DXI Completes Final Tranche of $780,000 Convertible Debt Financing For NEBC Woodrush Drill Program

Issues Woodrush Operational Update

Vancouver, British Columbia–(Newsfile Corp. – January 15, 2019) –  DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) (“DXI” or the “Company”), an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia today announced that it has completed the entire $780,000 in convertible debt financing designated for the continued development of the Woodrush Project in Fort St. John. (All figures in Cdn.$, except where noted).

Financing Update:

Subject to final regulatory approval, four arms-length, U.S. accredited investors have closed loans to the Company $780,000 (US$600,000) on a first secured basis ranking “pari passu” with the existing first secured loans. The new loans are convertible into common shares at $0.06 until expiry in 2022, and will bear interest at the Canadian bank prime rate +1%. $520,000 (US$400,000) closed on October 3, 2018 while the balance of $260,000 (US$200,000) closed on January 14, 2019. The lenders may convert at any time and the total number of common shares of the Company issuable upon conversion of the principal amount of the $780,000 is 13,000,000. No fees will be paid. Proceeds from this transaction will be applied to NE B.C. lease obligations, surveying and environmental work for our 2019 Woodrush drilling licenses and related permits, construction of new drilling ‘pads’ if required by the B.C. Oil and Gas Commission, and general working capital.

Woodrush Operations Update:

The Company is pleased to announce that the surveys, environmental and biologist reports, C&N exemptions and industry-standard notices required to be filed with License Applications to drill wells in B.C. have been completed and filed online with the B.C. Oil & Gas Commission. Following BCOGC approval, the Company expects to commence field operations to drill an exploration well at b-89-E/94-H-1 at the end of February, 2019.

About DXI ENERGY INC.

DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada and has been producing commercial quantities of oil and gas since 2008. The company is publicly traded on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).

Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements in this press release include, but are not limited to, statements regarding the future plans of the Company, the completion and final amount raised in the debt financing, the final use of proceeds and that all necessary final approvals will be obtained. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.’s operations or financial results, are included in DXI Energy Inc.’s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change unless otherwise required under securities law.

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

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Follow DXI Energy’s latest developments on: Facebook http://facebook.com/dxienergy and Twitter @dxienergy.

Contact: DXI Energy Inc.
Sean Sullivan
President & CEO
604-638-5050
investor@dxienergy.com

David Matheson
CFO
604-638-5054
dmatheson@dxienergy.com

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CGX Energy and Frontera Announce Amendment to Letter Agreement

Toronto, Ontario–(Newsfile Corp. – January 11, 2019) – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“) announced today that they have further amended a letter agreement previously disclosed in a news release of CGX and Frontera on December 4, 2018 and amended on December 14, 2018, to extend the time of the launch of the equity financing in the amount of approximately US$20 million to occur on or prior to February 6, 2019 and anticipated to be completed on or prior to March 15, 2019, subject to regulatory approval.
Further, CGX and Frontera have amended the letter agreement to extend the time by which CGX Resources Inc., a wholly owned subsidiary of CGX, and Frontera will enter into a farm-in joint venture agreement covering CGX’s two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara Blocks as previously disclosed on December 4, 2018, to on or prior to February 6, 2019.
These changes to the timing are not expected to have any impact on the timing of the drilling of the Utakwaaka-1 exploration well on the Corentyne Block which is required to be drilled by November 27, 2019. As previously announced by CGX Energy, a definitive rig agreement has been executed with ROWAN RIGS S.A R.L for the use of the Ralph Coffman offshore jack-up rig which is targeted to commence during the second quarter of 2019.

Related Party Transaction
The proposed transactions between Frontera and CGX contemplated by the letter agreement are related party transactions under Multilateral Instrument 61-101. For further details, please see the news releases of CGX and Frontera dated December 4, 2018 and December 17, 2018 and the material change reports of CGX dated December 10, 2018 and December 17, 2018.

About CGX Energy:

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana- Suriname Basin.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

About Frontera:

Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 30 exploration and production blocks in Colombia and Peru. The Company’s strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner. Frontera’s common shares trade on the Toronto Stock Exchange under the ticker symbol “FEC”.

If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here:


Advisories: Fasken Martineau DuMoulin LLP is Canadian legal advisor to CGX. McMillan LLP is legal advisor to Frontera.

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that CGX or Frontera believe, expect or anticipate will or may occur in the future (including, without limitation, the launch and completion of the equity financing, the entering into the joint venture agreement, obtaining regulatory approvals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of Frontera or CGX, as the case may be, based on information currently available to them. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the applicable company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: with respect to Frontera, failure to reach appropriate definitive agreements with CGX; with respect to CGX (and as applicable Frontera), failure to reach appropriate definitive agreements with Frontera and obtain regulatory approval; changes in equity and debt markets; perceptions of the applicable company’s prospects and the prospects of the oil and gas industry in the countries where the company operates or has investments; and the other risks disclosed in the applicable continuous disclosure documents under each company’s profile on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, each of Frontera and CGX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although each of Frontera and CGX believes that the assumptions inherent in the forward-looking statements applicable to it are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For Further Information:

Frontera:
Grayson Andersen
Corporate Vice President, Capital Markets
+57-314-250-1467
ir@fronteraenergy.ca

www.fronteraenergy.ca


CGX:
Brooks Lyons
Manager, Commercial & Business Development
+1-832-300-3200
blyons@cgxenergy.com
Tralisa Maraj, Chief Financial Officer
+1-832-300-3200

Grosvenor Announces Investment in Restricted Voting Shares of Kinder Morgan Canada Limited

Toronto, Ontario–(Newsfile Corp. – January 10, 2019) – Grosvenor Capital Management, L.P. (Grosvenor) announces that, on behalf of client funds of Grosvenor (Investors), it beneficially owns and controls 3,302,966 restricted voting shares (Restricted Voting Shares) of Kinder Morgan Canada Limited (Kinder Morgan Canada), representing a decrease below 10% of the Issuer’s issued and outstanding Restricted Voting Shares.

On January 9, 2019, Grosvenor disposed of, on behalf of Investors, (the Disposition) 207,950 Restricted Voting Shares of Kinder Morgan Canada representing approximately 0.60% of the outstanding Restricted Voting Shares. The Restricted Voting Shares were disposed of through the facilities of the Toronto Stock Exchange at an average price of C$14.9655 per Restricted Voting Share, for a total value of approximately C$3,112,067.

Prior to the completion of the Disposition, Investors beneficially owned or controlled 3,510,916 Restricted Voting Shares, representing approximately 10.07% of the issued and outstanding Restricted Voting Shares. Immediately following completion of the Disposition, Investors beneficially owned or controlled an aggregate of 3,302,966 Restricted Voting Shares representing approximately 9.47% of the outstanding Restricted Voting Shares.

Grosvenor has a long-term view of the investment and may acquire additional securities of Kinder Morgan Canada either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Kinder Morgan Canada’s head office is located at Suite 2700, 300 – 5th Avenue S.W., Calgary, Alberta, T2P 5J2.

A copy of an “Early Warning Report” filed with the applicable Canadian securities regulatory authorities will be available under Kinder Morgan’s profile at www.sedar.com and may also be obtained by contacting Burke Montgomery or Lilly Farahnakian at Grosvenor at (312) 506-6500 or at 900 North Michigan Avenue, Suite 1100, Chicago IL 60611 USA.

Permex Petroleum Announces Non-Brokered Private Placement of up to C$1.5M of Units

Vancouver, British Columbia–(Newsfile Corp. – January 9, 2019) – Permex Petroleum Corporation (CSE: OIL) (the “Corporation“) announced today that it is conducting a non-brokered private placement financing of a minimum of 2,500,000 units (the “Units“) up to a maximum of 7,500,000 units (the “Units“) at a price of C$0.20 per Unit (the “Offering“), for minimum aggregate proceeds of $500,000 up to a maximum of C$1,500,000. Each Unit will consist of one common share (a “Common Share“) in the capital of the Corporation and one Common Share purchase warrant (a “Warrant“), with each Warrant entitling the holder thereof to purchase one Common Share of the Corporation at an exercise price of C$0.30 per Common Share for a period of 24 months from the closing of the Offering, subject to accelerated expiry in the event the price of the Corporation’s shares closes at or greater than C$0.50 for ten consecutive trading days on the Canadian Securities Exchange.

All Common Shares issued in connection with the Offering will be subject to a four-month plus one day hold period under applicable Canadian securities laws. Finder’s fees may be payable on all or a portion of the Offering to eligible finders of 8%.

All proceeds from the Offering will be used for starting new waterfloods, bringing online shut-in wells, and general working capital purposes. If the minimum amount is raised, $250,000 will be allocated towards shut-in wells, and the balance will be allocated towards working capital. If the maximum offering is raised, $750,000 will be allocated towards shut-in wells and waterfloods, and the balance towards working capital.

The Offering will permit participation of existing shareholders of the Corporation who held shares of the Corporation as of December 31, 2018 (the “Record Date“) and who continue to hold shares of the Corporation as of the closing date of the Offering, pursuant to the existing security holder prospectus exemption available under BC Instrument 45-534 – Exemption from prospectus requirement for certain trades to existing security holders and equivalent provisions of other applicable securities laws (the “Existing Shareholder Exemption“). In addition, for those shareholders and for others who do not qualify under the Existing Shareholder Exemption, such persons may qualify to participate under other prospectus exemptions, such as the “accredited investor” (as the term is defined in the Securities Act (British Columbia) or other legislation applicable in the jurisdiction in which such subscriber resides) prospectus exemption.

To participate, shareholders relying on the Existing Shareholder Exemption will be required to represent in writing certain requirements of the Existing Shareholder Exemption, including that they were as of the Record Date and continue to be as of the closing date, a shareholder of the Corporation, and that they are purchasing the Offering Shares as principal for their own account. The aggregate acquisition cost to a shareholder relying on the Existing Shareholder Exemption, and not the “accredited investor” prospectus exemption, cannot exceed C$15,000 in the 12-month period immediately preceding the closing date of the Offering, unless that shareholder has obtained advice regarding suitability of the investment from a registered investment dealer in the shareholder’s jurisdiction.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States, or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any United States state securities laws, and may not be offered or sold in the United States or to the account or benefit of a “U.S. person” (as defined in Regulation S under the 1933 Act) or a person in the United States absent registration or an applicable exemption from the registration requirements.

About Permex Petroleum Corporation – www.permexpetroleum.com

Permex Petroleum is a uniquely positioned junior Oil & Gas company with assets and operations across the Permian Basin of west Texas and the Delaware Sub-Basin of New Mexico. The company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The company through its wholly owned subsidiary Permex Petroleum US Corporation is a licensed operator in both states; and owns and operates on Private, State and Federal land.

CONTACT INFORMATION

Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(604) 259-2525

Scott Kelly
CFO, Corporate Secretary & Director
(604) 259-2525

Or for Investor Relations, please contact:

The Howard Group Inc.
Dave Burwell
Vice President
Email: dave@howardgroupinc.com
Tel: +1(403) 221-0915
Toll Free in Canada: 1-888-221-0915

CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Forward-Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including information concerning the Offering and use of proceeds thereof, are forward-looking statements and contain forward-looking information. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. Forward-looking statements are based on certain material assumptions and analysis made by the Corporation and the opinions and estimates of management as of the date of this press release, including that regulatory approval of the Offering will be obtained in a timely manner; and the use of the proceeds of the Offering will not change. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include those relating to the ability to complete the Offering on the terms described above; that the Corporation will not obtain the requisite approvals or otherwise satisfy the necessary conditions precedent to complete the Offering; and other risks detailed from time to time in the filings made by the Corporation with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES.

Permex Petroleum Corporation Publishes Annual Letter to Shareholders

Vancouver, British Columbia–(Newsfile Corp. – January 4, 2019) – Permex Petroleum Corporation (CSE: OIL) (“Permex”) announces that it has published its Annual Letter to Shareholders from CEO, Mehran Ehsan, on the Company’s website at: http://www.permexpetroleum.com/news/news/.

About Permex Petroleum Corporation – www.permexpetroleum.com

Permex Petroleum is a uniquely positioned junior Oil & Gas company with assets and operations across the Permian Basin of west Texas and the Delaware Sub-Basin of south east New Mexico. Permex has a current focus on identifying, evaluating and acquiring oil and natural gas assets in North America and enhancing and developing its currently held oil and natural gas assets in Texas and New Mexico. Permex owns and operates on Private, State and Federal land.

CONTACT INFORMATION

Permex Petroleum Corporation
Mehran Ehsan
President & Chief Executive Officer
(604) 259-2525

Or for Investor Relations, please contact:

The Howard Group Inc.
Dave Burwell
Vice President
Email: dave@howardgroupinc.com
Tel: +1(403) 221-0915
Toll Free in Canada: 1-888-221-0915

Forward-Looking Statements

This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

Wilton Resources Inc. Announces Grant of Stock Options

Calgary, Alberta–(Newsfile Corp. – January 3, 2019) – Wilton Resources Inc. (TSXV: WIL) (the “Corporation”) listed on the TSX Venture Exchange, announces that on January 3, 2019 the Board of Directors of the Corporation granted 100,000 stock options (the “Options”) to purchase common shares of the Corporation (“Shares”) to an officer of the Corporation. The Options vest on the date of issuance and are exercisable for a period of five years from the date of grant at an exercise price of $1.00 per Share. The grant of Options is subject to the approval of the TSX Venture Exchange.

For further information please contact:

Wilton Resources Inc.
Richard Anderson
Chief Executive Officer
(403) 619 6609

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

Cuda Oil and Gas Inc. (“Cuda”) Announces That Its Chief Operating Officer Terrance Schneider Retired Effective December 31, 2018

R. Glenn Dawson to Assume COO Responsibilities

Calgary, Alberta–(Newsfile Corp. – January 2, 2019) – Cuda Oil and Gas Inc. (TSXV: CUDA) (“Cuda” or the “Company“) announces the retirement of Mr. Terrance Schneider, the current Chief Operating Officer of the Company, effective December 31, 2018. Cuda’s Management and Board of Directors thank Terry for his dedication and assistance in building the Company.

R. Glenn Dawson, President and Chief Executive Officer will assume all executive responsibilities associated with the operations of the Company.

About Cuda Oil and Gas Inc.

Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.

For further information please contact:

Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862

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