Perisson Petroleum to List on the TSX Venture Exchange

CALGARY, ALBERTA--(Marketwired - July 21, 2016) - Perisson Petroleum Corporation ("Perisson" or the "Company") (CSE:POG) is pleased to announce that the TSX Venture Exchange ("TSX-V") has approved Perisson's application to list its common shares on the TSX-V.

Effective Thursday, July 21, 2016, the Company's shares will commence trading on the TSX-V under the symbol "POG". Perisson will be classified as a Tier 1 Oil and Gas Issuer. Perisson will concurrently apply to delist its common shares from the Canadian Securities Exchange.

Gary Chen, Perisson's CEO and Chairman, said, "Advancing our listing to the TSX-V is a milestone achievement for Perisson that recognizes our ability to finance and advance the Company's development plan for the purchase and exploration of further oil and gas properties in the Western Canada Sedimentary Basin. This listing will provide the Company with the ability to reach a broader investor base and allow us to follow through on our previously announced significant financing activity with our strategic financing partners."

Operational Update

The Corporation is also pleased to announce that it has completed two significant steps in its Canadian and Colombian operations. In Colombia, the Corporation has been successful in reducing the Letter of Credit ("LOC") requirement related to our VMM-17 land block. The new LOC requirement is now USD $420,000, a reduction of over 60% from its former LOC requirement of over USD $1.1 million. Secondly, at our recently acquired Twinning asset, our operator, Forent Energy Ltd., has completed several operational enhancements to the fluid handling facility that have decreased our operating expenses while increasing our total water disposal capacity. We will continue to implement value added opportunities in the area to maximize the recovery of oil while maximizing our revenue stream.

About Perisson Petroleum Corporation

Perisson Petroleum Corporation holds a 100% working interest in 39,927 hectares (almost 100,000 acres) known as the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia. The Corporation's objectives are to explore, exploit and produce oil from the relatively shallow reservoirs believed to be within the VMM-17 block. The Corporation also maintains a beneficial interest in certain oil and gas producing properties (approximately 200 boe/d) in the Twining area of Alberta, Canada.

FORWARD-LOOKING STATEMENTS

This news release includes certain information, with management's assessment of Perisson's future plans and operations, and contains forward-looking statements which may include some or all of the following: (i) anticipated production rates; (ii) expected results of capital programs; (iii) expected timelines for production optimization; (iv) net debt levels; (v) anticipated operating costs; and (vi) expected capital projects and associated spending; which are provided to allow investors to better understand the Company's business. By their nature, forward-looking statements are subject to numerous risks and uncertainties; some of which are beyond Perisson's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in environmental tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, and other risks and uncertainties described under the heading 'Risk Factors' and elsewhere in the Company's Management Discussion and Analysis and other documents filed with Canadian provincial securities authorities and are available to the public at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The principal assumptions Perisson has made includes security of land interests; drilling cost stability; finance and debt markets continuing to be receptive to financing the Company, the ability of the Company to monetize non-core assets and industry standard rates of geologic and operational success. Actual results could differ materially from those expressed in, or implied by, these forward-looking statements. Perisson 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 required by law. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

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