Calgary, Alberta (FSCwire) - Perisson Petroleum Corporation (“Perisson” or the “Company”) (TSXV: POG) is pleased to update its shareholders on the recent activities of the Company.

The AP-NAFTA Operating LLP (“AP-NAFTA”) acquisition and share purchase agreement (the “Transaction”) was first announced on February 13, 2018.

Perisson continues to perform due diligence on the Transaction whereby Perisson (28%) and its two strategic partners (each at 21%) would acquire 70% of AP-NAFTA in exchange for, with respect to Perisson, 4.99% of the issued and outstanding Perisson common shares. As a first step in the process, Perisson has replaced the Board of Directors of AP-NAFTA with Perisson nominees, as was contemplated in the share purchase agreement. The next step, which is ongoing, is the completion of registration documents in Kazakhstan to ratify the respective ownership of Perisson and its strategic partners in AP-NAFTA. The transaction also requires the completion of further due diligence and acceptance of the transaction by the TSX Venture Exchange (“TSXV”), as well as approvals of other applicable regulatory authorities. 

AP-NAFTA is engaged in the exploration and production of crude oil and associated gas at the Kemerkol field in the Kyzylkoginsky district of the Atyrau region of Kazakhstan. AP-NAFTA currently produces approximately 1100 barrels per day (180 cubic meters per day) of sweet, light (44 degree API) oil per day from 6 producing wells. Perisson plans to fully develop the Kemerkol field as quickly as possible upon completion of the acquisition.

In addition to the foregoing, Perisson is pleased to announce the closing of its previously announced equity private placement of 20,000,000 common shares of the Company, at a price of $0.05 per common share, for total proceeds of $1,000,000 (the “Offering”). This financing, combined with the previous closing of a $3,000,000 debenture brings the total to $4,000,000 of funds closed this year.

The proceeds of the Offering will be used for the Company’s 2018 well abandonment program and for general working capital purposes.  The shares issued in connection with the Offering will be subject to a four month hold period.

The Company continues to proceed with its previously announced $20,000,000 convertible debenture financing which it anticipates will close during May 2018 and is also reviewing further financing opportunities to support the expansion of its Canadian operations.

About Perisson Petroleum Corporation

Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol "POG".  The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada.  The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Wayne Rousch, President

Direct Line: (403) 827-8597

wrousch@perisson.com

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements relating to the timing and completion of the future operations of Perisson and other statements that are not historical facts.  Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Acquisition and the future plans and objectives of Perisson, 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 Perisson's expectations are risks detailed from time to time in the filings made by Vela with securities regulations.

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.

Trading in the securities of Perisson Petroleum Corporation should be considered highly speculative. 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.

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