/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES /

CALGARY , Jan. 30, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announced today a proposed recapitalization transaction (the "Recapitalization") aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations.

The Recapitalization provides for, among other things:

  • Exchange of approximately C$1.0 billion of Connacher's debt for common shares of Connacher, including accrued and unpaid interest;
  • The issuance by Connacher of US$35 million principal amount of new second lien convertible notes due August 31, 2018 (the "New Convertible Notes");
  • The Company will have the option to accrue and compound interest payments due on the New Convertible Notes;
  • At the option of Connacher, the funding of a new C$30 million first lien term loan facility ("New Term Loan Facility") to replace Connacher's existing C$30 million revolving credit facility;
  • Reduction of annual interest expense by approximately C$80 million ; and
  • The Existing First Lien Term Loan will be unaffected.

Additional details regarding the Recapitalization, including the terms of the New Convertible Notes and New Term Loan Facility are contained in the summary term sheets attached to this news release (the "Term Sheets").

The Recapitalization is the result of the Company's initiative, announced December 1, 2014 , to devise and implement a strategy to address its liquidity and capital structure. The recent extraordinary shift in commodity prices has severely constrained Connacher's ability to generate cash flow in a context where the Company has a significant debt burden. A reduction in outstanding indebtedness and corresponding interest expense and infusion of new capital is necessary in order to preserve substantial value in the resources, assets and operations of the Company and positions Connacher to regain access to growth capital when commodity markets improve.

The Recapitalization has the support of an ad hoc committee (the "Committee") of holders of existing second lien secured notes (the "Existing Notes") (the "Consenting Noteholders") holding, on a combined basis, approximately 70% of the Existing Notes and approximately 13% of the outstanding common shares. With the support of the Committee any interest coming due and payable under the Existing Notes until the completion of the Recapitalization shall not be paid in cash and any unpaid interest will form part of the principal amount of the Existing Notes that is exchanged for common shares of the Company under the terms of the Recapitalization.

In addition, the directors and officers of Connacher holding, on a combined basis, approximately 0.76% of the common shares have agreed to vote all of their common shares in favour of the approval and adoption of the Recapitalization.

BMO Capital Markets, Connacher's financial advisor, has provided an opinion to Connacher's Board of Directors that the terms of the Recapitalization are fair, from a financial point of view, to the Company. Based on a range of factors, including the fairness opinion and advice of outside legal counsel, Connacher's Board of Directors is unanimously recommending that all holders of Existing Notes and common shares support the Recapitalization, which will significantly reduce the Company's debt and provide liquidity for ongoing operations.

Connacher expects to hold separate meetings of holders of Existing Notes and common shares in late March 2015 in Calgary, Alberta to obtain the required approvals for the steps necessary to implement the Recapitalization transaction, including approval by the holders of Existing Notes and common shares of a Plan of Arrangement. Details of the Recapitalization will be provided in an information circular expected to be distributed to holders of Existing Notes and common shares before the end of February. In addition to approval by holders of Existing Notes and common shares, implementation of the Plan of Arrangement is subject to final approval of the Court and receipt of all necessary regulatory and stock exchange approvals.

The Company anticipates the Recapitalization to be completed by early April 2015 .

Operational Update

Connacher's Great Divide production for Q4 2014 averaged 15,250 bbl/d. December 2014 production was 15,500 bbl/d. All production numbers are based on field estimates. Production has increased in each quarter of 2014 and Q4 2014 was 34 per cent higher than the prior year's fourth quarter (Q4 2013 - 11,375 bbl/d).

Great Divide also achieved record production for the year ended 2014. The Company's 2014 bitumen production averaged 14,140 bbl/d, 20 per cent higher than the prior year (2013 – 11,783 bbl/d). The Company has been able to achieve record production by capitalizing on its 2013 and 2014 drilling programs which added 5 well pairs and 13 infill wells. Nine of the 13 infill wells are currently on production. Asset reliability is also a large contributor to these results. The Company has achieved industry leading operating uptime of 97 per cent for the year ended 2014.

Capital spending in Q4 2014 was focused on the mini-steam expansion project at Pod One and the SAGD+® process commercial project at Algar. The Company has decided to delay completion and tie-in of these projects and reduced growth capital spending by 70%. As a result, 2015 growth capital expenditures are currently budgeted at approximately C$15 million , down from C$49 million as originally budgeted.

The Company's cash balance as at December 31, 2014 was $94.2 million .

The Company has entered into an amendment and waiver agreement with the lenders under its existing revolving credit facility. Among other things, the maximum commitment amount has been reduced to C$20.1 million and will be reduced as existing letters of credit are replaced. No new advances will be permitted under the facility and a waiver of default has been granted to facilitate the Recapitalization.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

Additional Information and Conference Call

Connacher will host an investor conference call on February 2, 2015 at 8:00 a.m. MST . Participants can call in to (888) 231-8191. Please use the Conference ID# 78991722 . Participants are encouraged to call in five minutes prior to commencement. An audio webcast of the conference call will also be available through the Company's website, or through the following link:

http://event.on24.com/r.htm?e=935243&s=1&k=ABBD0EE8765D0A89109721FA6D255D67

Further information regarding the Recapitalization will be available on SEDAR ( www.sedar.com ) and the Company's website ( www.connacheroil.com ).

About Connacher
Connacher is a Calgary -based in-situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 450 million barrels of proved and probable bitumen reserves and operates two steam assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta .

Forward-Looking Information

Certain information regarding the Company contained herein constitutes forward-looking information and forward-looking statements (collectively, "forward-looking statements") under the meaning of applicable securities laws. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact, including statements regarding [(i) the anticipated benefits of the Recapitalization, including the reduction in debt and interest expense, (ii) the financial position of the Company after giving effect to the Recapitalization, (iii) anticipated timing for completion of the Recapitalization, and (v) other risks and uncertainties described from time to time in the reports and filings made by Connacher with securities regulatory authorities. Although Connacher believes that the assumptions underlying, and expectations reflected in, such forward-looking statements are reasonable, it can give no assurance that such assumptions and expectations will prove to have been correct. There are many factors that could cause forward-looking statements not to be correct, including, but not limited to, risks and uncertainties inherent in the Company's business and risks and uncertainties associated with securing the necessary approvals to implement the Recapitalization. These risks include, but are not limited to: crude oil, dilbit and diluent price volatility, exchange rate fluctuations, availability of services and supplies, operating hazards, access difficulties and mechanical failures, weather related issues, uncertainties in the estimates of reserves and in projection of future rates of production and timing of development expenditures, general economic conditions, and the availability of qualified personnel or management, and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Connacher.

The forward-looking statements contained herein are made as of the date of this news release solely for the purpose of generally disclosing Connacher's Recapitalization transaction, and prospective activities. Connacher may, as considered necessary in the circumstances, update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, but Connacher does not undertake to update this information at any particular time, except as required by law. Connacher cautions readers that the forward-looking statements may not be appropriate for purposes other than their intended purposes and that undue reliance should not be placed on any forward-looking statement. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Key Terms of the Recapitalization

Treatment of Existing Notes

•

The Existing Notes listed below will be affected by the Recapitalization:

-

C$350 million aggregate principal amount of 8.75% Notes due August 1, 2018

-

US$550 million aggregate principal amount of 8.50% Notes due August 1, 2019

•

Holders of Existing Notes ("Noteholders") will receive 98% of the recapitalized equity of Connacher as follows:

(i)

Noteholders will surrender their Existing Notes in exchange for their pro rata share, based on the face amount of Existing Notes held plus all obligations owed to Noteholders, of 98% of the recapitalized equity of Connacher;

(ii)

Existing Note Claims shall consist of all outstanding obligations owed to noteholders, including the February 1, 2015 interest payment;

(iii)

In addition, all existing Noteholders meeting the eligibility requirements outlined below will have an opportunity to participate (the "Convertible Note Participation Process") in amounts up to their pro rata share, based on the face amount of Existing Notes held, in the issuance of New Convertible Notes in an aggregate principal amount of up to US$35 million.

In effect, depending upon the exchange rate at the funding of the transaction, it is estimated that for every C$1,000,000 of face value of Existing Notes held by an existing Noteholder, such Noteholder may participate in up to US$33,351 (utilizing an exchange rate of $1.2717 CAD/USD as of January 30, 2015) of the New Convertible Notes.

The deadline for making a commitment to participate in the New Convertible Notes will be set out in the information circular which is expected to be available before the end of February 2015.

To qualify to participate in the New Convertible Notes, Noteholders must meet the following criteria:

a)

be a holder of Existing Notes on the record date for the Recapitalization; and

b)

if such person is in the United States, be an institution that is an "accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the United States Securities Act of 1933, as amended.

Specific instructions on how to participate in the New Convertible Notes will be provided in an information circular which is expected to be available before the end of February 2015.

Support Agreements

An ad hoc committee of Noteholders (the "Committee") has executed support agreements with Connacher whereby they have agreed to vote in favour of and support the Recapitalization. The Committee holds approximately 70% of the outstanding principal amount of the Company's Existing Notes. Connacher will continue to solicit and obtain additional Noteholder support for the Recapitalization. In addition, certain members of the Committee ("Backstoppers") have entered into commitment agreements with Connacher to the effect that any amount of the New Convertible Notes that is not provided by Noteholders shall be provided by the Backstoppers. Additional details with respect to the backstop arrangements are described below.

Treatment of Existing First Lien Term Loan and Revolving Credit Facility Obligations

  • Members of the Committee have entered into commitment agreements with Connacher to provide a C$30 million New Term Loan in replacement of the Revolving Credit Facility at the option of Connacher.
  • First Lien Term Loan obligations will be unaffected by the Recapitalization. The Recapitalization will be implemented in accordance with the existing "Permitted Second Lien Notes Restructuring" provision of the First Lien Term Loan.

Treatment of Existing Shares

  • Existing holders of common shares of Connacher ("Shareholders") will retain their existing common shares (adjusted for the Share Consolidation described below) and such shares will represent approximately 2% of the outstanding common shares of Connacher after giving effect to the Recapitalization and prior to the conversion of any New Convertible Notes.

Share Consolidation

In conjunction with the Recapitalization, the Company's issued and outstanding common shares will be subject to a share consolidation, the terms of which will be determined prior to the distribution of the information circular.

Terms of the New Term Loan

The following is a summary of selected terms of the New Term Loan:

Issuer:

Connacher Oil and Gas Limited ("Connacher" or the "Company")

Principal Amount:

C$30 million

Maturity:

August 31, 2018

Interest:

LIBOR plus 9.75% cash payable quarterly in arrears

Backstop Commitment:

Certain members of the Ad Hoc Committee ("Backstoppers")

Backstop Consideration:

5% payable on closing in common shares or cash consideration payable, at the election of each Backstopper

Guarantors:

Substantially the same as the Revolving Credit Facility

Ranking :

Secured on a senior basis to the existing First Lien Term Loan and the New Convertible Notes

Use Of Proceeds:

Maintain letters of credit and provide incremental liquidity to the Company, subject to the covenant package to be agreed upon between the Company and the Backstoppers

Terms of the New Convertible Notes

The following is a summary of selected terms of the New Convertible Notes:

Issuer:

Connacher Oil and Gas Limited ("Connacher" or the "Company")

Principal Amount:

US$35 million

Maturity:

August 31, 2018

Interest:

12% cash payable quarterly in arrears, or, at Connacher's option with respect to any interest payment, 14% PIK (interest will not be paid in cash, but will continue to accrue and be dealt with pursuant to the Plan)

Backstop Commitment:

Certain members of the Ad Hoc Committee ("Backstoppers")

Backstop Consideration:

5% cash consideration, payable on closing to the Backstoppers and any consenting noteholders who executed the support agreement as of January 30 th to subscribe to their pro rata portion of the New Convertible Notes ("Committed Subscribing Initial Consenting Noteholders")

Allocation:

Available to all existing eligible holders of the Existing Notes on a pro rata basis (based on their Notes Claims as of the Record Date divided by the Notes Claims of all Noteholders as of the record date)

Guarantors /  Security:

Substantially same as existing indenture for the Existing Notes

Ranking:

Secured subordinate to the New Term Loan and First Lien Term Loan

Conversion:

Convertible at the option of (i) any individual holder of the New Notes and (ii) in full at the option of holders of 66-2/3% of the New Notes outstanding, with the consent of each Backstopper and any Committed Subscribing Initial Consenting Noteholders (provided that the consent of a Backstopper or a Committed Subscribing Initial Consenting Noteholder shall only be required if that party still retains 75% of the original principal amount of the New Notes issued to that party on the effective date of the Recapitalization)

Prior to February 17, 2015, the Company and the Backstoppers and any Committed Subscribing Initial Consenting Noteholders may elect to structure the form of consideration for the New Notes in a tax efficient manner, including without limitation, by exchanging the New Notes for (i) new second lien notes and warrants or (ii) new second lien notes and common shares to be issued on the effective date of the Recapitalization

Use Of Proceeds:

Incremental liquidity needs of the Company, subject to the covenant package to be agreed upon between the Company and the Backstoppers

Mandatory and Voluntary Prepayments:

Substantially the same as the existing indenture for the Existing Notes

Backstop Arrangements

The Backstoppers have entered into an agreement (the "Backstop") with Connacher whereby they have, subject to certain conditions, committed to fund any portion of the New Convertible Notes that is not funded by the Convertible Notes Participation Process.

The Backstop may be terminated upon (among other event) the termination of the Support Agreement, the occurrence of a material adverse change (as defined in the agreement) or April 30, 2015 .

SOURCE Connacher Oil and Gas Limited

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2015) - Crown Point Energy Inc. ("Crown Point" or the "Company") ( TSX VENTURE:CWV ) today advised shareholders that a Special Committee of the Board has reviewed the purported "binding proposal" for financing (the "Last-Minute Proposal") received from dissident shareholder LAIG Oil Investments ("LAIG") and after careful consideration has determined that it is not a bona fide offer of financing. Furthermore, Crown Point advises shareholders that based on the advice of counsel, the Last-Minute Proposal is not "binding" at all, notwithstanding LAIG's claim that it is.

Crown Point strongly disagrees with LAIG's position that its Last-Minute Proposal should replace the second tranche financing ("Second Tranche") that Crown Point has arranged with a strategic Argentine investor group (the "Strategic Investors").

"Our conclusion is that LAIG's Last-Minute Proposal is a public relations ploy to disrupt the approval of the Second Tranche by shareholders at the forthcoming Special Meeting," said Gordon Kettleson, Chairman of the Board and member of the Special Committee. "The Special Committee wishes to confirm for shareholders that it continues to strongly support the Company's relationship with the Strategic Investors and the Second Tranche financing."

The Special Committee encourages shareholders to consider the following factors. These factors, among others, have influenced the Committee's conclusions:

  • Benefits of Strategic Investors to Shareholders. The Second Tranche cements a relationship with the Strategic Investors that will be advantageous to Crown Point over the long term, given their strong business reputations in Argentina, their vast experience in the energy and banking industries in Argentina, and their knowledge of and deep relationships within the local business community.

    Crown Point believes the Strategic Investors will help grow the Company into a significant player in the Argentine oil and gas sector. As previously disclosed, the Strategic Investors are positioned to accelerate Crown Point's growth by leveraging their financial capabilities and local business networks so that Crown Point can gain access to new opportunities through, among other things, acquisitions and farm-ins on strategic assets.

    Mr. Pablo Peralta, one of the Strategic Investors' Board nominees, has more than 30 years of experience in Argentina's financial services, insurance and real estate sectors and has extensive experience financing oil and gas companies, including the largest oil and gas company in Argentina, YPF. Mr. Peralta is co-founder, Vice-President and a major shareholder of Banco de Servicios y Transacciones S.A. (where he was President from 2002 to 2014) and President and controlling shareholder of each of the companies in the Orígenes Insurance group, which is the largest private institutional investor in Argentina, with more than US$8 billion under management.

    Mr. Gabriel Obrador, the other Board nominee of the Strategic Investors, is a seasoned entrepreneur and manager who has more than 30 years of experience operating in the oil and gas sector and other industries in Argentina. Among other things, Mr. Obrador has co-founded and acts as President of Petrolera Piedra del Aguila S.A., an independent oil and gas operator in Argentina.

    Unlike the Strategic Investors, LAIG is not an Argentine company and its principals are not Argentineans or Argentine businessmen. Rather, LAIG is a self-admitted foreign investor operating out of the Cayman Islands that is run by individuals residing in England and Mexico. As a result, the Special Committee does not believe that a relationship with LAIG would benefit the Company's operations in Argentina. On the contrary, LAIG is currently suing a prominent Argentine oil and gas producer, which is something that the Company does not want to be associated with.

  • Definitive Agreement vs a Public Relations Ploy. The Second Tranche is covered by a 51-page SEDAR-filed contract with the Strategic Investors, who have a demonstrated financial capability and have already invested approximately US$6.5 million in the Company. In contrast, LAIG's two-paragraph proposal includes no third party verification of LAIG's financial capability and falls far short of the requirements of a definitive agreement.
  • Questionable Timing. Why now? The timing of the submission of the Last-Minute Proposal to the Board appears to be motivated more by public relations considerations than a sincere desire to finance the Company:
    • LAIG did not explain why it waited to provide the Last-Minute Proposal for a full 82 days after LAIG submitted its highly dilutive and coercive original proposal, which contemplated that Crown Point would issue LAIG C$0.20 shares and C$0.30 warrants. LAIG said at the time that it would "require" these terms.
    • LAIG did not explain why it waited to provide the Last-Minute proposal for a full 70 days after Crown Point initially announced its financing agreement with the Strategic Investors.
    • LAIG did not explain why it announced its Last-Minute Proposal publicly before providing the brief, two-paragraph "proposal" to the Board.

For these and other reasons, Crown Point confirms that the Board continues to recommend that shareholders vote the WHITE proxy FOR the Second Tranche and AGAINST LAIG's dissident nominees in advance of the forthcoming Special Meeting.

To learn more about the reasons for Crown Point's voting recommendations, shareholders should read Crown Point's proxy materials, including a Letter to Shareholders and Circular, both dated January 22, 2015. The Circular and other materials have been mailed to shareholders and are available on SEDAR at www.sedar.com and on Crown Point's website at www.crownpointenergy.com/proxycontest .

About Crown Point

Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, trading on the TSX Venture Exchange and operating in South America. Crown Point's exploration and development activities are focused in the Austral and Neuquén basins in Argentina. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth.

Advisory

This press release contains forward-looking information. This information relates to future events and the Company's future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", "aim", or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company's internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this press release may contain forward-looking information attributed to third party sources. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This press release contains forward-looking information concerning, among other things, the following: the Company's assessment of LAIG'S motivations, including in connection with the Last Minute Proposal; the factors considered by the Special Committee, including the potential benefits of completing the Second Tranche with the Strategic Investors and benefits of the Company's relationship with the Strategic Investors, including the assessment that the Strategic Investors will help grow the Company into a significant player in the Argentine oil and gas sector as the Strategic Investors are positioned to accelerate Crown Point's growth by leveraging their financial capabilities and local business networks so that Crown Point can gain access to new opportunities through, among other things, acquisitions and farm-ins on strategic assets; and the potential consequences the Last Minute Proposal, including the assessment that a relationship with LAIG would not benefit the Company's operations in Argentina.

A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this press release including, but not limited to, the risk that the Second Tranche is not competed in a timely manner (or at all) or on the terms presently proposed; the risk that the Company is unable to realize the anticipated benefits of the relationship with the Strategic Investors or the Second Tranche; the risks and other factors described under "Risk Factors" in the Company's Annual Information Form, which is available for viewing on SEDAR at www.sedar.com .

With respect to forward-looking information contained in this press release, Crown Point has made assumptions regarding, among other things: the general stability of the economic and political environment in which the Company operates; the timely receipt of any required regulatory approvals; the ability of the Company to fully complete the Second Tranche in a timely manner (or at all) or on the terms it presently contemplates; the ability of the Company to continue as a going concern without the loss or forfeiture of any assets; and that LAIG's motivations and intended outcomes are as set forth herein. Management of Crown Point has included the above summary of assumptions and risks related to forward-looking information included in this press release in order to provide investors with a more complete perspective on the Company's future operations. Readers are cautioned that this information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this press release are expressly qualified by this cautionary statement.

The forward-looking information contained herein is made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.

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

Crown Point Energy Inc.
Murray McCartney
President & CEO
(403) 232-1150
[email protected]
www.crownpointenergy.com

For Shareholder inquiries, or assistance with voting,
contact Crown Point's Proxy Solicitor:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 416-304-0211
[email protected]

FORT ST. JOHN, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2015) - Macro Enterprises Inc. (TSX VENTURE:MCR) (the "Company" or "Macro") acknowledges the marked decline in its share price over recent weeks. The Company is not aware of any material change uniquely related to its operations that would account for the price decline, but suspects that the market community is reacting to the significant fall in oil prices and its anticipated effect on oil and gas operations by the Company's clients.

While oil-price uncertainty is affecting activity in the sector and the Company is anticipating reduced project volumes, oil and gas pipeline companies are continuing to request bids on significant projects, both LNG-related and not. The Company is in excellent financial shape, with net working capital in excess of $43 million, which is significantly greater than the market capitalization implied by today's trading prices.

Macro expects to release its fiscal 2014 financial results after the close of market on April 1, 2015 and to discuss those results on a conference call the following day. The Company will confirm the release date and provide the conference call access details in a separate news announcement. The Company expects results for the fourth quarter of 2014 and fiscal 2014 to be substantially in line with its outlook expressed in its news release of November 27, 2014.

Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca .

Forward-Looking Statements

Certain statements in this news release may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements regarding expected revenues, expenses and industry trends. These risks and uncertainties include, but are not restricted to, oil prices, global economic conditions, government regulation of energy and resource companies, seasonal weather patterns, maintaining and increasing market share, terrorist activity, the price and availability of alternative fuels, the availability of pipeline capacity, and potential instability or armed conflict in oil-producing regions. These risks and uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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

Frank Miles
President and C.E.O.
Phone: (250) 785-0033

Jeff Redmond
C.F.O.
(250)785-0033

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2015) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) will host a webcast conference call to discuss its 2014 fourth quarter and year-end financial results on Friday, February 20, 2015.

Webcast Information

Event: Enbridge Inc. 2014 Year End Financial Results Conference Call

Date: Friday, February 20, 2015

Time: 7:00 a.m. Mountain Time / 9:00 a.m. Eastern Time

Webcast: sign-up

Conference Call Information

Dial-in # (Audio only - please dial in 10 minutes ahead):

North America Toll Free: 1 (800) 708-4540

Outside North America: + 1 (847) 619-6397

Participant Passcode: 38886502#

Replay Information

A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within approximately 24 hours after the event.

Audio Replay # (Available for 7 days after call):

North America Toll Free: 1 (888) 843-7419

Outside North America +1 (630) 652-3042

Replay Passcode: 38886502#

The conference call will cover the Company's most recent financial results and may contain forward-looking statements. When used in the call, words such as "anticipate", "expect", "project", and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities law and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

About Enbridge Inc.

Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 11,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2014. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com .

Enbridge Inc. - Investor Relations
Adam McKnight
(403) 266-7922 / (800) 481-2804
[email protected]

Enbridge Inc. - Media
Graham White
(587) 233-6303 / (888) 992-0997
[email protected]

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2015) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX:AOI)(OMX:AOI) reports that in accordance with the Swedish Financial Instruments Trading Act, the Company announces the following:

As a result of the exercise of employee stock options, as at January 30, 2015, the number of issued and outstanding shares of the Company is 312,797,379 common shares with voting rights.

About Africa Oil Corp.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 215,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
[email protected]
www.africaoilcorp.com

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2015) - Maple Leaf Royalties Corp. (TSX VENTURE:MPL) (" Maple Leaf ") is pleased to report that it has completed the previously announced acquisition of royalty interests in nine oil and gas wells located in Alberta (the " Royalties ") from Maple Leaf 2012 Energy Income Limited Partnership. Please refer to Maple Leaf's news release of January 22, 2015 for additional information regarding the transaction and the Royalties. The transaction remains subject to the final acceptance of the TSX Venture Exchange.

About Maple Leaf Royalties Corp.

Maple Leaf Royalties Corp. is focused on oil and gas royalty interests in Canada. The company owns royalties on oil and gas production with its current asset base concentrated in west central Alberta and including a mixture of oil, natural gas, and natural gas liquids from numerous producing wells. Royalty interests offer unique investment characteristics including revenue that is directly correlated with oil and gas prices, but with minimal exposure to capital and operating costs and no exposure to abandonment and reclamation costs. Maple Leaf intends to grow and diversify its royalty portfolio through the acquisition of additional royalty interests.

For more information visit: www.mapleleafroyalties.ca .

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.

Maple Leaf Royalties Corp.
Dan Gundersen
Chief Executive Officer
(403) 852-4423

Maple Leaf Royalties Corp.
Adam Thomas
President
(403) 830-7995

TORONTO, ONTARIO--(Marketwired - Jan. 30, 2015) - Candax Energy Inc. (" Candax " or the " Company ") (TSX:CAX), a company focused on mature oil field development in Tunisia, announces today that it has come to the following agreement regarding the repayment of its Senior debt:

  • Partial repayment of $500,000 in respect of Tranche A;
  • Payment of $350,000 overdue interests in respect of the full and final settlement of the interest due from period 1 October 2012 until the Second Amendment and Restatement effective date;
  • Payment of $90,739 of interests due in respect of Tranche A

Notwithstanding the above detailed payment, the Company will not pay the remainder of the Tranche A and Tranche B amounts due under the Senior Facility Agreement ($3,500,000) on January 31, 2015 and will consequently be in breach as regard to its financial obligation. By waiver and amendment letter signed on January 29, 2015, the Company has obtained from the lender an agreement to amend the Senior Facility Agreement and not to seek any remedy under the Facility Agreement in respect of this unpaid amount until April 30, 2015, or earlier in specific circumstances. A copy of the amendment and waiver letter will be filed publicly by the Company and available on SEDAR.

"The support of our lender and shareholder was key to having time to review strategic and financial alternatives available to the Company. The amendment and waiver letter obtained was an indispensable step. The Company remains with more than $6 million of cash on hand as at the end of January 2015" commented Candax CFO Pierre-Henri Boutant.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

About Candax

Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar.

CALGARY , Jan. 30, 2015 /CNW/ - Madalena Energy Inc. (" Madalena " or the " Company ") (TSXV: MVN and OTC: MDLNF) provides the following operational update and posts a new corporate presentation on its website at www.madalenaenergy.com

DOMESTIC OPERATIONS UPDATE – WESTERN CANADA

  • On January 28, 2015 , Madalena was advised by Keyera Corp. (" Keyera ") that Keyera's Paddle River gas plant will be shut down for a minimum period of two months commencing February 1, 2015 due to current economic conditions and recent commodity price declines in North America. The majority of the Company's Western Canada gas production (including solution gas relating to the Company's Canadian oil production) is processed at this Paddle River facility. As a result of the gas plant shut-down, Madalena will temporarily suspend production of approximately 660 boe/d in Western Canada (40% oil) on February 1, 2015 .
  • The impact of this shutdown is a decrease in estimated funds flow from operations of approximately CDN $125,000 per month.
  • Madalena is currently reviewing other alternative existing plant options in the general area to assess potential interim or long-term processing capabilities.
  • Madalena's recent Nordegg oil and gas discovery at West Cove will not be tied-in until economic conditions improve and the Keyera plant situation is satisfactorily resolved. Additionally, two recently drilled and completed Paddle River Ostracod wells have not tested hydrocarbons in economic quantities and will remain suspended.
  • Post the Keyera plant shutdown, Madalena estimates its current base production at 3,600 boe/d (76% oil & NGL's) with approximately 97% being realized from the Company's Argentina operations where the current posted price for Medanito crude oil in Argentina is USD $77 per barrel.

INTERNATIONAL OPERATIONS UPDATE - ARGENTINA

Puesto Morales (100% WI) Field – Horizontal Drilling of Loma Montosa Oil Resource Play

  • Madalena has mobilized a drilling rig for its 100% working interest operated PMS-1135(h) drilling location. The well is expected to spud within the next few days and will target the Loma Montosa oil resource play at a vertical depth of approximately 1,385 metres. The well will be drilled horizontally for approximately 800 metres and be completed with approximately 10 frac stages.
  • The Loma Montosa represents one of four key resource plays being pursued by Madalena in 2015. The Vaca Muerta shale, Agrio shale and liquids-rich Mulichinco comprise the other three resource plays. The Loma Montosa play is located in Madalena's Puesto Morales area which covers over 30,000 net acres of 100% working interest lands. There has been historical Loma Montosa oil production from 16 vertical wells on the Puesto Morales block. Madalena operates and controls a 100% working interest facility and pipeline infrastructure in the area. To unlock this resource play, the Company intends to apply horizontal multi-frac technology to increase recoveries and improve overall play economics.

Coiron Amargo (35% WI) Block - Sierras Blancas Horizontal Exploitation & Vaca Muerta Shale Delineation

  • CAN-16(h) is the Company's fourth Sierras Blancas horizontal well at Coiron Amargo.  The well is currently drilling in the build section of the trajectory.  The Company anticipates that the drilling operations will be completed by mid-February and the well placed on production in March 2015 .
  • CAS.x-16 was drilled vertically to a total depth of 3,160 metres and rig released in December 2014.  The well encountered 125 metres of Vaca Muerta shale reservoir.  Following the drilling operations, the well was opened to flow un-stimulated (no acidization or fracture treatments) on a 2 mm choke at a pressure of approximately 570 psi with an initial rate of 60 Bopd of light oil.  After approximately 30 days of flowing, the well continues to produce at a stabilized rate of 20 Bopd at approximately 250 psi.  Management is encouraged by this unstimulated Vaca Muerta flow rate and believes the rate is potentially being restricted by a downhole tool (left by the operator of the Coiron Amargo concession) which needs to be retrieved.  The well builds pressure to 4,200 psi after 3-4 hours of shut-in which is indicative of a damaged or restricted well.  Further operations are expected to commence in February and following the recovery of the downhole tool, the Company will work with its partners to design and implement a stimulation program with the objective to further test and increase production from this vertical delineation well.
  • CAS.x-15 was a previously drilled vertical well that encountered 114 metres of Vaca Muerta shale reservoir.  In December 2014 , operations resumed at this location and the well was set-up for future stimulation activities. The Company will work with its partners to design and implement a stimulation program on this vertical delineation well in 2015.
  • Madalena is also working with its partners at Coiron Amargo to plan its first horizontal multi-stage frac well into the Vaca Muerta shale which is an important step to unlocking this unconventional resource. It is anticipated that Madalena and its partners will commence drilling operations on the first horizontal in late Q4 2015.

Curamhuele (90% WI) Block – Drilling Rig Secured for Agrio Shale & Mulichinco Appraisal Program

  • Following an application and approval process working with both the Province of Neuquén and partner Gas Y Petroleo  (" GyP ", the Neuquén Provincial oil company), the current exploration period for Madalena's 90% W.I. Curamhuele block has been granted an extension to September 8, 2015 , which will provide timing flexibility to fulfill the remaining work commitments on the block.  No further commitments were required to obtain this extension which provide for additional scheduling flexibility.  This extension was recently formalized by way of an official decree signed by the Province of Neuquén in Argentina .
  • Madalena and its partner GyP have secured a drilling rig for the re-entry, sidetrack and completion (frac and test) of the CH-x-1 well targeting the Agrio shale and the deepening of the YP-x-1001 well to frac and test the Mulichinco liquids-rich gas resource play.  Regulatory approvals have been received and the Company anticipates commencing operations in late Q2 or early Q3 2015.
  • Madalena's Curamhuele block is within the oil window of the Agrio shale with an estimated thickness of 225 metres and is directly offsetting a recently announced Agrio shale discovery by the Argentina state company YPF.  In addition to the Agrio shale, the primary zones of interest on the Curamhuele block are the unconventional Vaca Muerta shale and liquids rich Mulichinco.
  • After satisfying these remaining work commitments, Madalena expects to either convert certain areas of the acreage into an exploitation (development) concession and/or enter into a new exploration period(s) or unconventional evaluation phase to further explore and appraise the Curamhuele block.

RATIONALIZING OF NON-CORE ASSETS AND JOINT VENTURE OPPORTUNITIES

  • Madalena's strategy is to focus on the delineation of its strategic unconventional resources in Argentina . The Company's Western Canadian assets are considered non-core to the future of the Company.  Accordingly, there has been no capital allocated to the Western Canadian assets in the Company's 2015 budget.
  • The Corporation is committed to rationalizing select non-core assets as appropriate and continues to actively seek joint venture opportunities, which would permit it to accelerate the exploration and development of its properties.

About Madalena Energy

Madalena is an independent, Canadian-based, international upstream oil and gas company whose focus is on exploration, development and production of crude oil, natural gas liquids and natural gas in Argentina .

In Argentina , Madalena holds over 950,000 net acres across five provinces where it is focused on the delineation of large petroleum in-place shale and unconventional resources in the Vaca Muerta shale, Agrio shale, Loma Montosa oil resource play and liquids-rich Mulichinco.  The Company is implementing horizontal drilling and completions technology to develop its high impact conventional and resource plays.

In Western Canada , Madalena holds approximately 200 gross (150 net) sections of land (approximately 79% average W.I.) focused on light oil and liquids-rich gas in west central Alberta . Madalena's domestic assets are largely operated and contain a significant inventory of horizontal development locations.

Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTC under the symbol MDLNF.

Reader Advisories

Forward Looking Information

The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance, in particular, but not limited to, with respect to the characteristics of the properties held by the Company, current and future production levels, the strategic value and opportunities available to Madalena, capital expenditure, operational and business development plans and the ability of Madalena to execute on such plans. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. In particular, this news release contains forward-looking statements pertaining to operational activities to be conducted by the Company. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's Annual Information Form, which is available on SEDAR at www.sedar.com .

Meaning of Boe

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

Analogous Information

Certain information in this news release may constitute "analogous information" as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), including, but not limited to, information relating to areas, assets, wells and/or operations that are in geographical proximity to or believed to be on-trend with lands held by Madalena. Such information has been obtained from public sources, government sources, regulatory agencies or other industry participants. Management of Madalena believes the information may be relevant to help define the reservoir characteristics within lands on which Madalena holds an interest and such information has been presented to help demonstrate the basis for Madalena's business plans and strategies.  However, management cannot confirm whether such analogous information has been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and Madalena is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor. Madalena has no way of verifying the accuracy of such information. There is no certainty that the results of the analogous information or inferred thereby will be achieved by Madalena and such information should not be construed as an estimate of future production levels or the actual characteristics and quality Madalena's assets. Such information is also not an estimate of the reserves or resources attributable to lands held or to be held by Madalena and there is no certainty that such information will prove to be analogous in the future. The reader is cautioned that the data relied upon by Madalena may be in error and/or may not be analogous to such lands to be held by Madalena.

Initial Production Rates

Any references in this document to test rates, flow rates, initial and/or final raw test or production rates, early production, test volumes behind pipe and/or "flush" production rates are useful in confirming the presence of hydrocarbons, however, such rates are not necessarily indicative of long-term performance or of ultimate recovery. Such rates may also include recovered "load" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Madalena. In addition, the Vaca Muerta shale is an unconventional resource play which may be subject to high initial decline rates. Such rates may be estimated based on other third party estimates or limited data available at this time and are not determinative of the rates at which such wells will continue production and decline thereafter .

Resource Thickness

With respect to disclosure in this news release of thickness of resources, all disclosure is based on Madalena's internal estimates and measurements. Madalena has a 90% working interest in the Curamhuele block and a 35% working interest on the Coiron Amargo block, both of which are located in the Neuquén basin in Argentina . Madalena expects the Vaca Muerta to be oil prone at Coiron Amargo and liquids prone at Curamhuele. Please see the disclosure in Madalena's news release dated April 30, 2013 for details with respect to the risks and uncertainty associated with the recovery of Madalena's resources.

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

SOURCE Madalena Energy Inc.

Fully Funded US$153Million Capital Program

CALGARY , Jan. 30, 2015 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) announces its revised 2015 capital program of US$153 million (all amounts referenced below are in US dollars), reduced from the previously announced 2015 capital program of $218 million . These adjustments have been made to ensure 2015 spending fits within funds generated from operations and cash resources in the latest oil price environment.  The revised budget has been approved by the Company's Board of Directors and will be submitted to the Albanian authorities for their approval.

David French , President and CEO, commented, "We believe it is prudent with today's commodity outlook to show capital discipline and preserve our strong balance sheet.  Our project portfolio is flexible enough to allow us to choose our pace and scale of development as appropriate.  This revised budget reflects our rigorous focus on capital and operating cost efficiency with a balance of both short term drilling execution and long term flood expansion of the field."

CAPITAL PROGRAM FUNDING

The revised 2015 capital program utilizes a $50 per barrel average annual Brent oil price forecast in comparison to the budget announced on December 12, 2014 , which was predicated on an annual Brent oil price forecast of $70 per barrel. The Company expects to fully fund the $153 million capital program with funds generated from operations and cash resources.

PATOS-MARINZA FIELD

Primary Development

The revised capital program includes $80 million to be spent on the drilling, completion and associated costs of approximately 60 new horizontal wells. The number of active drilling rigs will be reduced from three rigs down to two within 30 days.

Enhanced Oil Recovery: Polymer Flood Expansion

The revised program includes $28 million for the accelerated EOR program. This program allows for the conversion of up to 20 existing production wells to polymer injection throughout the year, as well as the associated facilities and infrastructure to support the acceleration of the EOR program. This represents a reduction from the 25 - 30 conversions in the previously announced budget.

Facilities, Infrastructure, and Associated Capital

A total of $45 million of the 2015 capital program will be allocated to facilities and infrastructure activities. Projects include:

  • well servicing and work overs;
  • flow lining within the field;
  • electrification of well pads;
  • expansion of water disposal capabilities with one (1) water disposal well; and
  • continuation of environmental remediation and social initiatives.

PRODUCTION GUIDANCE

Based on the revised 2015 capital expenditures, Bankers anticipates its 2015 average production levels will decrease from its average 2014 production levels by approximately 5% on account of reduced drilling activity and shut-in volumes due to marginal economics.

FINANCIAL RESILIENCE

Bankers maintains a strong balance sheet with a cash position of approximately $73 million at December 31, 2014 , as well as a hedge which represents 6,000 bopd at $80 per barrel Brent for 2015. Inclusive of  the January realization, the hedge valuation is currently in excess of $60 million . Management will continue to protect the financial position of the Company with the strategic view to maintain capital expenditures within 2015 cash flow, supplemented with cash resources.  At December 31, 2014 , Bankers had drawn $104 million from its $224 million credit facilities; no additional draws are anticipated in 2015.

UPDATED CORPORATE PRESENTATION

For additional information on this operational update, please see the Company's updated January 2015 corporate presentation at www.bankerspetroleum.com .

About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves.  In Albania , Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F".  Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.

SOURCE Bankers Petroleum Ltd.

OTTAWA, ONTARIO--(Marketwired - Jan. 30, 2015) - On Saturday, January 31, Enbridge Gas Distribution will be kicking off Winterlude by hosting its eleventh-annual free pancake breakfast. Winterlude participants are invited to attend for free pancakes and hot chocolate as they start their day of winter festivities.

This is one of Winterlude's most well-attended events, generally attracting thousands of pancake lovers.

Enbridge is proud to again support this classic Canadian winter celebration in Ottawa.

Media are invited to attend this event.

Date: Saturday January 31, 2015
Time: 10:00 a.m. - 12:00 p.m. or while supplies last
Location: Marion Dewar Plaza, Ottawa City Hall

About Enbridge Gas Distribution

Enbridge Gas Distribution Inc. has a more than 160-year history and is Canada's largest natural gas distribution company. It is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution and one of the 2013 Global 100 Most Sustainable Corporations. Enbridge Inc. has been selected as one of Canada's Greenest Employers for 2013 and is one of Canada's Top 100 Employers. Enbridge Gas Distribution and its affiliates distribute natural gas to two million customers in Ontario, Quebec, New York State and New Brunswick. For more information, visit www.enbridgegas.com or follow us on Twitter @EnbridgeGasNews.

Tanya Bruckmueller
Manager, Media Relations
1-855-884-5112
[email protected]