Marsa Energy Inc.

June 30, 2015 18:16 ET

Marsa Energy Inc. Provides Corporate Update & Announces Signature of Reserve Base Loan Mandate Letters

CALGARY, ALBERTA--(Marketwired - June 30, 2015) - Marsa Energy Inc. ("Marsa" or the "Company") (TSX VENTURE:MEP) is pleased to announce that it has made significant regulatory advances on its Ortakoy Licence in the Republic of Turkey and has also signed reserve based debt facility mandate letters with a European International Financial Institution ("IFI") and BNP Paribas ("BNPP").

Ortakoy Licence (AR/MRS/3913) - Republic of Turkey

On June 3rd, 2015, the General Directorate of Petroleum Affairs ("GDPA"), and the Ministry of Energy in Turkey approved the registration of Marsa's four new gas fields; Poyraz Ridge, Demirtepe (previously referred to as S4-1), Korukoy (previously referred to as N3-1) and Seheryeli. Upon receipt of this approval, Marsa submitted four separate operating licence applications to the GDPA and the Ministry of Energy on June 9th, 2015, converting significant portions of the Ortakoy Exploration licence into production leases that have 20 year terms with two possible further ten year extensions. Marsa anticipates these operating licences will be awarded in late July of this year.

Marsa's plan to have a 10 million cubic feet per day gas plant, gathering system and pipeline interconnect continues to advance with a view to first gas sales circa Q1 2017.

Reserve Based Lending Facility

Pursuant to the reserve based debt facility mandate letters signed with the IFI and BNPP, the IFI and BNPP contemplate lending a combined maximum of US$20 million to the Company towards the development and tie in of the Company's Poyraz Ridge gas field located on its Ortakoy Licence in the Republic of Turkey. To access these funds Marsa must, amongst other things, raise an additional US$10 million which in combination with the loan proceeds should fully fund the development and tie in of the Poyraz field. Marsa is actively pursuing a number of initiatives to acquire the requisite additional capital. The IFI and BNPP continue to move this facility through their internal processes and provided everything continues to be approved, and Marsa meets its capital obligations, first disbursements should be available in the fall of this year.

About BNP Paribas

BNP Paribas has a presence in 75 countries with more than 185,000 employees, including 145,000 in Europe. It ranks highly in its two core activities: Retail Banking & Services (comprised of Domestic Markets and International Financial Services) and Corporate & Institutional Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia-Pacific.

About Marsa

Marsa ( is an international energy company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's 100 percent working interest property is located on the Gallipoli Peninsula in the Republic of Turkey and is held through its wholly owned subsidiary, Marsa Turkey BV.

Marsa is headquartered in Calgary, Alberta, Canada and is publicly traded on the TSX Venture Exchange.

Forward-Looking Statements
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Marsa cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Marsa's control. 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 Marsa's disclosure documents on the SEDAR website at Marsa does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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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