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News Article | May 9, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - May 9, 2017) - Media Advisory - TransCanada Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) has unveiled a new corporate website that will provide a more user-friendly experience for the public and business community. TransCanada.com has been designed to ensure both desktop and mobile visitors are more nimbly able to navigate extensive, easy-to-understand and relevant information about our role in safely providing the energy North Americans rely on every day. "Whether it's landowners, shareholders, investors or the Indigenous communities we work with, there's something we've heard across the board: 'TransCanada needs to tell its story better.' This new website is a big step for us in doing just that," said Kristine Delkus, TransCanada's executive vice-president, stakeholder and technical services and general counsel. "Being accessible is very important to us. We visit homes and communities to answer questions every day, but the website is our 24-hour open house." Delkus adds the website will feature examples of the important role TransCanada plays in making a difference in the communities where we operate, and highlight our commitment in doing our part to help ensure a better future for the next generation and the environment. Some of TransCanada.com's new features include: Visitors to the new site can stay informed by subscribing to the latest news about the company. The new website also allows easy sharing of information across Twitter, Facebook and LinkedIn. If you like what you see, or have another comment about the new website, please email us at web_communications@transcanada.com. With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 91,500 kilometres (56,900 miles), tapping into virtually all major gas supply basins in North America. TransCanada is the continent's leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in over 10,100 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends over 4,300 kilometres (2,700 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com to learn more, or connect with us on social media and 3BL Media.


News Article | May 10, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - 10 mai 2017) - Communiqué de presse - TransCanada Corporation (TSX:TRP)(NYSE:TRP) (« TransCanada » ou la « Société ») a annoncé aujourd'hui que son conseil d'administration (le « Conseil ») a déclaré un dividende trimestriel de 0,625 $ par action ordinaire, pour le trimestre clos le 30 juin 2017, sur les actions ordinaires en circulation de la Société. Ce dividende sur les actions ordinaires est payable le 31 juillet 2017 aux actionnaires inscrits aux registres à la fermeture des marchés le 30 juin 2017. Le Conseil a également déclaré des dividendes trimestriels sur les actions privilégiées TransCanada de premier rang à dividende cumulatif en circulation, comme suit : Ces dividendes sont désignés par TransCanada à titre de dividendes admissibles en vertu de la Loi de l'impôt sur le revenu (LIR) (Canada) et de toute législation provinciale ou territoriale similaire. Un crédit d'impôt bonifié pour dividendes s'applique aux dividendes admissibles versés aux résidents canadiens. Le Conseil a également approuvé l'émission de nouvelles actions ordinaires moyennant un escompte de deux pour cent en vertu du Plan de réinvestissement des dividendes de TransCanada. Dans le cadre de ce plan, les investisseurs qui possèdent des actions ordinaires ou privilégiées de TransCanada peuvent recevoir des actions ordinaires au lieu de paiements de dividendes en espèces. Pour de plus amples renseignements, notamment sur la manière de s'inscrire à ce programme, veuillez consulter le site suivant : http://www.transcanada.com/drip.html. Forte de plus de 65 années d'expérience, la société TransCanada est l'un des chefs de file dans les secteurs du développement responsable et de l'exploitation fiable d'infrastructures énergétiques en Amérique du Nord, incluant des gazoducs et des oléoducs, ainsi que des installations de production d'énergie électrique et de stockage de gaz. TransCanada exploite un réseau de gazoducs qui s'étend sur plus de 91 500 kilomètres (56 900 miles), exploitant presque tous les grands bassins d'approvisionnement gazier d'Amérique du Nord. TransCanada est le plus important fournisseur de services de stockage de gaz et de services connexes du continent avec une capacité de stockage de gaz de 18,4 milliards de mètres cubes (653 milliards de pieds cubes). Grande productrice d'électricité indépendante, la société TransCanada possède plus de 10 100 mégawatts de production d'énergie au Canada et aux États-Unis, ou en détient une participation. TransCanada est également le promoteur et l'exploitant de l'un des principaux réseaux de transport par pipeline acheminant des liquides en Amérique du Nord, d'une longueur de 4 300 kilomètres (2 700 miles), reliant les sources croissantes d'approvisionnement en pétrole et liquides du continent aux marchés et raffineries clés. Les actions ordinaires de TransCanada se négocient sous le symbole TRP aux bourses de Toronto et de New York. Consultez le site TransCanada.com et notre blogue pour en savoir davantage, ou suivez-nous sur les réseaux sociaux et 3BL Media. Le présent communiqué de presse peut contenir certains énoncés prospectifs sujets à des incertitudes et à des risques importants (ces énoncés sont généralement accompagnés de mots comme « anticipe », « s'attend à », « croit », « pourrait », « aura », « devrait », « estime », « prévoit » ou d'autres termes similaires). Tous les énoncés prospectifs contenus dans le présent document visent à fournir, aux porteurs de titres de TransCanada et aux investisseurs éventuels, des informations relatives à TransCanada et à ses filiales, y compris l'évaluation, par la direction, des plans et des perspectives financières et opérationnelles futures de TransCanada et de ses filiales. Tous les énoncés prospectifs sont fondés sur les convictions et les hypothèses de TransCanada reposant sur les renseignements accessibles au moment de la formulation de ces énoncés et, par conséquent, ne constituent pas des garanties quant à la performance future de la société. Les lecteurs sont invités à ne pas accorder une confiance excessive à ces énoncés prospectifs, fournis à la date de leur mention dans le présent communiqué de presse, et de ne pas utiliser les renseignements prospectifs ou les perspectives financières à d'autres fins que leur but. La société TransCanada n'est aucunement tenue d'actualiser ou de réviser tout énoncé prospectif, sauf si la loi l'exige. Pour tout renseignement complémentaire sur les hypothèses présentées ainsi que sur les risques et incertitudes pouvant causer une différence entre les résultats réels et ceux prévus, veuillez vous reporter au rapport trimestriel aux actionnaires en date du 4 mai 2017 et au rapport annuel 2016 de TransCanada, tous deux déposés sous le profil de TransCanada sur le site de SEDAR, à www.sedar.com, et auprès de la Securities and Exchange Commission des États-Unis, à www.sec.gov.


CALGARY, ALBERTA--(Marketwired - 10 mai 2017) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (« TransCanada ») a annoncé aujourd'hui l'approbation par ses actionnaires de la nomination des 12 candidats aux postes d'administrateurs de TransCanada. Au cours de l'assemblée annuelle 2017 des actionnaires, qui s'est tenue un peu plus tôt aujourd'hui, chacun des 12 candidats suivants a été élu administrateur de TransCanada, par vote au scrutin secret, pour remplir son mandat jusqu'à la prochaine assemblée annuelle de TransCanada, ou jusqu'à ce qu'un successeur soit élu ou nommé : Les résultats définitifs de toutes les questions soumises à un vote lors de l'assemblée seront déposés sur SEDAR (www.sedar.com) et EDGAR (www.sec.gov) et affichés dans la section Centre des investisseurs du site de la société à l'adresse www.transcanada.com au plus tard le mardi 9 mai 2017. Forte de plus de 65 années d'expérience, la société TransCanada est l'un des chefs de file dans les secteurs du développement responsable et de l'exploitation fiable d'infrastructures énergétiques en Amérique du Nord, incluant des gazoducs et des oléoducs, ainsi que des installations de production d'énergie électrique et de stockage de gaz. TransCanada exploite un réseau de gazoducs qui s'étend sur plus de 91 500 kilomètres (56 900 miles), exploitant presque tous les grands bassins d'approvisionnement gazier d'Amérique du Nord. TransCanada est le plus important fournisseur de services de stockage de gaz et de services connexes du continent avec une capacité de stockage de gaz de 18,4 milliards de mètres cubes (653 milliards de pieds cubes). Grande productrice d'électricité indépendante, la société TransCanada possède plus de 10 100 mégawatts de production d'énergie au Canada et aux États-Unis, ou en détient une participation. TransCanada est également le promoteur et l'exploitant de l'un des principaux réseaux de transport par pipeline acheminant des liquides en Amérique du Nord, d'une longueur de 4 300 kilomètres (2 700 miles), reliant les sources croissantes d'approvisionnement en pétrole et liquides du continent aux marchés et raffineries clés. Les actions ordinaires de TransCanada se négocient sous le symbole TRP aux bourses de Toronto et de New York. Consultez le site TransCanada.com et notre blogue pour en savoir davantage, ou suivez-nous sur les réseaux sociaux et 3BL Media. Le présent communiqué de presse peut contenir certains énoncés prospectifs sujets à des incertitudes et à des risques importants (ces énoncés sont généralement accompagnés de mots comme « anticipe », « s'attend à », « croit », « pourrait », « aura », « devrait », « estime », « prévoit » ou d'autres termes similaires). Tous les énoncés prospectifs contenus dans le présent document visent à fournir, aux porteurs de titres de TransCanada et aux investisseurs éventuels, des informations relatives à TransCanada et à ses filiales, y compris l'évaluation, par la direction, des plans et des perspectives financières et opérationnelles futures de TransCanada et de ses filiales. Tous les énoncés prospectifs sont fondés sur les convictions et les hypothèses de TransCanada reposant sur les renseignements accessibles au moment de la formulation de ces énoncés et, par conséquent, ne constituent pas des garanties quant à la performance future de la société. Les lecteurs sont invités à ne pas accorder une confiance excessive à ces énoncés prospectifs, fournis à la date de leur mention dans le présent communiqué de presse, et de ne pas utiliser les renseignements prospectifs ou les perspectives financières à d'autres fins que leur but. La société TransCanada n'est aucunement tenue d'actualiser ou de réviser tout énoncé prospectif, sauf si la loi l'exige. Pour tout renseignement complémentaire sur les hypothèses présentées ainsi que sur les risques et incertitudes pouvant causer une différence entre les résultats réels et ceux prévus, veuillez vous reporter au rapport trimestriel aux actionnaires en date du 4 mai 2017 et au rapport annuel 2016 de TransCanada, tous deux déposés sous le profil de TransCanada sur le site de SEDAR, à www.sedar.com, et auprès de la Securities and Exchange Commission des États-Unis, à www.sec.gov.


CALGARY, ALBERTA--(Marketwired - May 8, 2017) - Crew Energy Inc. (TSX:CR) ("Crew" or the "Company") is pleased to announce our operating and financial results for the three month period ended March 31, 2017, along with an updated independent Montney Resource Evaluation. Our Financial Statements and Notes, as well as Management's Discussion and Analysis ("MD&A") for the three month period ended March 31, 2017 are available on Crew's website and filed on SEDAR. During the first three months of 2017, activity levels increased across the Western Canadian Sedimentary Basin in response to frozen ground conditions and an improved commodity price environment. This resulted in a tight supply-demand dynamic for field services, particularly reservoir stimulation. Crew was able to complete five of a planned ten wells in the quarter and as a result underspent our forecasted first quarter budget by deferring these operations until after spring break up. Our production of 23,231 boe per day was at the lower end of our guidance range for the quarter and is reflective of these service delays. Work on the expansion of our West Septimus facility to double throughput capacity continued in the quarter, and is currently ahead of schedule, with commissioning of the expanded facility currently planned for the fourth quarter of 2017. We continued to move forward on Crew's long term growth plan by successfully closing a $300 million senior note financing, which has a 6.5% coupon and a term through March, 2024. This financing has positioned Crew with $535 million of total credit capacity and enhances our ability to manage through continued commodity price volatility for an extended period. Upon the closing of this financing, we repaid the balance on our $235 million credit facility, resulting in an undrawn bank facility, and after the end of the quarter, the credit facility was approved for extension at the same level. Subsequent to quarter end, we entered into an agreement to dispose of our non-core Goose property in NE BC for proceeds of approximately $49 million. Upon closing, which is expected prior to the end of the second quarter, we will have monetized a portion of our asset base that was not within Crew's long-term development horizon. Crew is pleased to report the results of its annual updated independent Montney resource evaluation conducted by Sproule Associates Ltd. ("Sproule") on our principal NE BC Montney lands including Septimus, West Septimus, Groundbirch / Monias, Attachie and Tower as well as other minor NE BC Montney lands, effective December 31, 2016 (the "Resource Evaluation"). Sproule performed detailed mapping across the evaluated areas which included section by section estimates of reservoir parameters, such as pressure, temperature, porosity, and water saturation, which make up the TPIIP determination. At 112.2 TCFE, Crew's TPIIP estimate provides the Company with significant opportunities to continue increasing the current ECR estimates plus add reserves with further drilling. Crew's risked best estimate ECR on natural gas increased 3% to 7.7 Tcf, natural gas liquids ("ngl") risked best estimate ECR was 1% higher at 227 million barrels, while our crude oil risked best estimate ECR decreased by 2 million bbls to 21 million bbls. All numbers referenced from the Resource Evaluation are prior to the pending disposition of Crew's Goose asset. The updated Resource Evaluation demonstrates the significant potential of our lands, offering multiple years of future running room and significant value creation opportunities. Although the play remains in its early stages of development, with new and enhanced drilling and completions techniques, Crew and other area operators continue to further delineate and de-risk the potential of this massive play and demonstrate results from the Montney that continue to improve. Crew's first quarter funds from operations of $27.7 million was consistent with the previous quarter but 137% higher than the first quarter of 2016, reflecting stronger year over year commodity prices, and operating and transportation costs that were 17% and 9% lower, respectively. We continue to see compelling returns from Greater Septimus, where our first quarter operating netback from the area was $19.41 per boe compared to $17.16 per boe corporately, reflecting the strong economics and returns generated in our core Montney operating areas. Crew's realized light oil price improved by 60% in the first quarter of 2017 over the first quarter of 2016, while our heavy oil price increased 110% and our ngl prices were 76% higher than the same period in 2016. Improved first quarter oil and ngl prices were the result of improved world oil prices prompted by OPEC's (Organization of Petroleum Exporting Countries) decision to limit production in the first half of 2017 in order to reduce global inventories. This action stabilized world oil prices late in 2016 resulting in a 50% improvement in Crew's Canadian dollar denominated WTI benchmark price. Higher oil prices also supported stronger demand and pricing for the condensate, propane and butane that make up Crew's ngl mix. Crew's realized natural gas price increased 51% over Q1 of 2016 as a result of stronger North American natural gas prices. Natural gas prices were supported by lower supply related to reduced capital investment and lower inventories resulting from warmer 2016 summer weather, liquefied natural gas exports from the U.S. gulf coast and increased U.S. exports to Mexico. First quarter 2017 capital expenditures totaled $75 million which included the drilling of eleven Montney wells and four heavy oil wells. Operations during the quarter also included the completion of five Montney wells and two heavy oil wells. Drilling and completion expenditures for the quarter were $10 million lower than budgeted as a lack of available completion services restricted the first quarter program to five of a planned ten Montney completions. During the quarter we also continued with the expansion of our West Septimus facility from 60 mmcf per day to 120 mmcf per day. Major equipment fabrication was ahead of schedule resulting in $14.1 million charged to the expansion which represents an additional $5 million of capital accrual towards the project in the quarter. Consistent with our efforts to maintain a strong balance sheet, control costs, and ensure liquidity to execute our strategy, on May 1, 2017 Crew entered into a new arrangement resulting in the replacement of one of the partners in our Septimus Gas Processing Complex (comprised of the Septimus and West Septimus facilities). This new arrangement will not impact Crew's current 28% ownership or operatorship of the complex, while the other remaining partner retains a 22% ownership and the new partner a 50% ownership. This change to the arrangement will save the Company approximately $1 million per year on processing costs associated with the current complex further reducing overall Greater Septimus operating costs. As part of this arrangement, the new partner has agreed to fund 50% of the current West Septimus facility expansion. Crew has retained the option to buy both partners' interest in these facilities at future dates. On March 14, 2017, Crew closed an offering of $300 million aggregate principal amount of 6.5% senior unsecured notes due March 14, 2024. Proceeds from the note offering were partially used to redeem Crew's $150 million, 8.375% senior unsecured notes due 2020, with the excess proceeds used to repay indebtedness under our credit facility and for the continued development of our Montney assets. Successful completion of this offering enhances Crew's liquidity and financial flexibility. Total net debt at the end of the quarter was $301.6 million, including working capital deficiency and our new $300 million ($293.0 million net of deferred financing costs) 6.5% senior unsecured notes that have a seven year term with repayment due in March of 2024. The Company also recently completed our annual bank facility review with the facility renewed at the same level of $235 million. The pending disposition of our non-core Goose asset will further contribute to our flexibility and add cash to our balance sheet. Crew's realized natural gas price has outperformed the benchmark indices for the last six quarters, which demonstrates the value of our active marketing and hedging program, diversified sales markets as well as the 19% higher heat content of our natural gas over industry standards. One of the many advantages of our Montney land base is that we are situated with access to all three major export pipeline systems which provides substantial market and operational optionality. During the first quarter, our natural gas sales portfolio was allocated 45% to Chicago City Gate, 26% to AECO, 19% to Alliance ATP and 10% to Station 2. Crew will continue to plan for processing and transportation diversification that is timed to coincide with our longer term growth strategy, and afford us the ability to access new markets. Our transportation arrangement on the Spectra pipeline increased from 13 mmcf per day to 30 mmcf per day effective April 1, 2017. In the second quarter of 2018, we also secured 60 mmcf per day of capacity on the TransCanada pipeline system ("TCPL"), affording improved market diversity for natural gas from our Greater Septimus and Groundbirch areas. In mid-2019, we have also secured an additional 60 mmcf per day of firm capacity on the TCPL system. In the interests of managing our commodity price risk and exposure, Crew continued to systematically add 2017 and 2018 hedges during the first quarter. For the balance of 2017, Crew's total natural gas hedged position is approximately 50% of our forecast 2017 gas sales at a transportation-adjusted equivalent price of $2.92 per gj, which when adjusting for the higher heat content of Crew's gas, equates to $3.62 per mcf. For liquids, we have approximately 50% of our 2017 light oil and natural gas liquids sales hedged at an average price of CDN$68.17 per bbl. During the first quarter, Crew continued to focus on drilling and completions activities primarily at our Greater Septimus area, while advancing our West Septimus facility expansion. We directed the majority of our first quarter capital to our Greater Septimus, including $14.1 million allocated to the doubling of our West Septimus processing facility from 60 mmcf per day to 120 mmcf per day. In addition, Crew drilled ten (10.0 net) Montney wells and completed three (3.0 net) Montney wells of our budgeted eight well Greater Septimus completions program in the quarter. Crew continued to see efficiency improvements in the first quarter as the first five wells drilled off the 4-22 pad achieved a record low average 12.6 drilling days per well at an average well cost of $1.5 million, contributing to strong capital efficiencies and supporting returns. Following up on the success of our first two ultra condensate-rich wells, we spud the first well on a six well pad directly offsetting the 7-30 wells which continue to exceed expectations. Late in 2016, industry activity increased significantly in NE BC, particularly the demand for reservoir stimulation services. All industry participants, including Crew, have been subject to scheduling challenges with service companies. The delays Crew experienced with completions in turn delayed new production volumes coming on-stream in the quarter. These delays reduced capital expenditures for completions by approximately $10 million in Q1 relative to our budget, which were partially offset by the West Septimus facility expansion running ahead of schedule. Crew's geographic location in the Montney has typically provided year round access to conduct our drilling and completions operations, or at worst, resulted in modest delays during spring break-up. For the first time in Crew's operational history in the Montney, we were forced to completely shut down these activities in the middle of April. This year's spring break up was a 'perfect storm' of an initial spring thaw, complicated by a significant period of cool, snowy weather which led to extremely poor road conditions and resultant road bans. Given the circumstances, and an emphasis on prioritizing our capital efficiencies, Crew has adjusted our operational plan to incorporate an extended spring break-up period during which no drilling or completions activity will be undertaken until June. Crew currently has three drilling rigs sitting on Crew leases, a significant inventory of 18 wells drilled and uncompleted in NE BC and has made arrangements to secure necessary equipment and services to complete the wells once access to our well sites is available. First quarter production at Greater Septimus averaged 17,440 boe per day, representing approximately 76% of the Company's total production volumes. Greater Septimus operating netbacks of $19.41 per boe were the highest in the past five quarters, due to increased revenue, and supported by low operating costs of $3.34 per boe and $1.67 per boe transportation costs, which have been kept stable despite inflationary pressures as industry activity levels increase. Crew's ultra condensate-rich area is the Company's new focus for development at Greater Septimus. Results from area wells at the 7-30 pad are compelling in the current environment, including C7-30 which has produced 70,000 bbls of condensate in 220 days on production with an average condensate gas ratio ("CGR") of 187 bbls per mmcf, and B7-30 which has produced 40,000 bbls of condensate over 165 days with an average CGR of 133 bbls per mmcf. Three new well completions at Septimus in late 2016 have resulted in record well performance at an all-in average well cost of $3.8 million. Over a 123 day period, the wells each produced 0.8 bcf of natural gas with a well head condensate yield of 19 bbls per mmcf and have continued to produce at a current average rate of 4.7 mmcf per day per well. Crew spud the first of two delineation wells at Groundbirch that will employ the latest completion technology as part of further delineating our significant Groundbirch resource (which represents 18.7 TCFE of TPIIP in our Resource Evaluation) and in preparation for development drilling in 2018 as part of our long-term growth plan. The Company also acquired ownership of 10 sections of surface rights at Groundbirch on which we have planned the construction of a gas plant and associated Montney development of a minimum of 150 wells. Ownership is expected to reduce surface lease costs, improve access and timing of operations, provide access to a major rail line for potential trans-load capability in addition to providing access to proprietary gravel for lease and road maintenance and construction. Crew's Montney Tower area continues to represent significant future development opportunity for the Company as crude oil prices strengthen. We realized increased oil production at Tower in Q1 as a result of successfully completing two light oil wells in the fourth quarter of 2016 and two light oil wells in the first quarter of 2017. These four wells were drilled in 2014 prior to the collapse in oil prices, and were designed to be completed using plug and perf technology, which has been the predominant completion technique within the light oil window of the Montney relative to the then available open-hole completion technology. The first two wells have been on production for 60 and 80 days at average rates of 365 and 600 boe per day, with 53% and 64% liquids, respectively. The second two wells were completed late in the first quarter and achieved average rates of 445 and 520 boe per day, with 55% and 58% liquids over 35 and 60 days, respectively. In both sets of wells, the stronger of the two was placed in Crew's "Upper B" interval of the upper Montney while the other two wells tested the deeper Montney "C" stratigraphic interval of the upper Montney. All four wells presently flow without the aid of artificial lift. Crew has also undertaken the first stage of facility modifications to install gas lift which we believe will allow us to further optimize fluid production rates from these wells. At Lloydminster, Crew drilled four (4.0 net) oil wells including two dual-leg horizontal wells, completed two (2.0 net) wells and recompleted four (3.5 net) oil wells in the quarter. Production at our Lloydminster heavy oil property averaged 1,865 boe per day in the first quarter of 2017 which reflects minimal impact from the drilling and completion operations, and is part of the Company's plan to maintain heavy oil production in the range of 2,000 boe per day. The two completions were vertical wells in the Swimming area (Sparky formation) and the Wildmere area (Colony formation). The wells were placed on production in early March and by mid-April were producing at a combined average rate of 220 bbls of oil per day. Crew's two dual leg horizontal wells also located in the Swimming area are expected to be completed when road ban restrictions are removed. Crew has assembled a sizeable and uniquely situated land base of 474 net sections (prior to the impact of the pending Goose disposition) which offers exposure to condensate-rich natural gas and light oil. The intrinsic value of Crew's acreage coupled with owned and operated facilities and infrastructure, firm transportation arrangements, a diversified marketing strategy, a strong balance sheet and a returns-focused strategy provide the foundation for long-term profitable growth and value creation. Under our current plan, we expect to exit 2017 in a strong financial position with an estimated debt to annualized fourth quarter 2017 funds from operations ratio of 1.5 times. Given these strengths, we believe our share price does not always reflect the underlying value of Crew's assets and as such, the Company intends to apply to implement a normal course issuer bid ("NCIB") through the facilities of the Toronto Stock Exchange (the "TSX") and alternative Canadian trading platforms, pursuant to which Crew would have the ability to repurchase, from time to time, our outstanding shares for cancellation. This NCIB is expected to commence later in May following application being made to, and approved by, the TSX and will terminate one year later. Exiting the first quarter, Crew has an inventory of 18 drilled but uncompleted wells that we intend to complete in order to bring on new volumes, and will continue to time our completions to ensure new volumes come on-stream with the commissioning of our West Septimus facility expansion. In the interests of creating value for our shareholders, we remain focused on return-on-capital in the development of our assets. Crew's activity levels can be scaled back in a weak market to preserve our valuable reserves. We believe in the potential of our Montney assets, and are excited by the results from the ultra condensate-rich area which offers attractive economics in the current environment. Additional improvements in well results will be pursued through enhanced completions, while striving to improve operational efficiencies. With stronger financial liquidity, proceeds from the pending sale of Goose and the $300 million note offering, we are well positioned to continue executing our Montney focused strategy over the near and longer-term. We have revised our capital planning based on the previously referenced delays, with our projected second quarter capital program reduced by approximately $30 million to between $25 and $35 million. Production additions will be heavily weighted to the fourth quarter, concurrent with the commissioning of our West Septimus plant expansion. Also, during the second quarter of 2017, the third-party McMahon gas processing facility will be shut down for an estimated 21 days, which will impact Crew's volumes by approximately 900 boe per day in the second quarter. This shut down, combined with the production delays caused by the extended spring break-up, results in second quarter 2017 production estimates of approximately 20,000 to 21,000 boe per day. We anticipate that Q3 and Q4 2017 production will average between 24,500 to 26,500 boe per day, and 29,500 to 31,500 boe per day, respectively, spending approximately $100 million in the last half of 2017. Accordingly, our 2017 annual production guidance is reduced by 4% to 24,000 to 26,000 boe per day, with a positive impact to our forecast 2017 exit rate, which is increasing to over 31,000 boe per day while our $200 million capital budget remains unchanged. We are very pleased to have secured additional financial flexibility, and have a high-quality asset base that only continues to improve with time and technology. We would like to thank our employees and Board of Directors for their commitment to Crew, and our shareholders for their ongoing support through ongoing market challenges. A summary of Crew's operational and financial highlights are as follows: The following discussion in "Crew Northeast British Columbia Montney Resource Evaluation" is subject to a number of cautionary statements, assumptions and risks as set forth therein. See "Information Regarding Disclosure on Oil and Gas Reserves, Resources and Operational Information" at the end of this release for additional cautionary language, explanations and discussion, and see "Forward-looking Information and Statements" for a statement of principal assumptions and risks that may apply. See also "Definitions of Oil and Gas Resources and Reserves" in this news release. The discussion includes reference to TPIIP, DPIIP and ECR as per the Resource Evaluation as at December 31, 2016, prepared in accordance with the NI 51-101 and current COGE Handbook guidelines. Unless otherwise indicated in this news release, all references to ECR and prospective volumes are Best Estimate ECR and Best Estimate prospective volumes, respectively. All information referenced in the Resource Evaluation is prior to the pending disposition of Crew's Goose area, expected to close in the second quarter of 2017. In accordance with NI 51-101 Crew's contingent resources have been subclassified into specified project maturity subclasses. Those that apply to Crew's resources include "development pending", "development on hold", and "development not viable". Sproule considers the 'development pending' and 'development on hold' project maturity subclasses to be economic and are therefore included in ECR. The economic status of the 'development not viable' project maturity subclass is undetermined and is therefore not included in the ECR reported. The "development not viable" sub-classification represented less than 2% of the sum of all three sub-classifications on a BOE basis, and accordingly, has not been considered to be material for reporting purposes. Crew does not have any resources within the "development unclarified" subclass. The Montney formation in NE BC has been identified as a world-class unconventional resource play with the potential for significant volumes of recoverable resources. The area includes dry gas, liquids-rich gas and light oil development opportunities, with Crew having access to all three hydrocarbon windows. It is one of the largest and lowest cost liquids-rich natural gas resource plays in North America and Crew's land base comprises 300,000 net acres, ideally situated in some of the most prospective parts of the play, with good access to infrastructure and multiple egress options. Sproule was engaged to conduct an updated independent Montney resource evaluation of Crew's principal lands in the NE BC Montney region including Septimus, West Septimus, Groundbirch/Monias, Attachie, Tower and other minor NE BC Montney lands (the "Evaluated Areas") effective as of December 31, 2016, and based on Sproule's forecast price deck as at December 31, 2016 (the "Resource Evaluation"). The Resource Evaluation highlights the development potential on the Company's undeveloped land base providing Crew with significant opportunities to progress conversion of Resource to ECR and ultimately to increased reserve bookings over time. Further, the diversity of Crew's NE BC Montney assets with exposure to liquids-rich gas, crude oil and dry natural gas allows us to effectively navigate through commodity price cycles. TPIIP for the natural gas-bearing lands in the Evaluated Areas remains unchanged relative to year end 2015 at 64.3 Tcf. Natural gas ECR was evaluated on an unrisked and risked basis in the Resource Evaluation and was subdivided into the Maturity Subclasses of 'development pending' and 'development on hold'. The risked 'development pending' natural gas ECR totaled 7.3 Tcf and the risked 'development on hold' ECR totaled 0.43 Tcf, which includes 104 bcf of 'development pending' natural gas and 26 bcf of 'development on hold' natural gas on Crew's oil-bearing lands. The ECR of our ngl was also evaluated on an unrisked and risked basis in the Resource Evaluation and was subdivided into the Maturity Subclasses of 'development pending' and 'development on hold'. The risked 'development pending' ngl ECR totaled 211 MMbbl and risked 'development on hold' ngl ECR totaled 16 MMbbl which includes 3 mmbbls of 'development pending' ngl and 1 mmbbls of 'development on hold' ngl on Crew's oil-bearing lands. On the oil-bearing Montney lands, TPIIP increased 1% to 7,979 MMbbl and DPIIP increased 2% to 1,647 MMbbl. Oil ECR was evaluated on an unrisked and risked basis in the Resource Evaluation and was subdivided into the Maturity Subclasses of 'development pending' and 'development on hold'. The risked 'development pending' oil ECR totaled 17 MMbbl and risked 'development on hold' oil ECR totaled 4 MMbbl. Risking of the contingent resources included a quantitative assessment of the contingencies applicable to the project including evaluation drilling, corporate commitment and timing of production and development. Risking of the prospective resources included a quantitative assessment of these same factors, as well as a quantitative assessment of the chance of discovery. The following tables summarize the results of the Resource Evaluation along with comparatives to the December 31, 2015 evaluation using the resource categories set out in the COGE Handbook on a "best estimate" case. An estimate of risked Net Present Value ("NPV") of future net revenue of the development pending contingent resources subclass only is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of Crew proceeding with the required investment. It includes contingent resources that are considered too uncertain with respect to chance of development and cannot be classified as reserves until the contingencies are lifted. There is uncertainty that the risked NPV of future net revenue will be realized. The other subclasses of resources are not included in this NPV and therefore this is not reflective of the value of the resource base. The estimated cost to fully develop and bring on commercial production of the 'development pending' contingent resources for all three product types is approximately $11.2 billion (or approximately $3.0 billion discounted at 10%). The forecasted timeline to bring these resources onto production is between two and 17 years utilizing the same technology in horizontal drilling and multi-stage fracturing that Crew has already proven to be effective in the Montney formation in NE BC. Resource volumes are estimated using volumetric calculations of the in-place quantities, combined with performance from analog reservoirs. The currently producing assets of Crew and other industry parties in the Montney area of NE BC are used as performance analogs for ECR within Crew's areas of operations. The evaluation of ECR is based on an independent third party evaluation that assumes all of Crew's ECR will be recovered using horizontal multi-stage hydraulic fracturing and multi-well pad drilling, which are established technologies. Based upon the foregoing analysis and resource information, coupled with Crew's expertise in the NE BC Montney, we anticipate that significant additional reserves will be developed in the future as we achieve continued drilling success on that portion of our Montney acreage which is currently undeveloped. Key positive factors considered in the Resource Evaluation estimates which support Crew's view that significant additional resources will be recovered include completions enhancements; improved economic conditions; historic drilling success and recoveries on the more fully-developed Montney acreage; abundant well log and production test data; the presence of analogue wells in the area; improving average initial productivity trends; and the application of increased drilling densities. Continuous development through multi-year exploration and development programs and significant levels of future capital expenditures are required in order for additional resources to be recovered in the future. Our ability to recover additional resources is subject to numerous risks and the key negative factors include minimal well data from the Montney formation in certain intervals; a lack of long-term production history in the Montney; potential for variations in the quality of the Montney formation where minimal well data currently exists; access to capital that would enable us to continue development; low commodity prices which could impact economics; the future performance of wells; regulatory approvals or surface restrictions; lack of infrastructure in certain areas; access to required services at the appropriate cost; overall industry cost structures; and the continued efficacy of fracture stimulation technologies and application. In order for ECR to be converted into reserves, Crew's management and technical teams must continue to assess commercial production rates, devise firm development plans that incorporate timing, infrastructure and capital commitments. Confirmation of commercial productivity is generally required before the Company can prepare firm development plans and commit required capital for the development of the ECR. With continued development and delineation, some resources currently classified as ECR are expected to be reclassified as Reserves. A key contingency that prevents the classification of ECR as Reserves is the additional drilling, completions and testing required to confirm viable commercial rates. Sproule assigned ECR beyond those areas which were assigned Reserves but which were within three miles of existing wells, or production tests. Further, a lack of infrastructure in the Evaluated Areas which is required to develop the resources, such as gas gathering, processing and natural gas liquids separation facilities, further impedes the reclassification of ECR to Reserves. In addition to these factors, and the general operational risks facing the oil and gas industry, there are several technical and non-technical contingencies that need to be overcome in order to reclassify ECR to Reserves. These include evaluation drilling, corporate commitment and timing of production and development of the ECR. There is no certainty that any portion of the prospective resources will be discovered. There is uncertainty that it will be commercially viable to produce any portion of the prospective (if discovered) or contingent resources. Definitions of Oil and Gas Resources and Reserves Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows: Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Cumulative Production is the cumulative quantity of petroleum that has been recovered at a given date. Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories: Total Petroleum Initially-In-Place ("TPIIP") is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic Contingent Resources ("ECR") are those contingent resources which are currently economically recoverable. Project Maturity Subclass Development Pending is defined as a contingent resource that has been assigned a high chance of development and the resolution of final conditions for development are being actively pursued. Project Maturity Subclass Development On Hold is defined as a contingent resource that has been assigned a reasonable chance of development, but there are major non‐technical contingencies to be resolved that are usually beyond the control of the operator. Project Maturity Subclass Development Unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until contingencies can be clearly defined. Project Maturity Subclass Development not Viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development. Undiscovered Petroleum Initially-In-Place ("UPIIP") is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as "prospective resources" and the remainder as "unrecoverable." Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Unrecoverable is that portion of DPIIP and UPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks. Uncertainty Ranges are described by the Canadian Oil and Gas Evaluation Handbook as low, best, and high estimates for reserves and resources. The Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. Information Regarding Disclosure on Oil and Gas Reserves, Resources and Operational Information All amounts in this news release are stated in Canadian dollars unless otherwise specified. Throughout this press release, the terms Boe (barrels of oil equivalent), Mmboe (millions of barrels of oil equivalent), and Tcfe (trillion cubic feet of gas equivalent) are used. Such terms when used in isolation, may be misleading. Where applicable, natural gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE and oil and liquids have been converted to natural gas equivalent on the basis of 1 bbl:6 mcfe. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip, and given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. In accordance with Canadian practice, production volumes and revenues are reported on a company gross basis, before deduction of Crown and other royalties and without including any royalty interest, unless otherwise stated. Unless otherwise specified, all reserves volumes in this news release (and all information derived therefrom) are based on "company gross reserves" using forecast prices and costs. Our oil and gas reserves statement for the year-ended December 31, 2016 includes complete disclosure of our oil and gas reserves and other oil and gas information in accordance with NI 51-101, and is contained within our Annual Information Form which is available on our SEDAR profile at www.sedar.com. This press release contains metrics commonly used in the oil and natural gas industry, such as "operating netback". Such terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. These metrics do not have standardized meanings and may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Crew's performance over time, however, such measures are not reliable indicators of Crew's future performance and future performance may not compare to the performance in previous periods. This news release contains references to estimates of oil and gas classified as TPIIP, DPIIP, UPIIP and ECR in the Montney region in NE BC which are not, and should not be confused with, oil and gas reserves. See "Definitions of Oil and Gas Resources and Reserves". Projects have not been defined to develop the resources in the Evaluated Areas as at the evaluation date. Such projects, in the case of the Montney resource development, have historically been developed sequentially over a number of drilling seasons and are subject to annual budget constraints, Crew's policy of orderly development on a staged basis, the timing of the growth of third party infrastructure, the short and long-term view of Crew on oil and gas prices, the results of exploration and development activities of Crew and others in the area and possible infrastructure capacity constraints. As with any resource estimates, the evaluation will change over time as new information becomes available. Crew's belief that it will establish significant additional reserves over time with the conversion of DPIIP and prospective resource into contingent resource, contingent resource into probable reserves and probable reserves into proved reserves is a forward looking statement and is based on certain assumptions and is subject to certain risks, as discussed below under the heading "Forward Looking Information and Statements". This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" "forecast" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the volume and product mix of Crew's oil and gas production; production estimates including Q2, Q3, Q4 and annual 2017 forecast average production and 2017 exit rate; anticipated closing of the Goose asset disposition and the timing thereof; the volumes and estimated value of Crew's resources and undeveloped land; the recognition of significant resources under the heading "Crew Northeast British Columbia Montney Resource Evaluation"; future oil and natural gas prices and Crew's commodity risk management programs; future liquidity and financial capacity; future results from operations and operating metrics; anticipated reductions in operating costs, well costs and G&A expenditures and potential to improve ultimate recoveries and initial production rates; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration, acquisition and development activities and related capital expenditures and the timing thereof; the number of wells to be drilled, completed and tied-in and the timing thereof; the potential value of our undeveloped land base; the amount and timing of capital projects including facility expansions, commissioning and the timing thereof; the total future capital associated with development of reserves and resources; methods of funding our capital program, including possible non-core asset divestitures and asset swaps; and our intention to apply to the TSX to implement a normal course issuer bid and the timing thereof. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Crew which have been used to develop such statements and information but which may prove to be incorrect. Although Crew believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Crew can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Crew operates; the timely receipt of any required regulatory approvals; the ability of Crew to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Crew has an interest in to operate the field in a safe, efficient and effective manner; the ability of Crew to obtain financing on acceptable terms and the adequacy of cash flow to fund its planned expenditures; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Crew to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Crew operates; the ability of Crew to successfully market its oil and natural gas products. There are a number of assumptions associated with the potential of resource volumes and development of the Evaluated Areas including the quality of the Montney reservoir, future drilling programs and the funding thereof, continued performance from existing wells and performance of new wells, the growth of infrastructure, well density per section, and recovery factors and development necessarily involves known and unknown risks and uncertainties, including those identified in this press release. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; the potential for variation in the quality of the Montney formation; changes in the demand for or supply of Crew's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Crew or by third party operators of Crew's properties, increased debt levels or debt service requirements; inaccurate estimation of Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Crew's public disclosure documents (including, without limitation, those risks identified in this news release and Crew's Annual Information Form). The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Crew does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed herein may not necessarily be indicative of long term performance or of ultimate recovery. Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value. Crew Energy Inc. is a dynamic, growth-oriented exploration and production company, focused on increasing long-term production, reserves and cash flow per share through the development of our world-class Montney resource. Crew is based in Calgary, Alberta and our shares are traded on The Toronto Stock Exchange under the trading symbol "CR". Financial statements and Management's Discussion and Analysis for the three month period ended March 31, 2017 and 2016 will be filed on SEDAR at www.sedar.com and are available on the Company's website at www.crewenergy.com.


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.


The Public International Law Practice focuses on international disputes, treaty interpretation, and global investment protection and represents clients in the negotiation, enforcement, and implementation of international agreements. The practice group adds to the capabilities of the firm's renowned litigation, international arbitration and public policy services for clients in a wide array of industries. While at the State Department, Mr. Pearsall led a team of lawyers who represented the United States in investor-state and state-to-state disputes. His team successfully defended a $15 billion North American Free Trade Agreement (NAFTA) Chapter 11 claim brought by TransCanada in connection with the Keystone XL Pipeline. Mr. Pearsall successfully defended the US in a NAFTA Chapter 11 claim brought by Canadian pharmaceutical company Apotex and in a state-to-state case brought by Ecuador under the US-Ecuador bilateral investment treaty. He also oversaw several important submissions on behalf of the US that clarified key treaty obligations, perhaps most notably in the groundbreaking Eli Lily v. Canada NAFTA Chapter 11 dispute. Mr. Pearsall was the lead lawyer for the US on several significant cross-border infrastructure project permitting reviews, including the Keystone XL Pipeline.  He participated in the negotiation for the US of several major trade and investment agreements, including the Trans-Pacific Partnership, the Transatlantic Trade and Investment Partnership, the Mauritius Convention and the bilateral investment treaty with China. He also served as the lead negotiator on several multilateral treaties relating to ocean and fisheries issues. "We are thrilled to have Patrick on board, as he will enhance our capacity in the important investor-state sphere of international arbitrations.  In his eight years at the State Department he took a leadership role in many high-stakes public international law arbitrations, projects and agreements and is deeply familiar with the process and the players on a global basis," said New York Partner Richard F. Ziegler, co-chair of the firm's International Arbitration Practice. Charlie Lightfoot, International Arbitration Practice co-chair and London office managing partner, added, "Patrick brings a sought-after dimension to the sophisticated representation we already offer clients in their cross-border matters. He has negotiated the treaties that currently govern some international arbitrations.  In addition to his role in investor-state disputes, Patrick will also be a key player in our international commercial arbitration practice." "Jenner & Block's reputation in international arbitration and public policy, along with its values of professional excellence and public service, make it an ideal firm for me to further develop my practice," said Mr. Pearsall. "I am excited for this new chapter in my career and I look forward to working with the firm's highly regarded lawyers across practices." The Global Arbitration Review/Who's Who Legal identified Mr. Pearsall as a "Future Leader (Under 45)" earlier this year.  He served as the US delegate to the International Court of Arbitration's (ICC) Task Force on Arbitration with States or State-Owned Entities and served on its Special Drafting Committee for revisions of the 2012 ICC Rules. He is a steering committee member of the International Bar Association's Sub-Committee on Investor State Arbitration.  Mr. Pearsall also has published articles and papers on both commercial and investor-state arbitration, and is a frequent speaker at conferences on cross-border dispute resolution and international investment issues.  Mr. Pearsall is an adjunct professor at Georgetown University Law Center on public international law dispute resolution and investment arbitration; he has also lectured on international arbitration at Columbia Law School, Harvard Law School, and Yale Law School, among others. Before joining the State Department, Mr. Pearsall was a lawyer in in private practice in New York. He served as a law clerk for the ICC in Paris after a judicial externship for the Hon. Sonya Sotomayor in the US Court of Appeals for the Second Circuit. Mr. Pearsall earned his J.D. from Columbia Law School, serving as head articles editor for the Columbia Journal of Transnational Law and senior editor for the American Review of International Arbitration. He received his B.A., magna cum laude, from Columbia College. In addition to Mr. Pearsall, Jenner & Block has hired five lawyers into the partnership from government since January, including Ian Gershengorn (DC, September 2017 start), David Bitkower (DC), Kali Bracey (DC), Brandon Fox (LA), and Howard Symons (DC). The firm has a long tradition of its lawyers moving between private law and government service. ABOUT JENNER & BLOCK'S PUBLIC INTERNATIONAL LAW PRACTICE Jenner & Block's Public International Law Practice provides counsel on international disputes, treaty interpretation, and global investment protection. The practice offers pre-dispute strategies for resolving matters prior to litigation or arbitration, and representation in negotiations between sovereigns and private entities.  We also represent clients in the enforcement and implementation of international agreements, both investment and commercial, and have successfully served as counsel to both sovereign states and claimants in disputes under the rules of the International Center for the Settlement of Investment Disputes (ICSID), Permanent Court of Arbitration (PCA), International Court of Arbitration (ICC), and United Nations Commission on International Trade Law (UNCITRAL). In addition to providing clients with strategic counsel on all aspects of international disputes and negotiations, our lawyers work seamlessly with the firm's other practice groups, providing insight into how international law affects trade, commerce and public policy, both domestically and abroad. ABOUT JENNER & BLOCK'S INTERNATIONAL ARBITRATION PRACTICE Jenner & Block's lawyers frequently act for parties in international commercial arbitrations seated in Europe, North America and Asia, both ad hoc and administered by numerous arbitral institutions. The firm uses best-in-class legal analysis, skillful advocacy and decades of international and domestic experience to obtain successful outcomes for our clients in arbitrations worldwide.  Chambers USA has said of the practice, "Market sources admire this terrific disputes team: 'It quickly identifies the weakness in the other party's case and goes after it to win.'"  In 2015, the practice was ranked as a "Tier 1" practice, nationally, by U.S. News-Best Lawyers, in its annual ranking of more than 9,600 law firms across the country. Our lawyers have particular experience advising in relation to disputes in the financial services, real estate, energy and resources, construction, defense, telecommunications, automotive, healthcare and life sciences/pharmaceutical sectors.  Our international arbitration lawyers have acted in cross-border commercial and investment arbitrations administered by institutions, including the London Court of International Arbitration (LCIA), International Court of Arbitrations (ICC), International Centre for the Settlement of Investment Disputes (ICSID), American Arbitration Association/ International Centre for Dispute Resolution (AAA/ICDR) and the Arbitration Institute of the Stockholm Chamber of Commerce (SCC). ABOUT JENNER & BLOCK Jenner & Block (www.jenner.com) is a law firm with global reach, with more than 500 lawyers and offices in Chicago, London, Los Angeles, New York and Washington, DC.  The firm is known for its prominent and successful litigation practice and experience handling sophisticated and high-profile corporate transactions.  Firm clients include Fortune 100 companies, large privately held corporations, financial services institutions, emerging companies and venture capital and private equity investors.  In 2016, The American Lawyer named Jenner & Block to the A-List, which recognizes the top 20 US law firms.  The American Lawyer also recognized the firm as the #1 pro bono firm in the United States six of the past nine years; the firm has been ranked among the top 10 in this category every year since 1990. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-chief-of-investment-arbitration-joins-jenner--block-and-chairs-new-public-international-law-practice-300462256.html

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