SOURCE: Advanced Environmental Petroleum Producers, Inc.

November 29, 2016 09:00 ET

Advanced Environmental Petroleum Producers Comments

LAS VEGAS, NV--(Marketwired - Nov 29, 2016) - Advanced Environmental Petroleum Producers, Inc. (OTCQB: AEPP) wishes to reiterate and update the information that was release on July 6, 2016 on Form 8K.

On July 6, 2016, the Company announced it had acquired the Technical Evaluation Agreement from 1923285 Alberta Ltd. in exchange for 65,600,000 of its common shares to be held in escrow until closing. As of today's date the transaction has not closed; therefore the shares are still being held in escrow. The value of the lease was not incorporated in the most recent 10Q filed with the Securities and Exchange Commission on November 22, 2016 due to the Company awaiting delivery of the leases and an official valuation report from a third party. The transaction is expected to close in the near future.

Background

AEPP will become an oil and gas exploration and development company, operating in Peru where it has a number of targets in the highly prospective Block 19 of the southern region of that country. The Company after completing the TEA will hold an exclusive license, which entitles it to explore and develop certain oil and gas properties known as "Block 19," an area of 10,100 square km.

Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.

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