Perisson Petroleum and Forent Energy Announce Acquisition of Canadian Oil and Gas Properties and First Tranche Closing of Debenture Financing

CALGARY, ALBERTA--(Marketwired - May 19, 2016) - Perisson Petroleum Corporation ("Perisson" or the "Company") (CSE:POG) and Forent Energy Inc. ("Forent") (TSX VENTURE:FEN) are pleased to announce the closing of the previously announced acquisition of a certain producing oil and gas assets in the Twining area of Alberta (the "Acquisition"). The Acquisition consists of approximately 200 boe/d, which is comprised of 70% oil and 30% liquids rich gas with associated facilities (the "Assets").

The Acquisition was made by Forent who acquired the property on behalf of Perisson pursuant to a trust agreement between Forent and Perisson. Forent will act as operator of the Assets until the completion of the amalgamation of Forent and Perisson, as previously announced.

This Acquisition represents a significant addition to the land and production base which Forent currently has in the Twining field, and provides growth opportunity for future development and improved recovery techniques. Perisson and Forent, through the amalgamated company, will continue the execution of our plan to acquire additional assets in Twining as one of our growth areas.

Perisson and its capital partner will continue to fund high-quality acquisitions in Canada and the United States, based on the efforts and recommendations of the Forent management team.

Perisson Financing

In connection with the Acquisition, Perisson has closed the first tranche of its previously announced debenture financing. Perisson has issued an unsecured debenture in the principal amount of USD$1,000,000. This unsecured debenture matures on the date that is one year following the Closing Date (the "Maturity Date") and entitles the holder to a monthly interest payment equal to 1.5% of the principal amount of the Debenture, with such interest payment accruing from the Closing Date and being paid on the Maturity Date of the Debenture. Perisson has also issued a convertible secured debenture in the principal amount of $500,000, with outstanding principal and accrued but unpaid interest convertible by the holder into common shares of Perisson at a conversion price of $0.40 per share until the Maturity Date. The Convertible Debenture matures on the date that is one year following the Closing Date if not otherwise converted, is to be secured, as a first mortgage charge, against the Assets to be acquired pursuant to the Acquisition, entitles the holder to a monthly interest payment equal to 1.5% of the principal amount of the Debenture, with such interest payment accruing from the Closing Date and being paid on the Maturity Date of the Debenture and bears a set-up and due diligence fee equal to ten (10%) percent of the principal amount of the Debenture. The convertible secured debenture represents the first tranche closing of the Company's previously announced $2 million secured convertible debenture financing.

About Perisson Petroleum Corporation

Perisson Petroleum Corporation holds a 100% working interest in 39,927 hectares (almost 100,000 acres) known as the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia. The Corporation's objectives are to explore, exploit and produce oil from the relatively shallow reservoirs believed to be within the VMM-17 block.

FORWARD LOOKING STATEMENTS

This news release includes certain information, with management's assessment of Perisson's future plans and operations, and contains forward-looking statements which may include some or all of the following: (i) anticipated production rates; (ii) expected results of capital programs; (iii) expected timelines for production optimization; (iv) net debt levels; (v) anticipated operating costs; and (vi) expected capital projects and associated spending; which are provided to allow investors to better understand the Company's business. By their nature, forward-looking statements are subject to numerous risks and uncertainties; some of which are beyond Perisson's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in environmental tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, and other risks and uncertainties described under the heading 'Risk Factors' and elsewhere in the Company's Management Discussion and Analysis and other documents filed with Canadian provincial securities authorities and are available to the public at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The principal assumptions Perisson has made includes security of land interests; drilling cost stability; finance and debt markets continuing to be receptive to financing the Company, the ability of the Company to monetize non-core assets and industry standard rates of geologic and operational success. Actual results could differ materially from those expressed in, or implied by, these forward-looking statements. Perisson disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

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.