Maxim Announces Results of Annual Meeting and Special Meeting

TORONTO, ONTARIO--(Marketwired - June 11, 2015) - Maxim Resources Inc. (" Maxim " or the " Company ") (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5HA) announces that at the Company's Annual General and Special Meeting held on June 8, 2015 (the " Meeting "), the shareholders of the Company (the " Shareholders ") approved the company's proposed transaction with Quest Investments LLC (" QI ") to acquire an interest in Quest Oil & Gas Ventures Inc. (" Quest "), as previously disclosed in the Company's news release dated June 2, 2015.

In addition, the following matters were approved at the Meeting:

  1. The approval of the audited financial statements of the Company for the financial period ended December 31, 2014, together with the auditors' report thereon;
  2. The election of Art Brown, Andrew Male, David Stadnyk, Cyrus Driver and Ian Baron as directors of the Company for the ensuing year or until their successors are elected or appointed;
  3. The appointment of MacKay LLP, Chartered Accountants for the ensuing year and the authorization for the directors of the Company to fix their remuneration;
  4. The approval of the Company's stock option plan;
  5. The approval of the Company's restricted share plan;
  6. The approval of the creation of QI as a Control Person (within the meaning set out in the policies of the TSX Venture Exchange) of the Company; and
  7. The approval of the adoption of the new By-Law No. 1 of the Company, to govern the administration of the Company under the Business Corporations Act (Ontario).

All resolutions were passed with in excess of 99% of votes cast by Shareholders at the Meeting. Further information in respect of each of the matters approved at the Meeting can be found in the Company's management information circular dated May 8, 2015 available on SEDAR at www.sedar.com . Maxim would like to thank its Shareholders for their continued support.

About Maxim

Maxim is an oil and gas exploration company based in Vancouver, Canada. The Company is focused on identifying assets that are producing, near term enhancement and/or exploration opportunities. Investments may be made by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Block, in the Kingdom of Morocco in partnership with the National Office of Hydrocarbons and Mines.

We encourage any interested parties to visit www.maximresources.com and hit the Register for News tab at the top of the page.

Issued on behalf of the Board of Directors of Maxim Resources Inc.

Arthur Brown, Chairman of the Board of Directors

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. This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com . The company does not undertake to update any forward-looking information except in accordance with applicable securities laws with applicable securities laws.

Maxim Resources Inc.
+1 604 630 0280 or toll free at +1 888 882 8891
[email protected]
www.maximresources.com

Red Mile Announces Results of Annual and Special Meeting of Shareholders and Name Change to Orla Mining Ltd.

TORONTO, ONTARIO--(Marketwired - June 11, 2015) -

  • NAME CHANGE TO ORLA MINING LTD. AND NEW TRADING SYMBOL "OLA" EFFECTIVE JUNE 12, 2015
  • MINING SECTOR VETERANS TROY FIERRO, RICHARD HALL, MARC PREFONTAINE AND HANS SMIT APPOINTED TO THE BOARD, WITH TROY FIERRO AS CHAIRMAN
  • EXECUTIVE TEAM BEHIND THE SUCCESSFUL DEVELOPMENT AND SALE OF GRAYD RESOURCE CORPORATION TO AGNICO-EAGLE MINES LIMITED REUNITED AS CEO, COO AND CFO (MARC PREFONTAINE, HANS SMIT AND PAUL ROBERTSON)

Red Mile Minerals Corp. (the "Company") (TSX VENTURE:RDM) is pleased to announce that, at the annual and special shareholders meeting held on June 10, 2015, the shareholders of the Company approved each of the resolutions proposed in the management information circular of the Company dated May 6, 2015 which is available under the Company's profile on SEDAR at www.sedar.com .

Name Change to Orla Mining Ltd.

Shareholders approved the name change from Red Mile Minerals Corp. to Orla Mining Ltd. ("Orla Mining"). The name change will be effective on Friday, June 12, 2015 and at market open the Company's common shares will commence trading on the TSX Venture Exchange under the name "Orla Mining Ltd." with the new trading symbol "OLA".

Election of Directors

Shareholders unanimously voted in favor of the proposed director nominees, being Troy Fierro, Richard Hall, Marc Prefontaine, Hans Smit, Kerry Sparkes, and Aaron Wolfe, to serve until the next annual meeting or until their successors are elected or appointed.

Board and Management Appointments

Following the shareholder meeting, Troy Fierro was appointed Non-Executive Chairman of the Board of Directors; Marc Prefontaine was appointed President and CEO; Hans Smit was appointed COO; and Paul Robertson was appointed CFO and Corporate Secretary. These appointments follow the board's acceptance of resignations from Aaron Wolfe as President and CEO, and John Hickey as CFO. Mr. Wolfe will continue to serve as a director and assist the Company on its corporate development and capital markets initiatives.

The Orla Mining team has a proven track record of delivering shareholder value through mineral discovery, project development and strategic asset mergers and acquisitions. Messrs. Prefontaine and Smit will devote themselves full-time to building the Company, as they did for Grayd. They are supported by a talented hands-on Board of Directors with numerous mining industry successes, both technical and capital markets related. In addition to the success of Messrs. Prefontaine and Smit with Grayd, Messrs. Fierro, Hall and Sparkes held senior positions, such as CEO, COO and VP, with Metallica Resources Inc., Fronteer Gold Inc., Northgate Minerals Corporation and Rainy River Resources Ltd. All of these companies were advanced to the point they were merged with, or acquired by, major mining companies delivering favorable returns to shareholders.

Marc Prefontaine, President and CEO of Orla Mining, stated, "Our mandate is to acquire precious metal projects and to advance them through to feasibility. Our mantra is to use the same philosophy employed at Grayd where money is spent in the ground with an emphasis on minimizing G&A costs. At Grayd, we had a solid reputation as one of the lowest G&A cost developers relative to exploration expenditures and market capitalization in the industry. The team we have assembled at Orla (including old and new members) share this vision."

Board of Directors and Officers

Troy Fierro - Independent, Non-Executive Chairman - Mr. Fierro is a successful mining engineer with over 30 years of industry experience. He has previously held executive positions with Fronteer Gold, Metallica Resources and Coeur d'Alene Mines, where he has overseen the development, construction or management of mines in Nevada, Mexico, Argentina, Chile and Alaska. At Fronteer Gold, which was acquired by Newmont Mining for $2.1 billion, Mr. Fierro acted as Chief Operating Officer. He was Vice President Operations of Metallica Resources, which was part of a $1.6 billion merger with New Gold and Peak Gold, where he played the lead role in the construction of the Cerro San Pedro gold and silver mine in Mexico. Mr. Fierro was also a director of Timberline Resources and Grayd, which was acquired by Agnico-Eagle for $275 million. Mr. Fierro graduated with a Bachelor of Science - Mine Engineering from South Dakota School of Mines & Technology where he previously served on the Advisory Board. Mr. Fierro is also a director of Pure Gold Mining Inc.

Richard Hall - Independent Director - Mr. Hall is a seasoned mining executive, bringing over 40 years of building leading precious metals companies in the Americas and Australia. In addition to consulting to the mining industry, he presently serves on the Board of Directors of IAMGOLD Corporation, Kaminak Gold Corporation and Klondex Mines Ltd. (Chairman). Previously, he was Chairman of Premier Gold Mines. Mr. Hall served as CEO of Northgate Minerals Corp. and Metallica Resources Inc., Chairman of Grayd and as Chairman of the Special Committee of Creston Moly Corp. From 1998 to 2008, as President and CEO of Metallica Resources, he was involved in all aspects of the company's development, including the financing, construction and commissioning of the Cerro San Pedro gold and silver mine in Mexico. While at Metallica Resources, the El Morro deposit was discovered in Chile and was brought through to a final feasibility study in conjunction with Metallica Resources' operating partner on the project, Xstrata. In August 2008, Metallica Resources was part of a $1.6 billion merger with New Gold and Peak Gold. Prior to his tenure at Metallica Resources, Mr. Hall held senior management positions with Dayton Mining Corp. and Pegasus Gold Corp. Mr. Hall holds a Bachelor's and Master's degree in geology, and an MBA from Eastern Washington University. He also completed an executive development program at the University of Minnesota. Mr. Hall is also a member of the National Association of Corporate Directors and member of both the Audit and Investment Committees of the Society of Economic Geologists.

Marc Prefontaine - President, CEO and Director - Mr. Prefontaine is a Professional Geologist with over 25 years of industry experience. He graduated with a B.Sc. in Geology from the University of Alberta and a M.Sc. in Mineral Exploration from Queen's University. Most recently, Mr. Prefontaine served as President and CEO of Grayd. During his eight years as CEO of Grayd, Mr. Prefontaine assembled the land package in Mexico that ultimately became the La India Project. He and his geological team made two gold discoveries. During his tenure, Grayd grew from a small exploration company with a market capitalization of $5 million to a successful development-stage company culminating with its 2011 acquisition by Agnico-Eagle for $275 million. Agnico-Eagle built the mine and achieved commercial production within two years of the acquisition. Mr. Prefontaine is a director of Santa Cruz Silver Mining Ltd. Prior to Grayd, Mr. Prefontaine spent his career living and working internationally for Teck Resources, Hunter Dickinson, Northair Group and Lac Minerals. He ran exploration projects and offices throughout North America, South America, South Africa, Asia and Central Asia.

Hans Smit - COO and Director - Mr. Smit is a Professional Geologist with over 30 years of experience in all aspects of the mineral industry; from grassroots exploration to mine feasibility studies, environmental permitting and corporate development. As VP Exploration for Grayd, Mr. Smit was one of the key people who brought the La India heap-leach gold project in Mexico from the grassroots exploration-stage to an advanced project. Agnico-Eagle acquired Grayd for $275 million and recently brought La India into production, using a mine and production plan based on Grayd's work. Mr. Smit has guided exploration, feasibility and permitting work on other advanced gold projects, including at Dublin Gulch in the Yukon and Red Mountain in British Columbia. He also managed the feasibility, environmental assessment and permitting of the Swamp Point Aggregate Mine located on the coast of British Columbia. Recent work includes managing resource estimates and a preliminary economic assessment on silver-based metal vein projects in northern Mexico.

Kerry Sparkes - Independent Director - Mr. Sparkes is a registered Professional Geologist and holds an M.Sc. in Geology from Memorial University in Newfoundland. He has over 25 years' experience in the mineral exploration business as both an exploration geologist and executive. His career has included the exploration, delineation and development of two major Canadian deposits, both of which were the subject of take-overs. He has acted as a director and officer of a number of publically listed companies over the last 15 years, including serving as a member of a number of independent committees. Mr. Sparkes currently holds the role of V.P. Geology for Franco-Nevada Corporation.

Aaron Wolfe - Director - Mr. Wolfe is a corporate finance and advisory professional with senior management and strategic leadership experience at public and private companies operating in domestic and international markets. From 2003 to 2006, Mr. Wolfe was an Associate Consultant with an international management and human resources consulting firm, Mercer (Canada) Ltd. From 2006 to 2009, Mr. Wolfe was an Investment Banker with Macquarie Capital Markets Canada Ltd., the Canadian division of a global investment bank, and its predecessor Orion Securities Inc. In 2009, Mr. Wolfe founded Asset Strategy Corp., which is an executive consulting firm specializing in strategic business development, corporate finance and transaction advisory for high-growth public and private companies. Through Asset Strategy Corp., Mr. Wolfe has acted as a senior officer to a number of junior miners. Mr. Wolfe graduated with an Honors Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Paul Robertson - CFO - Mr. Robertson is the founding partner of Quantum Advisory Partners LLP and has over 16 years of accounting, auditing and tax experience. He has developed extensive experience in the mining sector and provides financial reporting, regulatory compliance, internal controls and taxation advisory services to a number of junior resource companies. Prior to founding Quantum Advisory Partners LLP, he was a tax manager with Ernst & Young LLP in Vancouver providing tax consulting and compliance services primarily to corporate clients in the high-technology and biotechnology industries as well as several multi-national mining companies. He provides a wide array of practical tax experience and has advised and assisted clients on matters including: scientific research and experimental development claims; corporate reorganizations; Canada Revenue Agency income tax audits; non-resident withholding tax; and transfer pricing and commodity tax audits. Mr. Robertson is a Chartered Accountant (CA) and is based in Vancouver.

About Red Mile Minerals

Red Mile Minerals is a closely-held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario and continues to seek additional mineral exploration opportunities where the Company's exploration expertise and corporate share structure could substantially enhance shareholder value.

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, without limitation, statements with respect to the expected timing for the name change and trading on the TSX Venture Exchange and the Company's objectives and strategies, including with respect to the acquisition of precious metal projects, advancing projects through to feasibility and minimizing G&A costs. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release, including without limitation, assumptions with respect to: (1) the name change and trading on the TSX Venture Exchange occurring in the anticipated timeframe; (2) the Company identifying a desirable project for development; and (3) the Company being able to successfully execute its strategy discussed herein. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with delays regarding the expected timing for the name change and trading on the TSX Venture Exchange; risks associated with executing the Company's objectives and strategies, including costs and expenses and risks and uncertainties regarding the identification of a desirable project for development; health, safety and environmental risks; the risk of commodity price and foreign exchange rate fluctuations; and risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with any corporate strategy. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Red Mile Minerals Corp.
Marc Prefontaine
President and CEO
+1 (604) 307-6365

Foster Creek returns to normal operations after forest fire

CALGARY , June 11, 2015 /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has returned to normal operations at its Foster Creek oil sands project in northern Alberta after a forest fire on the Cold Lake Air Weapons Range (CLAWR) led to the precautionary shutdown of the operation on May 23 for 11 full days.

"I'd like to commend everyone at Cenovus and externally who responded to the forest fire and helped keep our people and facilities safe," said John Brannan , Cenovus Executive Vice-President & Chief Operating Officer. "I was pleased with the strong coordination between our Cenovus teams, Alberta Agriculture and Forestry, and the Department of National Defence, in particular 4 Wing Cold Lake and CLAWR Range Control. I also want to thank our staff who worked safely and efficiently to get Foster Creek running again."

Cenovus expects second-quarter production to be reduced by approximately 10,500 barrels per day (bbls/d) net due to the shutdown. For the full year, the production impact is estimated to be approximately 2,600 bbls/d net. Cenovus expects full-year production from Foster Creek to remain within its previously announced annual guidance of 62,000 bbls/d to 68,000 bbls/d net.

Essential staff were cleared to return to Foster Creek on June 1 to inspect the site and begin start-up activities. Crews found no damage to the Foster Creek facility and infrastructure, and the restart of operations went smoothly. The company is assessing expected costs incurred as a result of the evacuation and the shutdown.

Foster Creek, which is jointly owned with ConocoPhillips, had average production of approximately 67,500 bbls/d net to Cenovus (135,000 bbls/d gross) before the forest fire. Production has now essentially returned to this range. Total oil production across all of Cenovus's assets averaged about 218,000 bbls/d net in the first quarter of 2015.

The Athabasca natural gas operation, which was also shut down due to the forest fire, has returned to normal operations as well. The facility produces about 20 million cubic feet per day (MMcf/d) of gas, which is used as fuel for Foster Creek. While the forest fire caused minor damage to peripheral equipment at some well sites, the natural gas wells were not affected.

On June 9 , Alberta Agriculture and Forestry declared the forest fire on the CLAWR as being held and lifted the precautionary two-hour evacuation notice for Foster Creek.

ADVISORY
FORWARD-LOOKING INFORMATION
This document contains certain forward-looking statements and other information (collectively "forward-looking information") about Cenovus's current expectations, estimates and projections, made in light of the company's experience and perception of historical trends. Forward-looking information in this document is identified by words such as "expect", "guidance", "estimate" or similar expressions and includes suggestions of future outcomes, including statements about expected future production and projections contained in the company's 2015 guidance. Readers are cautioned not to place undue reliance on forward-looking information as the company's actual results may differ materially from those expressed or implied.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: the extent of damage caused by the forest fire; assumptions disclosed in Cenovus's 2015 corporate guidance, available at cenovus.com ; projected capital investment levels, the flexibility of capital spending plans and the associated source of funding; the company's ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; the company's ability to generate sufficient cash flow from operations to meet the company's current and future obligations; and other risks and uncertainties described from time to time in the filings Cenovus makes with securities regulatory authorities.

The risk factors and uncertainties that could cause Cenovus's actual results to differ materially include: the impact of weather conditions on the ability to execute further damage assessment and repair programs; risks associated with any unanticipated damage or other effects of the forest fire; risks associated with any continued, further or additional natural disasters; and the risk factors and uncertainties identified in Cenovus's First Quarter Report, which remain accurate as of the date of this release.  For a full discussion of Cenovus's material risk factors, see "Risk Factors" in Cenovus's most recent Annual Information Form/Form 40-F, "Risk Management" in Cenovus's current and annual Management's Discussion & Analysis (MD&A) and risk factors described in other documents Cenovus files from time to time with securities regulatory authorities, all of which are available on SEDAR at sedar.com , EDGAR at sec.gov and the company's website at cenovus.com .

Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta , which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan . The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $23 billion . For more information, visit cenovus.com .

Find Cenovus on Facebook , Twitter , LinkedIn , YouTube and Instagram .

SOURCE Cenovus Energy Inc.

Trinidad Drilling Ltd. and CanElson Drilling Inc. Announce Strategic Business Combination

CALGARY, ALBERTA--(Marketwired - June 11, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Trinidad Drilling Ltd. ("Trinidad") (TSX:TDG) and CanElson Drilling Inc. ("CanElson") (TSX:CDI) are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") to combine both Trinidad and CanElson's premier contract drilling fleets pursuant to a court approved plan of arrangement (the "Transaction") to create a stronger, more diverse North American drilling company with growth prospects internationally and greater scale and resources. The combined company will operate one of the newest and largest fleets of oil and gas drilling rigs in North America with a combined total of 163 gross land drilling rigs, including eight international rigs under Trinidad's joint venture.

SUMMARY OF TRANSACTION

Under the terms of the Transaction, Trinidad will acquire all of the issued and outstanding common shares of CanElson (the "CanElson Shares") in exchange for a combination of cash and Trinidad common shares (the "Trinidad Shares"). CanElson shareholders will, for each share held, have the option to receive, subject to an aggregate maximum cash payment by Trinidad of $50 million (the "Maximum Cash Consideration"):

  • 1.0631 Trinidad Shares (the "Share Consideration"); or
  • $4.90 in cash

In the event that the CanElson shareholders elect to receive more than the Maximum Cash Consideration, a pro rata adjustment will be made such that the aggregate amount of cash to be paid to the CanElson shareholders will not exceed the Maximum Cash Consideration.

The Share Consideration offered to the CanElson shareholders is equivalent to a 23.5% premium to the 20-day volume weighted average trading price of the CanElson Shares on the TSX for the period ended June 10, 2015. The total Transaction value is approximately $505 million, including the assumption of approximately $36 million in CanElson debt, including transaction costs. The cash portion of the Transaction will be financed from Trinidad's cash balances and existing bank credit facilities. Upon completion of the Transaction, on a fully diluted basis and assuming the Maximum Cash Consideration is elected, current Trinidad shareholders will own approximately 60% and CanElson shareholders will collectively own approximately 40% of the combined company.

STRATEGIC RATIONALE

The Transaction between CanElson and Trinidad is expected to:

  • Allow both the CanElson and Trinidad shareholders to benefit from the combined company's improved ability to capitalize on growth;
  • Provide a broader, more diverse drilling platform from which to grow both domestic and international operations to meet customer demand;
  • Improve liquidity for all shareholders of the combined company;
  • Create greater geographic relevance within key operating areas throughout North America;
  • Provide an expanded combined customer base;
  • Create a strengthened operation and a stronger combined board of directors and management team; and
  • Combine two high quality drilling companies with a strong track record of consistently generating above average utilization levels in Canada and the US.

The Transaction is also expected to provide strategic corporate benefits to Trinidad, including:

  • Accretion on a per Trinidad Share basis;
  • Significant operational synergies and efficiencies through combining operational facilities and reduced corporate and professional fees;
  • Increased opportunities to move equipment to meet customer demand; and
  • Reduced corporate leverage.

"The transaction is a compelling strategic fit and offers shareholders, customers, and employees of both companies a significant opportunity, owing to the complementary nature of our respective operations," said Lyle Whitmarsh, Trinidad's Chief Executive Officer. "Our highly experienced and capable leadership will consist of members of the management teams of Trinidad and CanElson, both of which have consistently generated above average utilization rates in Canada and the US."

The board of directors of CanElson (the "CanElson Board") is recommending this transaction for the following reasons:

  • Creates a stronger and larger domestic drilling platform from which to grow international operations and enables CanElson shareholders to better participate in additional acquisition opportunities from a larger operating platform;
  • Compliments CanElson's management team and positions the company for long term growth;
  • Provides CanElson shareholders with a strategic investment opportunity in the third largest drilling contractor in Canada at an exchange ratio that offers a premium to the current share price of approximately 20%;
  • Increases CanElson's exposure to a fleet of high quality AC electric heavy double and triple drilling rigs;
  • Further diversifies CanElson into the US domestic and international marketplace;
  • Provides enhanced exposure to shareholders to a recovery in drilling activity; and
  • Potentially enhances CanElson shareholder liquidity, cost of capital and future access to capital to fund future growth and acquisition opportunities.

CanElson's President and Chief Executive Officer, Randy Hawkings, added, "The combined company will be strongly equipped with high-quality rigs across Western Canada, the top oil-focused basins in the US and strategic international markets, including Mexico and Saudi Arabia. Together we will be better positioned to optimize existing assets and operations and pursue new business opportunities. We will have a broader fleet to meet the demands of customers in matching the right rig for the right job and the talent to succeed in all market conditions."

CANELSON FLEET

CanElson has assembled a highly-marketable, modern, deep-focused fleet. CanElson's fleet consists of 51 gross drilling rigs with an average age of approximately 5.6 years. CanElson's fleet is summarized below:

CanElson Drilling Rig Summary
Horse Power Hookload
Canada US Int'l Total Low High Low High
# # # # HP HP (daN) (daN)
< 3,000m 0 1 1 2 400 460 85,406 133,000
3,000m - 4,000m 17 5 1 23 630 1,000 133,000 178,000
> 4,000m 11 15 0 26 850 1,500 155,688 333,617
Total 28 21 2 51

PRO FORMA SUMMARY, TRANSACTION TERMS AND CONDITIONS

Upon closing of the Transaction, Trinidad is anticipated to have the following pro forma characteristics:

  • Highly-active fleet of 163 gross land drilling rigs, the majority of which provide customers with high horsepower pumps, high hook loads, top drives, and other key features required for drilling oil and gas wells in Canada and the United States efficiently;
  • One of the most marketable drilling rig fleets in Canada and the United States as evidenced by historical and current utilization rates;
  • Take or pay contract base of 35 - 40% of the combined fleet, with an average term remaining of 1.5 years;
  • Pro forma Trinidad Shares outstanding of approximately 222 million (226 million fully diluted) (1) ;
  • Pro forma market capitalization of approximately $1.05 billion (1) (4) ; and
  • Strong balance sheet with low leverage ratios; pro forma Debt to Bank EBITDA (2) of 2.11 times at March 31, 2015 (3) .

Notes:

  1. Assumes full payment of $50 million in cash consideration.
  2. Debt to Bank EBITDA is defined as the consolidated balance of long-term debt, which includes the Senior Debt, Senior Notes Payable and dividends payable at quarter end, less unrestricted cash in excess of $10 million, to consolidated Bank EBITDA for the trailing twelve months. This measure does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures used by other companies. Readers are urged to consult the disclosure provided under the heading "Non-GAAP Measures" in Trinidad's management's discussion and analysis for the three months ended March 31, 2015 for a reconciliation of Bank EBITDA to net income.
  3. Based on Trinidad's current debt covenant calculation.
  4. Based on the June 10, 2015 closing price of Trinidad Shares.

TRANSACTION DETAILS

The Transaction is expected to be completed prior the end of August, 2015 and is subject to standard TSX, Court and regulatory approvals and other closing conditions. The Transaction will require approval by at least 66 2/3 percent of the CanElson Shares represented in person or by proxy at a special meeting of CanElson shareholders and a majority of the votes cast by CanElson shareholders after excluding the votes cast by those persons whose votes may not be included under the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions . The issuance of the Trinidad Shares pursuant to the Transaction will require approval by a simple majority of the Trinidad Shares represented in person or by proxy at a special meeting of Trinidad shareholders. In addition, and conditional upon the completion of the Transaction, it is expected that Donald R. Seaman will be appointed to the Trinidad Board and Trinidad will put forward for Trinidad shareholder approval two additional CanElson director nominees for election to the Trinidad Board, namely Elson J. McDougald and Dale Johnson.

The Transaction has received unanimous approval by the CanElson Board. The CanElson Board has unanimously determined that the Transaction is in the best interests of CanElson, that the consideration to be received by CanElson shareholders is fair from a financial point of view to the CanElson shareholders and has resolved to recommend that CanElson shareholders vote in favour of the Transaction.

Similarly, the Transaction has received the unanimous approval of the directors of Trinidad (the "Trinidad Board"). The Trinidad Board has unanimously determined that the Transaction is in the best interests of Trinidad and has resolved to recommend that the Trinidad shareholders vote in favour of the issuance of the Trinidad Shares and the appointment of the CanElson director nominees.

In addition, shareholders of CanElson holding approximately 6% of the outstanding CanElson shares, have entered into support agreements to vote in favour of the Transaction and shareholders of Trinidad holding approximately 1% of the outstanding Trinidad Shares, have entered into support agreements to vote in favor of the issuance of the Trinidad Shares and the election of Mr. McDougald and Mr. Johnson to the Trinidad Board.

Following the closing of the Transaction, in addition to the three CanElson director nominees joining Trinidad's Board, it is expected that several members of the CanElson management team, including Randy Hawkings and other key members of the CanElson leadership team, will stay on to assist in the integration and management of the combined company.

Pursuant to the terms of the Arrangement Agreement, CanElson has agreed that it will not solicit or initiate discussions regarding any other business combination or sale of material assets. The CanElson Board may respond to unsolicited superior proposals subject to certain requirements and notification to Trinidad who has the right to match any superior proposals within a three business day match period. The Transaction provides for a reciprocal non-completion fee of $15 million payable in certain circumstances if the Transaction is not completed.

Trinidad and CanElson's shareholders will continue to receive dividends as they are declared.

Complete details of the terms of the Transaction are set out in the Arrangement Agreement, which will be filed and available for viewing on SEDAR under each of Trinidad and CanElson's profiles at www.sedar.com .

FINANCIAL ADVISORS

Raymond James Ltd. is acting as exclusive financial advisor to Trinidad with respect to the Transaction.

Peters & Co. Limited is acting as exclusive financial advisor to CanElson and has provided CanElson with a verbal opinion that the consideration to be received by the CanElson shareholders pursuant to the Transaction is fair, from a financial point of view, to the CanElson shareholders.

Lightyear Capital is acting as strategic advisor to CanElson.

CONFERENCE CALL

Trinidad and CanElson will hold a joint conference call to discuss the Transaction.

Conference Call: Thursday, June 11, 2015 beginning at 9:00 a.m. MT (11:00 a.m. ET).
888-231-8191 (toll-free in North America) or 647- 427-7450 approximately 10 minutes prior to the conference call.
Archived Recording: Available from approximately 12:30 p.m. MT on June 11, 2015 until midnight June 18, 2015. The dial-in number is 855-859-2056 or 416-849-0833 and access code is 64767096.
Webcast: https://www.trinidaddrilling.com/investors/events-presentations
http://canelsondrilling.com/investors/

Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions operate in the drilling and barge-drilling sectors of the North American oil and natural gas industry with operations in Canada and the United States. In addition, through a joint venture, Trinidad has the opportunity to operate drilling rigs in other international markets such as Saudi Arabia and Mexico. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.

The primary business of CanElson is operating land-based contract drilling rigs in Canada, the US and Mexico for oil and natural gas exploration and development companies. CanElson also operates a compressed natural and raw gas transportation related services business through its wholly owned subsidiary, CanGas Solutions Inc.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the shares in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a United States person, absent registration, or an applicable exemption therefrom.

FORWARD-LOOKING STATEMENTS

This press release contains certain statements or disclosures relating to Trinidad, CanElson, the Transaction and the combined entity that will be created pursuant to the Transaction which constitute forward-looking information under applicable securities laws. All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Trinidad or CanElson anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information can be identified by terms such as "may", "will", "expect", "anticipate", "pro forma", or other comparable terminology.

In particular, this press release includes forward-looking information about the Transaction and its impacts, including without limitation: (a) the anticipated closing of the Transaction and the timing thereof; (b) the anticipated operational and strategic benefits of the Transaction including in particular, the information set out under the heading "Strategic Rationale"; (c) the anticipated benefits identified as being the reasons that the CanElson Board and the Trinidad Board, respectively, are each recommending the Transaction; and (d) the anticipated impact of the Transaction on Trinidad including in particular, pro forma market capitalization, pro forma Bank Debt to EBITDA value and the information set out under the heading "Pro Forma Summary, Transaction Terms and Conditions".

The forward-looking information provided in this press release is based upon a number of material factors and assumptions including without limitation: (a) that the Transaction will be completed in the timelines and on the terms currently anticipated; (b) that all necessary TSX, Court and regulatory approvals will be obtained on the timelines and in the manner currently anticipated; (c) that all necessary Trinidad and CanElson shareholder approvals will be obtained; and (d) general assumptions respecting the business and operations of both Trinidad and CanElson, including that each business will continue to operate in a manner consistent with past practice and pursuant to certain industry and market conditions.

Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward-looking information. In particular, the completion of the Transaction is subject to a number of risks including, without limitation: (a) TSX, Court and regulatory approvals may not be obtained in the timelines or on the terms currently anticipated or at all; (b) Trinidad and/or CanElson shareholder approval may not be obtained; (c) the Transaction is subject to a number of closing conditions and no assurance can be given that all such conditions will be met or will be met in the timelines required by the Arrangement Agreement; and (d) the business, operational and/or financial performance or achievements of Trinidad or CanElson may be materially different from that currently anticipated. In particular, the synergies and benefits anticipated in respect of the Transaction are based on the current business, operational and financial position of each of Trinidad and CanElson which are subject to a number of risks and uncertainties. Readers are urged to consult the disclosure provided under the heading "Risk Factors" in Trinidad's annual information form for the year ended December 31, 2014 and under the heading "Risk Factors" in CanElson's annual information form for the year ended December 31, 2014, each of which has been filed on SEDAR at www.sedar.com for further information respecting the risks and other factors applicable to Trinidad and CanElson, respectively.

Readers are cautioned not to place undue reliance on forward looking information, which is given as of the date of this press release. Trinidad and CanElson undertake no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law.

Trinidad Drilling Ltd.
Lyle Whitmarsh
Chief Executive Officer
403-265-6525

Trinidad Drilling Ltd.
Brent Conway
President
403-265-6525

Trinidad Drilling Ltd.
Lisa Ottmann
Vice President, Investor Relations
403-294-4401
[email protected]

CanElson Drilling Inc.
Randy Hawkings
President and Chief Executive Officer
403-266-3922

CanElson Drilling Inc.
Robert Skilnick
Chief Financial Officer
403-266-3922

Tethys Petroleum Limited Press Release: Corporate Update

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - June 11, 2015) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") provides the following corporate update to its shareholders.

Highlights

  • Resolution reached with SinoHan.
  • Following the greater than 50% reduction of our corporate and regional overheads, further restructuring and costs reductions are on going.
  • As part of the ongoing strategic review, Tethys remains in an exclusivity period with AGR Energy Limited No. 1 ("AGR Energy") to negotiate a potential larger financing. The exclusivity period runs through to June 12, 2015.
  • Kazakhstan May production averaged 5,408 boepd, highest since June 2013.
  • 2015 average production to date 4,585 boepd.
  • Shallow gas well AKK14 successfully brought onto production and work has commenced on the AKK05 gas well.
  • 2D seismic programme in Tajikistan with partners CNPC and Total is progressing well with Phase One on track to complete in Q3.

John Bell, Chairman of Tethys Petroleum said: "We continue to focus on managing our cost base to further reduce our overheads while at the same time steadily increasing our production rates. We are delighted to report that our Kazakhstan production for May 2015 was up 19% on April, and a record rate since June 2013.

Discussions continue with AGR Energy regarding a potential larger financing as part of the strategic review and we look forward to updating shareholders in due course."

Resolution with SinoHan

The Company is pleased to announce that an amicable resolution on mutually acceptable terms has been reached with SinoHan Oil & Gas Investment 6 B.V ("SinoHan") regarding the termination of the SPA, pursuant to which the Company will repay the escrow loan and agreed costs. Both parties wish each other well in their future business endeavours

Restructuring

Further optimisation and restructuring continues with the Company to close the Guernsey office and relocate the finance team to London. The Company has entered into the two-week consultation with all Guernsey staff regarding their ongoing employment with Tethys. Over the last 7 months the Company has closed Washington, Toronto, Beijing and the Dubai offices as well as relocated and downsized offices in Georgia and Tajikistan. It is expected that the process of closing the Guernsey office will take 3 - 6 months. The Company believes that this will ensure a more streamlined organization with the key departments in one location and will ultimately save costs and enable greater efficiency. In addition to this, further staff reductions in the finance department have been made corporately.

Strategic Review

The Strategic Review process, being undertaken with the assistance of Macquarie Capital, is progressing well. As part of the ongoing strategic review, Tethys remains in an exclusivity period with AGR Energy to negotiate a potential larger financing. The exclusivity period runs through to June 12, 2015 and is subject to certain customary exceptions. A further update will be provided in due course. At this stage, there can be no certainty that further funding will be secured or that any strategic transaction or alternative will be undertaken.

Operations

Kazakhstan production for May 2015 averaged 5,408 boepd and is at the highest rate since June 2013. Current production comprises 563 Mcm/d (19.9 MMcf/d) of net sales of gas and 2,185 bopd of oil. Production for the year to date has averaged 4,585 boepd.

Highlights during the past month included the successful production start-up of the AKK14 shallow gas well post workover and the commencement of the workover of the AKK05 gas well. In addition, at the start of the month the overhaul of compressor #5 was completed successfully, and the Company is planning to overhaul more compressors later in the year.

In Tajikistan the Joint Venture is working towards the exploration mapping of the northern half of the PSC area with a view to being able to site a well there in 2016 if agreed. The thorough geological and geophysical investigation includes a Phase One 826 kms 2D seismic and associated magneto-tellurics acquisition programme which is progressing well through contractor BGP with partners Total and CNPC under the Joint Operating Company BOC. Phase One of the seismic acquisition programme is currently on track to complete in the latter part of Q3. The processing contract has been awarded to Schlumberger Beijing (SCSA) and they will start batch processing from June. The exploration programme is currently on budget and on time to allow for the mapping of the northern part of the PSC by year-end.

In Georgia, contractor Prospectuini, under operator NOC, continues with the ground gravity survey in Block XIN. The final full State approval process to ratify the new streamlined exploration work programmes for all 3 joint venture blocks XIA, XIM and XIN is now expected to finish in late June or early July. The 2015 work obligation of gravity acquisition in all 3 blocks is expected to be completed in August. This gravity survey will lay a solid foundation for a further programme of limited detailed 2D seismic acquisition and mapping prior to deciding if and where to drill any exploration wells.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Disclaimer

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the reduction of corporate and regional overheads and operational expenses, the continued steady increase in production rates, reaching an agreement with AGR Energy in respect of financing, the planned overhaul of compressors later in 2015, completion of phases of the exploration programme in Tajikistan within anticipated timeframes and on budget, completion of ground gravity surveys in exploration blocks in Georgia in August 2015, Georgian State approval for an exploration work programme, as well as a strategic review. Such forward-looking statements reflect our current views with respect to future events. The forward looking statements are based on the following assumption: that the Company will be able to successfully further reduce its corporate and regional overheads and operational expenses, that a continued steady increase in production rates will be achieved, that an agreement with respect to a financing with AGR Energy will be reached, that compressors will be overhauled as planned in 2015, that phases of the exploration programme in Tajikistan will be completed in specified timeframes and on budget, that ground gravity surveys in exploration blocks in Georgia will be completed in August 2015, that Georgian State approval for an exploration work programme will be obtained by early July. These forward looking statements are subject to a number of risks and uncertainties, including that the Company will not be able to successfully further reduce its corporate and regional overheads and operational expenses, that a continued steady increase in production rates will not be achieved, that an agreement with respect to a financing with AGR Energy will be not be reached, that compressors will not be overhauled as planned in 2015, that phases of the exploration programme in Tajikistan will not be completed in specified timeframes and on budget, that ground gravity surveys in exploration blocks in Georgia will not be completed in August 2015 and that Georgian State approval for an exploration work programme will not be obtained by early July. See our Annual Information Form for the year ended December 31, 2014 for a description of risks and uncertainties relevant to our business, including our exploration activities. The "forward looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

In this press release, where amounts are expressed on a boe basis, natural gas volumes have been converted to oil equivalence at 6 Mcf:1 boe (170 cm: 1boe). The term boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 boel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

CAMARCO (Financial PR)
Billy Clegg / Georgia Mann
+44(0)203 757 4983
[email protected]
www.tethyspetroleum.com

High North Resources Ltd. Receives Final Court Order Approving the Plan of Arrangement and Announces Debentureholder Election Results

CALGARY, ALBERTA--(Marketwired - June 10, 2015) -

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

High North Resources Ltd. (TSX VENTURE:HN) (the " Company " or " High North ") is pleased to announce that the Supreme Court of British Columbia has issued a final order approving the Plan of Arrangement (the " Arrangement ").

As previously announced on June 4, 2015, a resolution approving the Arrangement was passed by holders (" Debentureholders ") of 12.00% convertible unsecured subordinated debentures of High North (" Debentures ") holding 88.64% of the principal amount of the Debentures outstanding, present in person or by proxy at the meeting of Debentureholders held on June 4, 2015.

Pursuant to the Arrangement, Debentureholders had the opportunity to elect for certain options in respect of their Debentures, as set out in the information circular of High North dated April 30, 2015 (the " Information Circular "). Debentureholders holding 4,011 Debentures in the principal amount of $4,011,000 (representing approximately 46% of Debentures) elected for Option A, whereby their respective Debentures will be redeemed in exchange for common shares of the Company on the terms set out in the Information Circular. Additionally, Debentureholders holding 4,659 Debentures in the principal amount of $4,659,000 (representing approximately 54% of Debentures) elected for Option B, whereby the Debentureholders' Debentures will continue to be held as Debentures and will be subject to the terms of a supplemental debenture indenture, also pursuant to the terms set out in the Information Circular.

High North is working to obtain regulatory approval from the TSX Venture Exchange and complete the documents to give effect to the Arrangement. High North expects the closing of the Arrangement will be completed on or about July 15, 2015.

Further information about the Arrangement is set forth in the Information Circular which has been filed under High North's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .

High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. High North trades on the TSX Venture Exchange under the symbol HN.

Additional information about the Company is available under High North's profile on SEDAR at www.sedar.com .

Forward-looking Statements and Information

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of High North. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This news release contains forward-looking statements pertaining to, among other things, the following: the redemption of Debentures elected for Option A and the issuance of common shares in respect of the same, the Debentures elected for Option B being held pursuant to the terms of the supplemental debenture indenture, the ability of the Company to obtain regulatory approval from the TSX Venture Exchange for the Arrangement and the timing and completion of the Arrangement. Forward-looking statements contain significant risks and uncertainties. A number of circumstances could cause results to differ materially from the results discussed in the forward-looking statements including, without limitation: failure to obtain the necessary approvals for the Arrangement, or to otherwise satisfy the conditions of the Arrangement in a timely manner, or at all; regulatory changes and certain other risks detailed from time to time in High North's public disclosure documents, copies of which are available on High North's SEDAR profile at www.sedar.com .

Although High North believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. High North's actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and except as required by applicable securities laws, High North disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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.

High North Resources Ltd.
Paul Starnino
President, Chief Executive Officer, and Director
(403) 454-5565
[email protected]
www.highnorthresources.com

DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2015) - STRATA-X ENERGY LTD (TSX VENBTURE:SXE)(ASX:SXA) -

  • Strata X outlines "By-Passed Oil" program to as a follow up to successful Blue Spruce project.
  • Drilling scheduled to commence July 2015
  • Follow up drilling in Lingle formation to be drilled Q3 2015

Strata-X Energy Limited is pleased to announce it has released an updated investor presentation which is available on its website at www.strata-x.com . The Company is focusing its efforts on developing the "by-passed pay" prospects in its Illinois Basin portfolio. A by-passed pay well is one that was drilled previously that has certain drilling and electrical log attributes that indicate commercial oil is present. By-passed pay prospects are generally low risk, high margin opportunities for the Company to drill at very low finding costs. Most of these wells were drilled 50 years or more ago when oil prices were less than $2/bbl with small profit margins. Using rigorous mapping techniques the Company has identified at least 12 leads and prospects it feels are by-passed pay opportunities at depths less than 4,000 feet.

Blue Spruce - By-Passed Pay discovery 1

Earlier this year the Company successfully drilled and completed the Blue Spruce # 1 which resulted in a discovery of approximately 1.2 million barrels of 2P reserves, as determined by independent reserve evaluators. Plans are to begin development of the Blue Spruce discovery in June 2015 with the drilling of 2 development wells. The Blue Spruce #1 is currently shut in while an injector well is sourced to handle produced water. The Company anticipates drilling will begin in July 2015.

Oak By-Passed Pay Prospect

The Oak prospect is located approximately 7 miles from the Blue Spruce project and is situated on trend with historical production from the Aux Vases formation. Mapping indicates that the Oak prospect could consist of 3 linked pools which in total could contain over 11 million barrels of recoverable oil based on internal estimates using similar evaluation techniques as used on Blue Spruce. The cost to drill and evaluate the Oak prospect is estimated to be approximately $175,000. The Company anticipates drilling will begin in July 2015.

Maple By-Passed Pay Prospect

The Maple Prospect is located approximately 5 miles from the Blue Spruce project and mapping indicates that approximately 1.6 million barrels could be recovered based on internal estimates using similar evaluation techniques as used with the Blue Spruce project. Drilling is anticipated to begin in August of 2015 at a cost of $175,000 to drill and evaluate.

Lingle Oil Field

Following successful installation of a new disposal facility the Burkett 5-34 well has been placed back on production. Current rates are in line with expectations of approximately 50 BOPD. To date the well has produced 10,250 barrels of oil and generated over $750,000 in revenues. Plans are to drill the pilot well approximately 8 miles away at the Raccoon Creek location. This well will be cored and tested to confirm oil saturations and reservoir pressures prior to a second horizontal test. A horizontal well is currently scheduled in early 2016 should the test from the Raccoon Creek pilot well prove favorable.

Company President, Tim Hoops, stated that "we are excited about the by-passed pay prospects that we are generating at shallow depths of the Illinois Basin. Excellent well control should insure a high success rate. On the Lingle play we are confident that commercial oil exists and believe we can lower our capital costs significantly with a more effective completion program".

About Strata-X

Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, Illinois, California, Texas and Western Australia and production and development opportunities in California. Strata-X has 156,584,977 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.

1 Reserve information cited in this News Release for the Blue Spruce Project are P2 reserves, per an independent third party report effective 1 April 2015 ("Report") from Chapman Petroleum Engineering Ltd. This information originally appeared in a news release by the Company dated 6 April 2015.

This announcement was made in Canada for the TSX.V and in Australia for the ASX.

Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) ( www.sedar.com ) and ASX.com.au (Australia).

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation's business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management's current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward- looking statements are neither promises nor guarantees, and are subject to risks and uncertainties, including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See also "Risks Factors" in the Company's Annual Information Form dated September 25, 2014 available on SEDAR at www.sedar.com . Those factors are not, and should not be construed as being exhaustive. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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.

Strata-X Energy Limited
Tim Hoops (USA)
President
+1 855-463-2400
[email protected]

Strata-X Energy Limited
Colin Christensen (Canada)
Investor Relations
+1 403-483-8363
[email protected]

Strata-X Energy Limited
Julia Maguire (Australia)
Investor Relations
+61 419 815 386
[email protected]

TSX : PSD
OTCQX : PLSDF

CALGARY , June 10, 2015 /CNW/ - Pulse Seismic Inc. ("Pulse" or "the Company") is pleased to announce it has signed a $5.1 million seismic data licensing agreement, resulting in total seismic data library sales of $6.2 million so far for the second quarter of 2015. The sale brings year-to-date seismic data library sales to $7.5 million .

"This significant sale makes Pulse's year-to-date data library sales revenue sufficient to cover the Company's cash operating and interest costs for the full year," stated Neal Coleman , Pulse's President and CEO. "Although low commodity prices have reduced traditional seismic data library sales, we are pleased to see corporate transactions in the oil and gas producing sector which are leading to significant transactional data library sales revenue."

The agreement announced today is a transactional seismic data licensing sale. The licensed data is spread throughout the Deep Basin region of the Western Canada Sedimentary Basin. As discussed in Pulse's annual report for the year ended December 31, 2014 , transactional sales are forming an increasing proportion of the Company's overall revenue, with traditional sales having declined due to reduced field capital spending by oil and natural gas producers.

As Pulse has frequently noted in past disclosure documents, the amount and timing of seismic data sales are unpredictable, and the typically large size but unpredictable nature of transaction-based sales increases the difficulty of forecasting Company revenue.

Pulse's low cost structure enables the Company to generate shareholder free cash flow at low levels of annual data library sales revenue. The Company remains hopeful of securing additional transactional as well as traditional sales through the balance of 2015.

The financial information in this news release is based on management's estimates and has not yet been approved by the Company's Audit Committee or Board of Directors, or reviewed by the Company's auditors.

On July 31, 2015 the Company anticipates releasing full financial statements and related information for the three and six months ended June 30, 2015 .

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada , currently consisting of approximately 28,400 net square kilometres of 3D seismic and 340,000 net kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occurs.

Forward Looking Information

This news release contains information that constitutes "forward looking information" or "forward looking statements" (collectively, "forward looking information") within the meaning of applicable securities legislation. This forward looking information includes, among other things, statements regarding:

  • Transactional sales are forming an increasing proportion of the Company's overall revenue, with traditional sales having declined due to reduced field capital spending by oil and natural gas producers.
  • The Company remains hopeful of securing additional transactional as well as traditional sales through the balance of 2015;
  • Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance.

Often, but not always, forward looking information uses words or phrases such as: "foresees", "expects", "does not expect" or "is expected", "anticipates" or "does not anticipate", "plans" or "does not plan", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes" or "does not believe", "intends" or "does not intend", "likely" or "unlikely", "possible", "probable", "scheduled", "positioned", "goal", "objective", "hopes", "optimistic"  or states that certain actions, events or results "should", "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Undue reliance should not be placed on forward-looking information. Forward looking information is based upon current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to vary and in some instances to differ materially from those anticipated in the forward looking information.

The material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to:

  • oil and natural gas prices;
  • seismic industry cycles and seasonality;
  • the demand for seismic data and participation surveys;
  • the pricing of data library license sales;
  • relicensing (change of control) fees and partner copy sales;
  • the level of pre-funding of participation surveys, and the ability of the Company to make subsequent data library sales from such participation surveys;
  • the ability of the Company to complete participation surveys on time and within budget;
  • environment, health and safety risks;
  • the effect of seasonality and weather conditions on participation surveys;
  • federal and provincial government laws and regulation, including taxation, royalty rates, environment and safety;
  • competition;
  • dependence upon qualified seismic field contractors;
  • dependence upon key management, operations and marketing personnel;
  • loss of seismic data;
  • protection of Intellectual Property; and
  • the introduction of new products.

The foregoing list of risks is not exhaustive. Additional information on these risks and other factors which could affect the Company's operations or financial results are included in the Risk Factors section of the Company's MD&A for the most recent calendar year and interim periods. Forward looking information is based upon the assumptions, expectations, estimates and opinions of the Company's management at the time the information is presented.

SOURCE Pulse Seismic Inc.

CALGARY, ALBERTA--(Marketwired - June 10, 2015) - Cardinal Energy Ltd. (" Cardinal " or the " Company ") (TSX:CJ) confirms that a dividend of $0.07 per common share will be paid on July 15, 2015 to shareholders of record on June 30, 2015 with an ex-dividend date of June 26, 2015. The Board of Directors of Cardinal has declared the dividend payable in either cash or common shares at the election of the shareholder. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes.

About Cardinal Energy Ltd.

Cardinal is a junior Canadian oil focused company built to provide investors with a stable platform for dividend income and growth. Cardinal's operations are focused in all season access areas in Alberta.

Cardinal Energy Ltd.
M. Scott Ratushny
Chief Executive Officer and Chairman
(403) 216-2706

Cardinal Energy Ltd.
Douglas Smith
Chief Financial Officer
(403) 216-2709

Cardinal Energy Ltd.
Laurence Broos
VP Finance
(403) 727-2021

Cardinal Energy Ltd.
Suite 600, 400 - 3rd Avenue S.W.
Calgary, Alberta T2P 4H2
(403) 234-8681
(403) 234-0603 (FAX)
[email protected]

CALGARY , June 10, 2015 /CNW/ - Keyera Corp. (TSX:KEY) ("Keyera") announced today a cash dividend for June 2015 of 11.5 cents per common share. The dividend will be payable on July 15, 2015 , to shareholders of record on June 22, 2015 . The ex-dividend date is June 18, 2015 . This dividend is an eligible dividend for the purposes of the Income Tax Act ( Canada ). For non-resident shareholders, Keyera's dividends are subject to Canadian withholding tax.

About Keyera Corp.

Keyera Corp. (TSX:KEY) operates one of the largest natural gas midstream businesses in Canada . Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of Natural Gas Liquids (NGLs), the production of iso-octane and crude oil midstream activities.

Keyera's gas processing plants and associated facilities are strategically located in the west central, foothills and deep basin natural gas production areas of the Western Canada Sedimentary Basin. Its NGL and crude oil infrastructure, including pipelines, terminals and processing and storage facilities, as well as its iso-octane facility, are located in Edmonton and Fort Saskatchewan, Alberta , a major North American NGL hub. Keyera markets propane, butane, condensate and iso-octane to customers in Canada and the United States .

SOURCE Keyera Corp.