Mitra Energy Inc. Announces Conversion of Common Shares by Shareholder Into Class B Common Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2015) -

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Mitra Energy Inc. (TSX VENTURE:MTE) (the "Company") announces that further to its news release dated September 28, 2015, pursuant to which the Company announced that certain amendments to its share capital and articles of incorporation (the "Articles") had been effected, which amendments included the creation of a conversion right (the "Conversion Right") attached to each common share of the Company (each a "Common Share"), Ontario Teachers' Pension Plan Board ("OTPP") has exercised its Conversion Right with respect to 6,817,881 Common Shares.

Effective as of November 30, 2015, 6,817,881 Common Shares held by OTPP were converted into an equivalent number of Class B Common shares (each a "Class B Common Share") on the basis of one Class B Common Share for each one Common Share converted. In accordance with the Company's Articles, the period for exercise of the Conversion Right expired yesterday. No other shareholders exercised the Conversion Right in respect of their Common Shares.

Neither 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.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.