Actions de Pieridae seront échangées pour des Actions Ordinaires de l'Entité fusionnée conformément à la formule décrite ci-dessus, concurremment à la réalisation de l'Arrangement, sans frais supplémentaire et sans que le détenteur ne prenne aucune autre mesure. Pieridae a engagé un syndicat de courtiers, à être dirigé par Valeurs mobilières Banque Laurentienne et la Financière Banque Nationale inc. (« FBN ») et incluant Desjardins Marchés de capitaux (collectivement avec Valeurs mobilières Banque Laurentienne et FBN, les « Courtiers »), sur une base « des efforts commercialement raisonnables » pour le Placement privé. Le produit net du Placement privé sera détenu en mains tierces par une partie indépendante approuvée par Pieridae et les Courtiers et sera libéré concurremment avec la clôture de l'Arrangement selon les conditions d'une convention de reçus de souscription (« Convention de reçus de souscription ») devant être conclue lors de la clôture du Placement privé. Dans le cas où l'Arrangement ne serait pas complété ou à la survenance d'autres événements qui seront décrits dans la Convention de reçus de souscription, un montant égal au plein prix d'achat des Reçus de souscription de chaque détenteur, plus tout intérêt couru pendant la durée de l'entiercement, sera versé aux détenteurs des Reçus de souscription et les Reçus de souscription seront annulés. Pieridae prévoit de payer aux Courtiers une commission en espèces équivalant à 5 % du produit brut du Placement privé. Le produit net de ce Placement privé sera utilisé pour financer certaines activités qui permettront à l'Entité fusionnée d'atteindre la décision d'investissement finale relativement Projet de GNL Goldboro ainsi que pour ses besoins d'opérations et de fonds de roulement. Autres modalités de l'Arrangement et pénalité en cas de retrait L'Arrangement et les opérations connexes tels que décrits ci-dessus constituent une transaction sans lien de dépendance tel que défini dans les politiques de la Bourse et dans la réglementation sur les valeurs mobilières, et aucun des administrateurs, dirigeants ou initiés de Pétrolia ne détient d'intérêt dans Pieridae ou n'est initié de Pieridae. Les Actions Privilégiées de Pétrolia qui, en vertu de l'Arrangement décrit ci-dessus, seront échangées pour des Actions Privilégiées de l'Entité fusionnée, sont émises dans le but de permettre aux actionnaires de Pétrolia de recevoir leur quote-part basée sur leurs participations, d'un montant égal à cinquante pourcent (50 %) de tout montant en argent pouvant être perçu par l'Entité fusionnée aux termes ou découlant d'un accord ou d'un engagement avec le Gouvernement du Québec (ou toute entité détenue ou contrôlée par le Gouvernement du Québec), net de tout impôt payable par l'Entité fusionnée en vertu de celui-ci, en lien avec la fin de l'exploration gazière et pétrolière sur l'Île d'Anticosti (Québec). Tout tel montant sera versé aux détenteurs d'Actions Privilégiées de l'Entité fusionnée lors du rachat par l'Entité fusionnée des Actions Privilégiées de l'Entité fusionnée suivant la réception de celui-ci. Le solde des fonds, après un tel paiement, sera utilisé par l'Entité fusionnée dans le cadre de ses activités opérationnelles. Dans le cas où un tel accord ou engagement ne serait pas conclu, les Actions Privilégiées de l'Entité fusionnée seront rachetées à la valeur du capital déclaré par Action Privilégiée de l'Entité fusionnée. La réalisation de l'Arrangement et des transactions qui s'y rapportent demeure sujette à l'approbation de la Bourse, des actionnaires de Pétrolia et de Pieridae, du tribunal saisi de l'Arrangement, aux conditions que ce dernier pourra décider, ainsi qu'à toutes les autres approbations requises des autorités réglementaires compétentes. L'Arrangement et les transactions qui s'y rapportent demeurent également sujets à la satisfaction ou à la renonciation d'autres conditions préalables, y compris, mais non limitées à, la clôture du Placement privé, la continuation de Pétrolia sous le régime de la LCSA, ainsi que les conditions usuelles pour les transactions de même nature. Il n'existe aucune garantie à l'effet que les conditions en question seront satisfaites ou le seront en temps opportun. Sous réserve de ce qui précède, la clôture de la transaction est prévue pour juillet 2017. Sous réserve des modalités de la Convention d'arrangement, si le conseil d'administration de la Société retire son appui à l'Arrangement ou si la Société contrevient à ses engagements pris en vertu de l'Arrangement avant la réalisation de l'Arrangement, celle-ci devra payer une pénalité d'un montant de 600 000 $ à Pieridae. Si le conseil d'administration de Pieridae retire son appui à l'Arrangement ou si Pieridae contrevient à ses engagements pris en vertu de l'Arrangement avant la survenance de l'Arrangement, celle-ci devra payer une pénalité d'un montant de 600 000 $ à Pétrolia. Le conseil d'administration de l'Entité fusionnée sera composé de cinq (5) administrateurs. Sous réserve de l'approbation de la Bourse, il est prévu que les administrateurs et dirigeants de l'Entité fusionnée au moment de la clôture de l'Arrangement soient les suivants : M. Tétreault est président depuis 1999 de Calafate Holdings Ltd., une entreprise privée de gestion de placements et de capital de risque. M. Tétreault est l'administrateur en chef de PHX Energy Services Corp., une société de forage horizontal et directionnel inscrite à la Bourse de croissance TSX. Il est aussi cofondateur et administrateur de Fitzroy Developments Ltd. (société immobilière privée), de Northern Vision Development Corp. (société immobilière privée) et de Webber Academy Foundation (société sans but lucratif qui gère une école privée à Calgary, Alberta). Entre août 1993 et décembre 1997, il a été avocat spécialisé en droit corporatif et en valeurs mobilières pour le compte du cabinet d'avocats Bennett Jones Verchere (actuellement Bennett Jones, LLP). M. Tétreault compte plus de vingt d'expérience en tant qu'administrateur et dirigeant de plusieurs sociétés opérant dans le secteur gazier et pétrolier ainsi que dans celui des services pétroliers. M. Tétreault a obtenu un juris doctor (avec distinction) de l'Université de la Saskatchewan en 1992 et un baccalauréat en administration des affaires (cum laude) de l'Université d'Ottawa en 1988. Il est membre de la Law Society of Alberta et été membre pendant 10 ans de l'Entrepreneurs' Organization. M. Sorensen est le président-directeur général de Pieridae Energy Limited depuis sa fondation en 2012. Il est comptable agréé et un chef de file dans le secteur de l'énergie, avec plus de 30 ans d'expérience, au Canada et à l'international. M. Sorensen a occupé le poste de président-directeur général de Canadian Spirit Resources entre 2013 et 2015. De 2003 à 2010, M. Sorensen a été le président-directeur général et fondateur de Galveston LNG. Le projet de GNL Kitimat de Galveston LNG a été la première usine de liquéfaction autorisée en Amérique du Nord en 40 ans et est maintenant la propriété de Chevron et de Woodside Petroleum. Avant son implication au sein de Galveston LNG, il a occupé le poste de président de Duke Energy Canada puis de Duke Energy Europe. M. Boulanger est le président-directeur général de Leddartech Inc., une entreprise privée exploitant une technologie LiDAR à semi-conducteurs unique et brevetée. Il est également le président de Moody Management Inc., une société d'investissement privée. M. Bélanger compte plus de trente années d'expérience dans des fonctions de haute direction dans plusieurs secteurs industriels, notamment chez Shell Canada, Pétroles Irving, GSI Environnement et Prolab Technologies. Il a auparavant été fondateur, président et chef de la direction de Groupe Unipex SAS en 2008, après avoir été président de la division Ingrédients Actifs et Spécialités Chimiques d'Atrium Innovations (TSX : ATB) de 2004 à 2008. M. Boulanger a aussi été président fondateur de Québec International (auparavant Pôle Québec Chaudière-Appalaches), après avoir été associé au cabinet Phénix Capital. M. Boulanger a plus de quinze ans d'expérience en tant qu'administrateur et dirigeant de nombreuses entreprises des secteurs industriel et pétrolier, il siège actuellement aux conseils d'administrations de Chimie Parachem, de Pétrolia et de LeddarTech. Diplômé de l'Université Laval en génie mécanique (1981), M. Boulanger a suivi une formation spécialisée pour cadres supérieurs du Centre international de recherches et d'études en management (CIREM) en 1990. Depuis 2013, M. Judson occupe le poste de directeur général de Camcor Partners Inc. le commandité et gestionnaire des placements pour plusieurs sociétés en commandite dont le mandat est d'investir dans le secteur canadien de l'énergie en amont. Il occupait précédemment le poste de directeur général de FirstEnergy Capital, une société de gestion de portefeuille spécialisée dont les bureaux sont situés à Calgary et Londres où il contribuait à diriger le groupe de marchés de capitaux. M. Judson y était responsable des comptes des plus importants investisseurs institutionnels au Canada, aux États-Unis, et en Europe. Il conseillait ces derniers sur leurs investissements dans le secteur de l'énergie. M. Judson possède une vaste expérience en matière de gouvernance de conseils d'administration et a siégé à plusieurs conseils d'administration de sociétés du portefeuille Camcor. M. Rees est le président-directeur général d'ORLEN Upstream Canada Ltd., une société d'exploration et de production pétrolière et gazière située à Calgary. M. Rees est un ingénieur professionnel disposant d'une vaste expérience en opérations pétrolières et gazières sur terre et au large des côtes dans l'Ouest canadien et à l'international. Il est titulaire d'un diplôme de génie mécanique de l'Université de Victoria et d'une maîtrise en administration des affaires de l'Université de Calgary. M. Rees bénéficie d'une vaste expérience au Canada, en Amérique latine et au Royaume-Uni, notamment en ingénierie de production et de réservoir, en développement des affaires, en transaction commerciale, et en planification d'entreprise. M. Rees a précédemment occupé des postes au sein de Talisman Energy et de Petro-Canada Oil & Gas en Colombie et au Canada. Martin Bélanger - Directeur de la production M. Bélanger est actuellement président-directeur général par intérim de Pétrolia. Il bénéficie de plus de 24 années d'expérience au sein de l'industrie pétrolière et gazière. Il a commencé sa carrière en tant qu'ingénieur junior sur le terrain avant de s'élever progressivement dans la hiérarchie pour devenir gestionnaire sénior, poste qu'il occupe actuellement. Au fil des ans, il a prêté ses services à plusieurs sociétés, petites et grandes, dont Talisman Energy, PrimeWest Energy, TAQA NORTH, Laricina Energy et TransCanada Pipelines. Il a ainsi gagné une précieuse expertise dans toutes les facettes de l'ingénierie, de la gestion de projet, des opérations de terrain, de l'entretien, et du respect des réglementations. M. Bélanger possède une vaste expérience en gestion d'installations pétrolières et gazières en amont et en aval, ainsi que pour ce qui concerne les oléoducs. M. Bélanger a œuvré sur la scène internationale, notamment au Royaume-Uni et aux États-Unis. M. Bélanger a terminé son baccalauréat en ingénierie chimique à l'Université d'Ottawa en 1991 et il est membre accrédité de l'Association of Professional Engineers & Geoscientists of Alberta. M. Dawson est actif dans l'industrie de l'énergie depuis 30 ans et il est chef de l'exploitation pour Pieridae Energy. Impliqué dans l'industrie du GNL depuis 15 ans, notamment sur des projets au Canada, en Australie et au Moyen-Orient, M. Dawson est l'un des fondateurs principaux de Galveston LNG. Le projet de GNL Kitimat de Galveston LNG a été la première nouvelle installation de liquéfaction permise en Amérique du Nord en 40 ans, et elle est maintenant détenue par Chevron and Woodside Petroleum. Il a été impliqué de 1992 à 2002 dans le commerce du gaz naturel, du pétrole brut, de l'électricité et dans le marché des devises pour plusieurs importantes sociétés de commerce de l'énergie. Il a siégé dans des comités de gestion des risques pour de nombreuses sociétés de services énergétiques canadiennes. M. Dawson a aussi siégé aux conseils d'administration de plusieurs petites sociétés pétrolières et gazières canadiennes. Mario Racicot - Chef de la direction financière Actuellement chef de la direction financière et secrétaire général de Pétrolia, M. Racicot a 15 ans d'expertise en tant que professionnel du secteur financier. Il a occupé plusieurs postes de direction depuis 2001, notamment à la Banque nationale du Canada et dans une de ses filiales, Innocap Investment Management inc. Diplômé de l'Université du Québec à Montréal, il a complété un MBA avec une spécialisation en gestion financière. Sous réserve de la conclusion de la transaction, M. Alfred Sorensen aura la fonction de président-directeur général de la société fusionnée. M. Thomas Dawson occupera le poste de directeur du GNL de l'Entité fusionnée. M. Martin Bélanger, qui occupe actuellement le poste de président-directeur général par intérim de Pétrolia, assumera celui de directeur de la production. Il est prévu que M. Alfred Sorensen, résidant à Calgary, Alberta, ainsi que sa société en propriété exclusive, Alfred Sorensen Holdings Ltd., détienne plus de 10 % des Actions Ordinaires de l'Entité fusionnée à la suite de l'Arrangement. Alfred Sorensen Holdings Ltd. est une société de l'Alberta. Pétrolia effectuera une demande à la Bourse afin d'obtenir une exemption ou une renonciation aux exigences de parrainage liées à l'Arrangement. Il n'est pas garanti que cette exemption ou renonciation soit accordée. Si cette exemption n'est pas accordée, un parrain pour l'Arrangement devra être engagé. Les opérations sur les Actions Ordinaires de Pétrolia seront interrompues jusqu'à la réception, à la satisfaction de la Bourse et selon ses politiques applicables, des documents requis pour la reprise des opérations sur ses actions. Pétrolia publiera un autre communiqué lorsque les opérations sur les Actions Ordinaires de Pétrolia pourront reprendre. Une copie de la Convention d'arrangement (y compris le plan d'arrangement) sera déposée sur le profil SEDAR de la Société et sera disponible sur www.sedar.com. La réalisation de l'opération est conditionnelle, entre autres, à l'obtention du consentement de la Bourse et, s'il y a lieu, de l'approbation des actionnaires désintéressés. Le cas échéant, la clôture de l'opération ne peut avoir lieu tant que l'approbation requise des actionnaires n'aura pas été obtenue. Rien ne garantit que l'opération sera réalisée ou qu'elle sera réalisée dans sa forme proposée. Les investisseurs doivent savoir que, à l'exception des renseignements fournis dans la circulaire de sollicitation de procurations par la direction ou la déclaration de changement à l'inscription devant être établie pour les besoins de l'opération, les renseignements publiés ou reçus à l'égard de l'opération peuvent ne pas être tous exacts ou complets; par conséquent, les investisseurs ne doivent pas s'y fier. La négociation des titres de Pétrolia doit être considérée comme hautement spéculative. La Bourse de croissance TSX Inc. ne s'est nullement prononcée sur le bien-fondé de l'opération projetée, ni n'a approuvé ou désapprouvé le contenu du présent communiqué. Pétrolia est une société d'exploration pétrolière et gazière junior québécoise qui possède des intérêts sur un territoire de plus de 16 000 km², soit près de 23 % du territoire québécois sous permis. Pétrolia est un leader dans la recherche pétrolière et gazière au Québec et sa vision est de produire des hydrocarbures d'ici, par des gens d'ici, pour ici. Les dimensions sociale et environnementale sont au cœur des préoccupations et de la démarche d'exploration de Pétrolia. Via sa filiale Investissement PEA Inc., Pétrolia détient 21,7 % des intérêts de la société en commandite Hydrocarbures Anticosti S.E.C. et sa filiale Pétrolia Anticosti Inc. est l'opérateur de son projet sur l'île d'Anticosti. Pétrolia a 108 399 683 actions émises et en circulation Pétrolia a 108 399 683 actions émises et en circulation. Certaines déclarations faites aux présentes peuvent constituer des énoncés prospectifs. Ces déclarations se rapportent à des événements futurs ou à des résultats économiques futurs de Pétrolia et comportent des risques, incertitudes et autres facteurs connus et inconnus, qui pourraient modifier de manière appréciable leurs résultats, rendements ou réalisations par rapport à ce qu'expriment ou laissent entendre les déclarations de Pétrolia. Les événements ou résultats réels pourraient être très différents. Conséquemment, la décision d'investir dans les titres de Pétrolia ne devrait en aucun temps être basée sur ces énoncés. Pétrolia décline toute intention ainsi que toute obligation de mettre à jour ces déclarations prospectives. La Bourse de croissance TSX et son fournisseur de services de réglementation (au sens attribué à ce terme dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES Pétrolia Inc. (TSX VENTURE:PEA) ("Pétrolia" or the "Company") announces that it has entered into a definitive agreement dated May 15, 2017 (the "Arrangement Agreement") with Pieridae Energy Limited ("Pieridae"), a private Canadian corporation, providing for a business combination by way of plan of arrangement (the "Arrangement") in accordance with Section 192 of the Canada Business Corporations Act (the "CBCA"), pursuant to which Pétrolia and Pieridae will amalgamate to form a new entity to be named "Pieridae Energy Limited" ("Amalco"). The completion of the Arrangement will result in a reverse takeover of the Company as defined in the policies of the TSX Venture Exchange (the "Exchange"). Completion of the Arrangement is subject to, among other things, the approval of the Exchange and shareholder approval from Pétrolia and Pieridae shareholders. This Arrangement will enable Amalco to strategically position itself in the North American equity markets as a developing fully integrated energy company, from upstream production to the sale of liquefied natural gas ("LNG"). Pieridea's Goldboro LNG facility project (the "Goldboro LNG Project"), combined with the resource potential held by Pétrolia, constitutes an opportunity for investors to participate in the evolution and growth of Canada's only integrated LNG facility holding key permits and approvals for its current stage of development. It is expected that the combined expertise and diversification of the two companies will provide Amalco with the potential of an effective and sustainable long term growth plan. The Arrangement will also allow Pétrolia shareholders an opportunity to participate in the LNG industry through the development of an integrated energy company and provide the means for an accelerated exploration of Pétrolia's properties while offering a long-term market for any gas production. Pétrolia's shareholders will receive an immediate premium and considerable potential upside when correlated against similar corporate situations in the North America equity markets this past year. Amalco will maintain offices in Calgary, Québec City and Halifax. The Boards of Directors of each of Pieridae and Pétrolia have unanimously approved the Arrangement and determined that it is in the best interests of their respective shareholders. Laurentian Bank Securities Inc. ("Laurentian Bank Securities") is acting as exclusive financial advisor to Pieridae with respect to the Arrangement. Pieridae is a privately held Canadian corporation based in Calgary, Alberta. Focused on the development of the Goldboro LNG Project, Pieridae has embarked on a strategy to consolidate natural gas reserves in key natural gas basins to develop new international markets for Canadian and US natural gas. With its first acquisition of resources in New Brunswick, to this merger with Pétrolia, Pieridae seeks to build a long term portfolio of natural gas to supply the Goldboro LNG Project. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. The development of its own natural gas potential allows for a comprehensive risk management strategy. Pieridae is targeting the next wave of world-wide LNG production, post 2020, and has sold 50% of the initial capacity of the Goldboro LNG Project pursuant to a 20-year, take-or-pay contract with Uniper Global Commodities SE, a 100% subsidiary of Uniper SE, one of Europe's most important gas companies. Pieridae forecasts continuing significant growth in international and domestic markets for liquefied natural gas as consumers look to replace oil with cleaner burning natural gas in the electricity and transportation sectors. The key principals of Pieridae were the founders of Galveston LNG, which created the Kitimat LNG project in British Columbia that was the first new liquefaction facility permitted in North America in 40 years and which is now owned by Chevron and Woodside Petroleum. Following the sale of Galveston LNG, Pieridae was incorporated under the Canada Business Corporations Act on May 29, 2012 to invest in the Goldboro LNG Project, of which it owns 100%. In addition, Pieridae is establishing a fully integrated LNG business by acquiring assets that will supply the Goldboro LNG Project. On March 4, 2013, Pieridae entered into a partnership to establish Pieridae Production Limited Partnership (the "Partnership") and Pieridae Production GP Ltd. in order to develop natural gas resources in New Brunswick, Nova Scotia and the Northeast United States. As at January 1, 2014, Pieridae had a 16.98% interest in the Partnership and made no further contributions to the Partnership during the year. During 2015 Pieridae invested an additional $750,000 in the Partnership, increasing its ownership interest to 20%. Pieridae is entitled to contribute an additional $14,125,000 to the Partnership prior to any further funding by the other partner, and to increase its ownership in the Partnership to 50%. On December 3, 2015, Pieridae completed the purchase of approximately 107.5 hectares (265.5 acres) of land located in the Goldboro Industrial Park in Goldboro, Nova Scotia (the "Goldboro Property") from the Municipality of the District of Guysborough (the "Municipality") for consideration of $3,200,000 (the "Purchase Price"). The Goldboro Property is the site for the proposed Goldboro LNG Project. The Goldboro LNG Project is located at the Atlantic Ocean coast, approximately two kilometres from the communities of Goldboro in the west, and Drum Head in the east in Goldboro, Guysburough County, Nova Scotia. The Goldboro LNG Project is situated on the same site as the LNG regasification component of the formerly assessed Keltic Petrochemicals and LNG Facility Project. The Goldboro LNG Project being developed by Pieridae will include storage tanks, marine structures and gas processing equipment. Initial permits allow for up to 10 Million Metric Tons Per Annum (MMTPA) of LNG production capacity and the facility will be equipped to handle LNG carriers of up to 250 000 m3. The Goldboro LNG Project has obtained its Environment Assessment Approval from the Nova Scotia Minister of Environment, National Energy Board of Canada LNG export licence, United States Department of Energy LNG Free Trade Agreement and Non-Free Trade Agreement licences and United States Department of Energy Statement on Energy in Transit between Canada and the United States. The Goldboro LNG Project is the only project on the East coast of Canada that has both key permits for its current stage of development and a credit worthy offtake customer. Pieridae, along with its strategic partners; General Electric, CB&I and ORLEN Upstream Canada, a wholly-owned subsidiary of Poland's PKN ORLEN S.A., is positioned to become the first LNG liquefaction project to be constructed in Canada. Pieridae has appointed Ernst & Young LLP as its auditors. The consolidated financial statements and the notes thereto have been prepared for each of the previous five (5) financial years (including the year ended December 31, 2016) in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Based on Pieridae's audited financial statements, Pieridae has invested approximately $65 million to develop the Goldboro LNG Project to date. As at December 31, 2016, Pieridae had current liabilities in excess of current assets of $24,260,000 consistent with Pieridae's development stage. It is a condition of the transaction that Pieridae will complete the Private Placement of $50,000,000 described below, which funds are expected to allow Amalco to reach the final investment decision with respect to the Goldboro LNG Project and to fund Amalco's operations and general working capital requirements. In order to complete the Arrangement, Pétrolia must first continue its corporate existence under the CBCA, as provided in the Arrangement Agreement, which continuance will provide for an amendment of Pétrolia's articles to add a category of non-transferrable and non-voting preferred shares to its share capital description ("Pétrolia Preferred Shares"), all of which will require the approval of Pétrolia's shareholders. The Pétrolia Preferred Shares will not be listed for public trading. Subject to the satisfaction or waiver of each of the conditions to complete the Arrangement, immediately prior to the effective time for the Arrangement each issued and outstanding subscription receipt of Pieridae ("Pieridae Subscription Receipt") to be issued under the Private Placement (described below) shall be cancelled and in consideration therefor the holders of such Pieridae Subscription Receipts shall receive one fully paid and non-assessable common share in the capital of Pieridae ("Pieridae Share") in respect of such Pieridae Subscription Receipt so cancelled. Commencing at the effective time of the Arrangement, each of the events set out below shall occur and shall be deemed to occur in the following order without any further act or formality except as otherwise expressly provided in the Arrangement Agreement: (a) Pétrolia shall declare and pay a dividend to its shareholders by way of the issuance of one (1) Pétrolia Preferred Share per issued and outstanding common share of the capital of Pétrolia ("Pétrolia Common Shares"); (b) the issued and outstanding Pétrolia Common Shares shall be consolidated on the basis of one (1) post-consolidation Pétrolia Common Share for every twelve (12) pre-consolidation Pétrolia Common Shares; (c) the issued and outstanding Pétrolia Preferred Shares shall be consolidated on the basis of one (1) post-consolidation Pétrolia Preferred Share for every twelve (12) pre-consolidation Pétrolia Preferred Shares; (d) the issued and outstanding options to purchase Pétrolia Common Shares ("Pétrolia Options") shall be consolidated on the basis of one (1) post-consolidation Pétrolia Options for every twelve (12) pre-consolidation Pétrolia Options; (e) the issued and outstanding share purchase warrants of Pétrolia ("Pétrolia Warrants") shall be consolidated on the basis of one (1) post-consolidation Pétrolia Warrants for every twelve (12) pre-consolidation Pétrolia Warrants; and (f) Pétrolia and Pieridae shall be amalgamated and continued as one corporation under the CBCA to form Amalco. If the foregoing would result in the issuance of fractional Pétrolia Common Shares, Pétrolia Preferred Shares, or a fractional option or warrant to purchase Pétrolia Common Shares, then the number of shares, options or warrants otherwise issued shall be rounded down to the nearest whole number of shares, options or warrants. On, and because of, the amalgamation of Pétrolia and Pieridae under the Arrangement: (a) each issued and outstanding consolidated Pétrolia Common Share shall be cancelled and in consideration therefor the holders of consolidated Pétrolia Common Shares shall receive one (1) fully paid and non-assessable common share in the capital of Amalco ("Amalco Common Share") in respect of each one (1) consolidated Pétrolia Common Share so cancelled; (b) each issued and outstanding consolidated Pétrolia Preferred Share shall be cancelled and in consideration therefor the holders of consolidated Pétrolia Preferred Shares shall receive one (1) fully paid and non-assessable preferred share in the capital of Amalco ("Amalco Preferred Share") in respect of each one (1) consolidated Pétrolia Preferred Share so cancelled; (c) each issued and outstanding consolidated Pétrolia Option shall be cancelled and in consideration therefor the holders of consolidated Pétrolia Options shall receive one (1) option to purchase an Amalco Common Share in respect of each one (1) consolidated Pétrolia Option so cancelled; (d) each issued and outstanding consolidated Pétrolia Warrant shall be cancelled and in consideration therefor the holders of consolidated Pétrolia Warrants shall receive one (1) share purchase warrant of Amalco in respect of each one (1) consolidated Pétrolia Warrant so cancelled; (e) each issued and outstanding Pieridae Share shall be cancelled and in consideration therefor the holders of Pieridae Shares shall receive a quantity of fully paid and non-assessable Amalco Common Shares in respect of each Pieridae Share so cancelled in accordance with an exchange ratio of 2.74123, assuming: (i) the completion of the Pieridae Private Placement described below, subject to adjustment for any over-allotment, (ii) the conversion of convertible debt (the "Pieridae Debenture"), and (iii) the exercise of any issued and outstanding options to purchase Pieridae Shares ("Pieridae Options"), Pétrolia Options or Pétrolia Warrants; and (f) each issued and outstanding Pieridae Option shall be cancelled and in consideration therefor the holders of Pieridae Options shall receive options to purchase Amalco Common Shares in respect of each Pieridae Option so cancelled in accordance with the same exchange ratio and subject to rounding down for any fractional shares. Pétrolia currently has 108,399,683 issued and outstanding Pétrolia Common Shares while Pieridae has 15,599,157 issued and outstanding Pieridae Shares before giving effect to the Private Placement, the conversion of the Pieridae Debenture and any Pieridae Options, Pétrolia Options and Pétrolia Warrants that may be exercised prior to closing. The above-mentioned exchange ratio values the shares of Petrolia at $0.38, which is equal to 200% of the average closing price of $0.19 for the ten (10) consecutive trading days of Pétrolia Common Shares on the TSX-V immediately preceding January 17, 2017, which represents a 100% premium. In addition, Petrolia shareholders will receive the Amalco Preferred Shares, as described below. Upon completion of the Arrangement and under the same assumptions, it is expected that the holders of Pétrolia Shares will hold 14.75% and the holders of Pieridae Shares will hold 85.25% of the outstanding Amalco Shares. All directors and officers of Pieridae and Pétrolia and certain other shareholders representing an aggregate of 8,309,192 (53.3%) Pieridae Shares and 1,351,067 (1.25%) Pétrolia Shares have entered into voting support agreements pursuant to which they have agreed to vote all of their securities eligible to be voted in favour of the Arrangement. Pursuant to the Arrangement Agreement, Pieridae has agreed to use its reasonable commercial efforts to complete, on or before closing of the Arrangement, a private placement (the "Private Placement") of Pieridae Subscription Receipts at a price of $12.50 per Pieridae Subscription Receipt for minimum gross proceeds of $50,000,000 subject to any over-allotment. Each Pieridae Subscription Receipt will be automatically converted into one Pieridae Share immediately prior to the completion of the Arrangement. Such Pieridae Shares will be exchanged for Amalco Common Shares in accordance with the above described formula concurrently with the completion of the Arrangement at no additional cost and with no further action by the holder. Pieridae has engaged a syndicate of agents, to be co-led by Laurentian Bank Securities and National Bank Financial Inc. ("NBF"), and including Desjardins Capital Markets Canada (together with Laurentian Bank Securities and NBF, the "Agents"), on a "commercially reasonable efforts" basis for the Private Placement. The net proceeds of the Private Placement will be held in escrow by an escrow agent acceptable to Pieridae and the Agents and released concurrent with the completion of the Arrangement pursuant to the terms of a subscription receipt agreement (the "Subscription Receipt Agreement") to be entered into at the closing of the Private Placement. In the event the Arrangement is not completed or upon certain other events to be set forth in the Subscription Receipt Agreement, an amount equal to the full purchase price of each holder's Pieridae Subscription Receipts plus any interest accrued thereon during the term of the escrow will be paid to the holders of the Pieridae Subscription Receipts and the Pieridae Subscription Receipts will be cancelled. Pieridae intends to pay the Agents a cash commission equal to 5% of the gross proceeds of the Private Placement. The net proceeds of the Private Placement will be used to fund certain activities to allow Amalco to reach the final investment decision with respect to the Goldboro LNG Project, Amalco's operations and general working capital purposes. Other Terms of the Arrangement and Penalty for Withdrawal The Arrangement and related transactions, as described above, constitute an arm's length transaction as defined in the policies of the Exchange and in securities regulations, and none of the directors, officers or insiders of Pétrolia have any interest in Pieridae or are insiders of Pieridae. The Pétrolia Preferred Shares which, pursuant to the above-described Arrangement, will be exchanged for Amalco Preferred Shares, are being issued for the purpose of allowing Pétrolia's shareholders to receive their pro rata share based on shareholdings, of an amount equal to fifty percent (50%) of any cash amount that may be received by Amalco further to or flowing from an agreement or undertaking by the Government of Québec (or any entity owned or controlled by the Government of Québec), net of any taxes payable by Amalco pursuant thereto, in connection with the termination of oil and gas exploration on Anticosti Island, Québec. Any such amount shall be paid to holders of Amalco Preferred Shares upon redemption by Amalco of the Amalco Preferred Shares further to the reception thereof. The remaining funds further to any such payment will be used by Amalco in its ongoing business activities. If such agreement or undertaking is not reached, the Amalco Preferred Shares shall be redeemed at their stated capital value per Amalco Preferred Share. The completion of the Arrangement and related transactions are subject to the approval of the Exchange, of Pétrolia and Pieridae shareholders, of the court responsible for the Arrangement and any terms and conditions that the latter may impose, and all other applicable regulatory approvals. The Arrangement and related transactions are also subject to the satisfaction or waiver of additional conditions precedent, including, but not limited to, the closing of the Private Placement, the continuation of Pétrolia under the CBCA and other usual conditions for transactions of a similar nature. There is no guarantee that these conditions will be met or will be met in due time. Subject to the foregoing, the closing of the transaction is scheduled for July 2017. In accordance with the terms of the Arrangement Agreement, if the Board of Directors of the Company withdraws its support for the Arrangement, or if the Company violates its commitments made under the Arrangement before the completion of the Arrangement, it will be liable to Pieridae for a penalty in the amount of $600,000. If the Board of Directors of Pieridae withdraws its support for the Arrangement, or if Pieridae violates its commitments made under the Arrangement Agreement prior to the occurrence of the Arrangement, it will be liable to Pétrolia for a penalty in the amount of $600,000. The Board of Directors of Amalco will be composed of five (5) Directors. Subject to the approval of the Exchange, it is planned that the directors and officers of Amalco at the time of closing of the Arrangement will be the following: Mr. Tétreault has been President since 1999 of Calafate Holdings Ltd., a private investment management and venture capital company. Mr. Tétreault serves as the Lead Director of PHX Energy Services Corp. a TSX-listed horizontal and directional drilling company. He is also a co-founder and director of Fitzroy Developments Ltd. (a private real estate company), Northern Vision Development Corp. (a private real estate company) and of Webber Academy Foundation (a non-profit company that operates a private school in Calgary, Alberta). From August 1993 to December 1997, Mr. Tétreault was a corporate and securities lawyer with the law firm Bennett Jones Verchere (now Bennett Jones, LLP). Mr. Tetreault has over twenty years of experience as a director and officer of numerous companies in the oil & gas and oilfield services sector. Mr. Tétreault obtained his Juris Doctor degree (with distinction) from the University of Saskatchewan in 1992 and his Bachelor of Business Administration degree (cum laude) from the University of Ottawa in 1988. He is a member of the Law Society of Alberta and was a member of the Entrepreneurs' Organization for 10 years. Mr. Sorensen is the CEO of Pieridae Energy Limited since its founding in 2012. He is a chartered accountant and a leader in the energy industry with over 30 years of Canadian and international experience. Mr. Sorensen served as the CEO of Canadian Spirit Resources from 2013 to 2015. From 2003 to 2010 Mr. Sorensen was the CEO and a founder of Galveston LNG. Galveston LNG's Kitimat LNG project was the first new liquefaction facility permitted in North America in 40 years and is now owned by Chevron and Woodside Petroleum. Prior to Galveston LNG, he was President of Duke Energy Europe and before that President at Duke Energy Canada. Mr. Boulanger is the Chief Executive Officer of Leddartech Inc., a private company with a unique, patented solid-state LiDAR technology. He is also the President of Moody Management Inc., a private investment firm. Mr. Boulanger has over 30 years of experience in senior management positions in several industrial sectors with companies such as Shell Canada, Irving Oil, GSI Environment and Prolab Technologies. In 2008, he was the Founder, President and Chief Executive Officer of Groupe Unipex SAS, and President of the Active Ingredients and Specialty Chemicals Division of Atrium Innovations (TSX: ATB) from 2004 to 2008. Before joining Atrium, he was the Founder and President of Quebec International (formerly Pôle Quebec Chaudière-Appalaches) further to a partnership with Phenix Capital. Mr. Boulanger has over fifteen years of experience as a director and officer of numerous companies in the industrial and oil sectors; he currently sits on the boards of Chimie Parachem, Pétrolia and LeddarTech. Mr. Boulanger earned a degree in mechanical engineering from Université Laval in 1981 and graduated from the senior management program at the International Center for Research and Studies in Management (CIREM) in 1990. Since 2013, Mr. Judson has been a Managing Director of Camcor Partners Inc., a general partner and investment manager for a series of limited partnerships mandated to invest in the Canadian upstream energy industry. Previously he was a Managing Director with energy focused boutique investment dealer FirstEnergy Capital Corp. with offices in Calgary and London, helping lead the capital markets group. Mr. Judson was responsible for covering some of the largest institutional investors in Canada, the United States and Europe, and advising on their energy related investments. Mr. Judson has extensive board governance experience and serves on several boards of directors of Camcor portfolio companies. Mr. Rees is the President and Chief Executive Officer of ORLEN Upstream Canada Ltd., an oil and gas exploration and production company based in Calgary. Mr. Rees is a Professional Engineer with extensive experience in Western Canadian and international onshore and offshore oil and gas operations. He holds a Mechanical Engineering degree from University of Victoria and a Master's in Business Administration, from University of Calgary. Mr. Rees has a broad range of experience including Reservoir and Production Engineering, Business Development, Commercial Transactions and Corporate Planning in Canada, Latin America and the United Kingdom. Mr. Rees previously held positions with Talisman Energy and Petro-Canada Oil & Gas in the U.K., Colombia and Canada. Mr. Bélanger is currently the Interim CEO of Petrolia. He has more than 24 years of experience in the oil and gas industry. He began his career as a junior field engineer before progressively moving up the hierarchy to become a senior manager, a position he currently holds. Over the years, he has served several large and small companies, including Talisman Energy, PrimeWest Energy, TAQA NORTH, Laricina Energy and TransCanada Pipelines. He has gained valuable expertise in all facets of engineering, project management, field operations, maintenance, and regulatory compliance. Mr. Bélanger has an extensive experience in the management of upstream and downstream oil and gas facilities, as well as gas pipelines. Mr. Bélanger has worked internationally, including in the United Kingdom and the United States. Mr. Bélanger completed his bachelor's degree in chemical engineering at the University of Ottawa in 1991 and is an accredited member of the Association of Professional Engineers & Geoscientists of Alberta. Mr. Dawson has been active in the energy industry for 30 years and is the Chief Operating Officer of Pieridae Energy. He has been involved in the LNG industry for 15 years, including projects in Canada, Australia and the Middle East. Mr. Dawson was one of the principle founders of Galveston LNG. Galveston LNG's Kitimat LNG project was the first new liquefaction facility permitted in North America in 40 years and is now owned by Chevron and Woodside Petroleum. He has been involved in trading for natural gas, crude oil, electricity and currency markets with several large energy-trading companies from 1992 to 2002. He has served on utility risk management committees of a number of Canadian energy utilities. Mr. Dawson has also sat on the boards of several Canadian junior oil and gas companies. Currently Pétrolia's Chief Financial Officer and Corporate Secretary, Mr. Racicot has 15 years of experience as a financial professional. Since 2001, he held several management positions at the National Bank of Canada and at its subsidiary, Innocap Investment Management inc. A University du Québec à Montréal graduate, he completed a MBA with a specialization in financial management. Subject to the closing of the transaction, Mr. Alfred Sorensen will serve as Chief Executive Officer of Amalco. Mr. Thom Dawson will serve as President - LNG of Amalco. Mr. Martin Belanger, currently the Interim CEO of Pétrolia, will assume the role of President, Production, and Mr. Mario Racicot, the current CFO of Pétrolia will assume the role of Chief Financial Officer of Amalco. Alfred Sorensen, residing in Calgary, Alberta, together with his wholly-owned company, Alfred Sorensen Holdings Ltd., is expected to hold more than 10% of the Amalco Shares subsequent to the Arrangement. Alfred Sorensen Holdings Ltd. is an Alberta corporation. Pétrolia will apply to the Exchange for an exemption from or waiver of the sponsorship requirements in connection with the Arrangement. There is no assurance that such exemption or waiver will be granted. If such exemption or waiver is not granted, it will be necessary to engage a sponsor for the Arrangement. Trading of the Pétrolia Common Shares shall be halted at least until the reception, to the satisfaction of the Exchange and according to its applicable policies, of the documents necessary to resume trading. Pétrolia will issue a further news release when the trading of the Pétrolia Common Shares is to resume. A copy of the Arrangement Agreement (including the plan of arrangement) will be filed on the Company's SEDAR profile and will be available on www.sedar.com. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Pétrolia should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licences covering 16,000 km² (4 million acres), which represents almost 23% of the Québec territory under lease. Pétrolia is a Québec leader in oil and gas exploration and its vision is to develop oil from here, by the people here, for here. The social and environmental dimensions are a major concern of Pétrolia and its exploration process. Through its Investissement PEA Inc. subsidiary, Pétrolia holds 21.7% of the Hydrocarbons Anticosti L.P. limited partnership and its Pétrolia Anticosti Inc. subsidiary is the operator of its Île d'Anticosti project. Pétrolia has 108,399,683 shares issued and outstanding. Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia disclaims any intention or obligation to update these forward-looking statements. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Regions Covered:  • North America  o US  o Canada  o Mexico  • Europe  o Germany  o France  o Italy  o UK  o Spain  o Rest of Europe  • Asia Pacific  o Japan  o China  o India  o Australia  o New Zealand  o Rest of Asia Pacific  • Rest of the World  o Middle East  o Brazil  o Argentina  o South Africa  o Egypt What our report offers:  - Market share assessments for the regional and country level segments  - Market share analysis of the top industry players  - Strategic recommendations for the new entrants  - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets  - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)  - Strategic recommendations in key business segments based on the market estimations  - Competitive landscaping mapping the key common trends  - Company profiling with detailed strategies, financials, and recent developments  - Supply chain trends mapping the latest technological advancements About Us Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.


News Article | December 12, 2016
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) announces that its Board of Directors has approved a 2017 capital budget of $300 to $350 million, which is designed to generate average annual production of 66,000 to 70,000 boe/d. Baytex also announces that Ed LaFehr, President, will succeed James Bowzer as Chief Executive Officer in May 2017. Commenting on the budget announcement, James Bowzer, Chief Executive Officer, said: "We have three high quality resource plays in our portfolio and believe 2017 will be a year that builds operational momentum for Baytex. In Canada, after a drilling hiatus, we are excited to get back to work with an active first quarter drilling program. In the Eagle Ford, we expect to maintain a consistent pace of development on our lands throughout 2017. We have designed our 2017 budget to be flexible should we continue to experience a volatile commodity price environment." Our 2017 capital budget currently reflects a range of $300 to $350 million, which is designed to generate average annual production of 66,000 to 70,000 boe/d. Our expected exit production rates for 2016 and 2017 reflect an organic growth rate of approximately 3-4%. A key attribute of Baytex is the strong capital efficiencies of our asset base. Our 2017 development program reflects capital efficiencies on an annual basis of approximately $11,500 per boe/d ($13,500 per boe/d including facilities). For the full-year, approximately 70% of our planned capital expenditures will be directed to our Eagle Ford operations. The balance of the spending will be in Canada, largely toward our heavy oil assets at Peace River and Lloydminster. Our 2017 capital budget will be heavily weighted to drilling and completion activities (approximately 89%) with the balance for facilities (approximately 10%) and land and seismic (approximately 1%). In the Eagle Ford, we expect to have four to five drilling rigs and two completion crews working on our lands, up from two to three rigs in the third quarter of 2016. At this pace of development, we expect to bring approximately 34 net wells on production in 2017. Our costs in the Eagle Ford continue to decrease with wells now being drilled, completed and equipped for approximately US$5 million. In Canada, after two years of reduced activity and declining production, we are planning an active drilling program designed to stabilize production from our year-end 2016 exit production rate, and ultimately, to position for growth. At Peace River, our capital budget includes drilling 11 net multi-lateral horizontal wells and 8 net stratigraphic wells. At Lloydminster, we plan to drill 52 net wells, of which approximately 55% will be horizontal wells. At Pembina, we expect to drill 2 net natural gas wells. Based on the mid-point of our 2017 annual average production guidance range of 68,000 boe/d, our production is expected to be equally split between Canada and the Eagle Ford. Our 2017 guidance includes an annual contribution of approximately 3,000 boe/d from our recently announced heavy oil acquisition at Peace River. Our production mix is forecast to be approximately 78% liquids (35% heavy oil, 31% light oil and condensate and 12% natural gas liquids) and 22% natural gas, based on a 6:1 natural gas-to-oil equivalency. One of the key tenets of our business model is to ensure the sustainability of our operations. We accomplish this by maintaining strong levels of financial liquidity while striving to balance our cash inflows and cash outflows. Similar to 2016, we are targeting our 2017 capital expenditures to approximate funds from operations in order to minimize additional bank borrowings and will remain flexible. As part of our normal operations, we are exposed to movements in commodity prices, foreign exchange rates and interest rates. In an effort to manage these exposures, we utilize various financial derivative contracts which are intended to partially reduce the volatility in our funds from operations. For 2017, we have entered into hedges on approximately 47% of our net WTI exposure with 6% fixed at US$54.35/bbl and 41% hedged utilizing a 3-way option structure that provides us with downside price protection at approximately US$47/bbl and upside participation to approximately US$59/bbl. We have also entered into hedges on approximately 22% of our net WCS differential exposure and 57% of our net natural gas exposure. Baytex announces that Ed LaFehr, President, will succeed James Bowzer as Chief Executive Officer in May 2017. Mr. Bowzer, who has been in the role since September 2012, will work with Mr. LaFehr to ensure a seamless leadership transition and will remain on the Board of Directors following the transition. Mr. LaFehr joined Baytex in July 2016 as President and has been an integral member of the executive leadership team holding responsibility for the Canadian and U.S. business operations and corporate development. Before joining Baytex, Mr. LaFehr was President of TAQA's North American oil and gas business which led to his subsequent role as Chief Operating Officer of TAQA, globally. He previously served as Senior Vice President for Talisman Energy, accountable for its Canadian assets across Alberta, Saskatchewan and British Columbia. Mr. LaFehr has a long track record of success in the oil and gas industry leading organizations, growing assets and joint ventures, and driving capital and cost efficiency. Commenting on his appointment, Mr. LaFehr said: "I am thrilled to be leading Baytex as we build operational momentum in 2017. I've had an opportunity to work first-hand with our talented teams on the quality and growth potential of our asset base. I am pleased to be inheriting a highly focused organization poised to build our core oil plays, and take on the challenges and opportunities that lie ahead." Raymond Chan, Chairman of Baytex, said: "Since Ed's arrival this summer, he has been heavily involved in the development of our long-range plan and 2017 budget and was instrumental in our recently announced heavy oil acquisition at Peace River. Due to his recent experience leading Canadian oil and gas businesses with a focus on unconventional development, he was able to hit the ground running. He has engaged and visited all assets and teams from Peace River and Lloydminster in Canada to Houston and Karnes City in Texas. We are pleased that there will be a smooth transition with Jim, our Board and the entire organization." In commenting on the CEO transition, Mr. Chan said, "For the past four years, Jim has led our organization with passion and unwavering dedication. He was instrumental in adding the Eagle Ford world class asset to our portfolio and has successfully managed Baytex through some very difficult industry conditions. After an exceptional 35 year career in the oil and gas industry, Jim will be retiring to spend more time with his family. We are grateful to Jim for his leadership and look forward to his ongoing contribution as a board member." Mr. Bowzer added, "My time as CEO of Baytex has been exceptionally rewarding and I could not be more proud of our team as we adjusted our business to the realities of a low crude oil price environment. We have built an exceptional asset base and I look forward to continuing in my role as a Board member and supporting Ed and the Baytex team as we execute on our plans for future growth." In the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex'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; our capital budget for 2017; our annual average production rate for 2017; our chief executive officer succession plan; the timing of our capital spending in Canada and the Eagle Ford; the flexibility of our 2017 budget; our 2016-2017 exit production organic growth rate; the capital efficiencies of our 2017 development program; the breakdown of our 2017 capital budget by geographic area and expenditure type; our plan for developing our properties in 2017, including the number of rigs and completion crews in the Eagle Ford, the number of wells to be brought on production in the Eagle Ford, the cost to drill and equip wells in the Eagle Ford, the number and type of wells to be drilled at Peace River, Lloydminster and Pembina; the geographic breakdown of our 2017 annual production and the production expected from our recently announced Peace River acquisition; our production mix for 2017; our target of funding our capital expenditures with funds from operations to minimize additional bank borrowings; our expected royalty rate and per boe operating, transportation, general and administrative and interest costs for 2017; the existence, operation and strategy of our risk management program for commodity prices; the percentage of our net exposure to WTI, the WCS differential and natural gas that is hedged; and that Edward LaFehr will replace James Bowzer as CEO in May of 2017 and that James Bowzer will remain a director. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the future. Although Baytex believes that the expectations and assumptions upon which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Baytex can give no assurance that they will prove to be correct. These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; 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 Baytex 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. Such factors include, but are not limited to: the volatility of oil and natural gas prices; further declines or an extended period of the currently low oil and natural gas prices; failure to comply with the covenants in our debt agreements; that our credit facilities may not provide sufficient liquidity or may not be renewed; uncertainties in the capital markets that may restrict or increase our cost of capital or borrowing; risks associated with a third-party operating our Eagle Ford properties; changes in government regulations that affect the oil and gas industry; changes in environmental, health and safety regulations; restrictions or costs imposed by climate change initiatives; variations in interest rates and foreign exchange rates; risks associated with our hedging activities; the cost of developing and operating our assets; risks related to the accessibility, availability, proximity and capacity of gathering, processing and pipeline systems; depletion of our reserves; risks associated with the exploitation of our properties and our ability to acquire reserves; changes in income tax or other laws or government incentive programs; uncertainties associated with estimating petroleum and natural gas reserves; our inability to fully insure against all risks; risks of counterparty default; risks associated with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated with large projects; risks related to our thermal heavy oil projects; risks associated with the ownership of our securities, including changes in market-based factors and the discretionary nature of dividend payments; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2015, as filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex 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. All amounts in this press release are stated in Canadian dollars unless otherwise specified. Funds from operations is not a measurement based on Generally Accepted Accounting Principles ("GAAP") in Canada, but is a financial term commonly used in the oil and gas industry. Funds from operations represents cash flow from operating activities adjusted for changes in non-cash operating working capital and other operating items. Baytex's determination of funds from operations may not be comparable with the calculation of similar measures for other entities. Baytex considers funds from operations a key measure of performance as it demonstrates its ability to generate the cash flow necessary to fund capital investments and potential future dividends to shareholders. The most directly comparable measures calculated in accordance with GAAP are cash flow from operating activities and net income. Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts 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 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 78% of Baytex's production is weighted toward crude oil and natural gas liquids. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. For further information about Baytex, please visit our website at www.baytexenergy.com.


News Article | November 29, 2016
Site: www.newsmaker.com.au

According to Stratistics MRC, the Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Applications Covered:     • Industrial and Manufacturing • Processing Type • Commercial  • Residential  • Power Generation  • Transportation Processing Equipments Covered: • Compressors & Pumps   • Electrical Machinery    • Heat Exchangers   • Internal Combustion Engines   • Measuring & Controlling Devices Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK  o Spain      o Rest of Europe  • Asia Pacific o Japan        o China        o India        o Australia        o New Zealand       o Rest of Asia Pacific       • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


News Article | November 19, 2016
Site: marketersmedia.com

According to Stratistics MRC, the Oil & Gas exploration and production market accounted for $4.12 trillion in 2015 and is expected to grow at a CAGR of 6.29% to reach $5.56 trillion by 2022. The factors such as increasing population growth, usage of oil & gas in transportation industry, high standard of living, energy competence for industries and housing, modern technological developments of oil & gas exploration and production are some of the factors driving the market growth. However, high cost of crude oil is hindering the oil & gas exploration & production market. Moreover, Expansion of Gas to liquids (GTL) and increasing biofuels production growth rate are the challenging factors involved. North America dominated the global oil & gas exploration due to its strong production level in the US and separated export limitations could further support upstream companies to produce at strong levels in this region. Moreover, Asia pacific is anticipated to be the fastest growing market in terms of revenue during the forecast period driven by the growing demand for petroleum products in emerging countries such as China and India. Request for Sample Report @ https://www.wiseguyreports.com/sample-request/562691-oil-and-gas-exploration-and-production-global-market-outlook-2015-2022 Some of the key players in global oil & gas exploration and production market include Inpex Corporation, Marathon Oil Corporation, CNOOC Ltd, Azerbaijan International Operating Company (AIOC), ONGC - Oil and Natural Gas Corp Ltd, Apache Corporation, Egyptian Natural Gas Holding Company, Nexen Inc., Devon Energy, Talisman Energy Inc., Canadian Natural Resources, BP, Woodside Petroleum and Saudi Aramco and ConocoPhillips. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 8 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements For more information, please visit https://www.wiseguyreports.com/sample-request/562691-oil-and-gas-exploration-and-production-global-market-outlook-2015-2022


According to Stratistics MRC, the Oil & Gas exploration and production market accounted for $4.12 trillion in 2015 and is expected to grow at a CAGR of 6.29% to reach $5.56 trillion by 2022. The factors such as increasing population growth, usage of oil & gas in transportation industry, high standard of living, energy competence for industries and housing, modern technological developments of oil & gas exploration and production are some of the factors driving the market growth. However, high cost of crude oil is hindering the oil & gas exploration & production market. Moreover, Expansion of Gas to liquids (GTL) and increasing biofuels production growth rate are the challenging factors involved. North America dominated the global oil & gas exploration due to its strong production level in the US and separated export limitations could further support upstream companies to produce at strong levels in this region. Moreover, Asia pacific is anticipated to be the fastest growing market in terms of revenue during the forecast period driven by the growing demand for petroleum products in emerging countries such as China and India. Some of the key players in global oil & gas exploration and production market include Inpex Corporation, Marathon Oil Corporation, CNOOC Ltd, Azerbaijan International Operating Company (AIOC), ONGC - Oil and Natural Gas Corp Ltd, Apache Corporation, Egyptian Natural Gas Holding Company, Nexen Inc., Devon Energy, Talisman Energy Inc., Canadian Natural Resources, BP, Woodside Petroleum and Saudi Aramco and ConocoPhillips. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 8 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


IRVING, TX--(Marketwired - Oct 26, 2016) - Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") today announced that the Company has appointed Michael R. Koy as Executive Vice President and Chief Financial Officer effective October 31, 2016. Mr. Koy, age 46, brings more than 20 years of experience in the oil and gas industry to the Company. "I am very excited to join Magnum Hunter," said Mr. Koy. "The Company has a wealth of options and opportunities to capitalize on its acreage position in the Marcellus and Utica unconventional plays and is well positioned from a midstream perspective with its substantial equity ownership in Eureka Midstream Pipeline, LLC." Prior to joining Magnum Hunter, Mr. Koy served as Chief Executive Officer of Denali Energy, LLC since 2014. Prior to his service at Denali Energy, Mr. Koy held several positions at EdgeMarc Energy, LLC, a private equity backed Marcellus Shale and Utica Shale focused company. Mr. Koy served in various midstream and business development leadership roles at EdgeMarc Energy, prior to his appointment as its Chief Executive Officer. Mr. Koy began his career at BP in 1995, where he held numerous positions in strategy and planning, operations, finance, mergers and acquisitions and business development, while working in Houston, Alaska, Melbourne, Moscow and BP's head office in London. After a brief time with Maersk Oil in Copenhagen, Denmark, Mr. Koy joined Talisman Energy Inc. in 2009 as Vice President - Commercial for the North America Organization. As a member of Talisman Energy's North America leadership team, Mr. Koy helped lead that company's entry into several unconventional resource plays, including the Marcellus Shale, Eagle Ford Shale and Duvernay Shale. Mr. Koy holds a bachelor's degree in mechanical engineering from Purdue University and a master's degree in mineral economics from the Colorado School of Mines. John Reinhart, President and Chief Executive Officer of Magnum Hunter, commented: "We are very pleased to have Mike join the Magnum Hunter team. His leadership and background is an ideal fit as we continue our work to position the Company for growth and value creation in the premier gas plays in the United States." Magnum Hunter and subsidiaries are an Irving, Texas based independent exploration and production company engaged in the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the states of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.


News Article | March 17, 2015
Site: www.bloomberg.com

Talisman Energy Inc., the Canadian energy company being acquired by Spain’s Repsol SA, is cutting as much as 15 percent of its head office workforce as it reduces activity to contend with a collapse of crude prices. Talisman is terminating 150 to 200 employees and contractors of about 1,300 total workers in Calgary, where the oil and natural gas producer is based, Brent Anderson, a company spokesman, said in an interview Tuesday. The producer is scaling back its budget by 30 percent this year, he said. Energy companies confronting oil at a six-year low are reducing staff to cut costs as they lower spending plans. Talisman follows Cnooc Ltd.’s Nexen Energy subsidiary and Athabasca Oil Corp. in announcing job cuts in Canada’s oil patch on Tuesday. “Our decision to reduce our workforce numbers is based on the decline in global commodity prices, which has meant a reduced capital spending program for us this year,” Anderson said. “The impacts of the reductions are hitting all functions supporting all parts of the organization.” Repsol, based in Madrid, agreed in December to acquire Talisman for $8.3 billion in a deal scheduled to close by mid-year. The job cuts aren’t related to the takeover, Anderson said. Talisman Chief Executive Officer Hal Kvisle, who announced the workforce reduction to employees on Tuesday, said last month the company was planning to make cuts because of low oil prices, and that the takeover by Repsol would make additional positions redundant. Talisman employed about 2,800, not including contractors, at the end of 2013, Anderson said. Nexen, based in Calgary, said it’s cutting 300 workers in Canada, 40 in the U.S. and 60 in the U.K. Athabasca, also based in the city, said it has cut half of its head office jobs to lower costs since late last year, without giving a number.

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