ORLEN Upstream Canada Ltd.

ORLEN Upstream Canada Ltd.
Kicking Horse Energy Inc.

Kicking Horse Energy Inc.

December 01, 2015 13:23 ET

ORLEN Upstream Canada Ltd. and Kicking Horse Energy Inc. Complete Arrangement

CALGARY, ALBERTA--(Marketwired - Dec. 1, 2015) - ORLEN Upstream Canada Ltd. ("ORLEN Upstream Canada"), a wholly owned subsidiary of PKN ORLEN S.A. ("PKN ORLEN") (WSE:PKN), and Kicking Horse Energy Inc. ("Kicking Horse") (TSX VENTURE:KCK) announced today the completion of ORLEN Upstream Canada's acquisition of all of the outstanding common shares (the "Kicking Horse Shares") of Kicking Horse pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement").

It is expected that the Kicking Horse Shares will be de-listed from the TSX Venture Exchange effective at the close of business on December 1, 2015.

As a result of the Arrangement, Kicking Horse is a wholly-owned subsidiary of ORLEN Upstream Canada and the management and operation of Kicking Horse's asset base will be integrated with ORLEN Upstream Canada's existing Canadian operations headquartered in Calgary.

Further details regarding the Arrangement are set out in Kicking Horse's Information Circular dated October 26, 2015 sent to its securityholders respecting the Arrangement, which is available under Kicking Horse's profile on SEDAR at www.sedar.com.

About ORLEN Upstream Canada

ORLEN Upstream Canada is a wholly-owned subsidiary of ORLEN Upstream International B.V., which is a wholly-owned subsidiary of ORLEN Upstream Sp. z o.o., which in turn is owned 100% by PKN ORLEN. PKN ORLEN is one of the largest petroleum and petrochemical corporations in Central and Eastern Europe and the largest in Poland. For the year ended December 31, 2014, PKN ORLEN reported consolidated revenue of approximately C$35 billion and consolidated assets of approximately C$15 billion. PKN ORLEN is one of the blue chip stocks traded on the Warsaw Stock Exchange and its market capitalization as of December 1, 2015 was close to C$9.6 billion.

Neither the TSX Venture Exchange not 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 press release.

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