Petro Vista Energy Corp.
TSX VENTURE : PTV

Petro Vista Energy Corp.

April 05, 2016 18:00 ET

Petro Vista Annual General & Special Meeting Results and Update on Sale to Maha Energy

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2016) - Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) announces the results of its Annual General and Special Meeting of its shareholders held March 29, 2016 as follows:

  1. Keith Hill, Darren Devine, Ian Gibbs and Nick Walker were re-elected as the directors of the Company;
  2. PricewaterhouseCoopers LLP, chartered accountants, was re-appointed as auditors for the ensuing fiscal year;
  3. the Company's 10% rolling stock option plan was ratified and approved; and
  4. the proposed sale of all the issued and outstanding quotas (shares) of the Company's wholly owned Brazilian subsidiary, Petro Vista Energy Petroleo do Brasil Ltda. ("PVEB"), to Maha Energy Inc. ("Maha"), on the terms and conditions set forth in the Quota Purchase Agreement made January 15, 2016 among PVEB, Maha, Petro Vista Energy Holdings (Barbados) Corp., Petro Vista Energy Brasil (Barbados) Corp. and the Company was approved.

Each of the matters was approved by at least 99% of the votes cast.

The full text of the matters considered are set out in the Company's information circular prepared in conjunction with the Annual General and Special Meeting, as filed under the Company's profile on SEDAR at www.sedar.com.

Update on Sale to Maha Energy Inc.

Further to its news release of January 18, 2016, Petro Vista has entered into an amendment to its binding sale and purchase agreement (the "Agreement") with Maha Energy Inc. ("Maha") for the sale (the "Transaction") of its wholly owned Brazilian subsidiary Petro Vista Energy Petroleo do Brasil Ltda. ("PVEB"). PVEB holds a 37.5% undivided working interest in the exploration and production contract covering the Tartaruga offshore hydrocarbon development block, located in the Sergipe Alagoas Basin in Brazil. The amendment extends the timing for final payment of the purchase price to a date that is on or before December 31, 2016. The extension was required as a result of delays in making application to the ANP for its approval of the Transaction.

Petro Vista and Maha have also entered into an amendment to its Loan Agreement with Maha. Pursuant to the amended Loan Agreement, Maha has agreed to loan to Petro Vista additional funds to cover an outstanding balance of Joint Interest Billing obligations of PVEB to December 31, 2015 of US$65,500 (the "Additional Loan"). Save and except for the Additional Loan, the loan proceeds will only be repayable in the event the Transaction does not complete. In the event the Transaction closes, the proceeds of the Additional Loan will be deducted from the second tranche payement.

Pursuant to the Agreement, Joint Interest Billing obligations of PVEB from January 1, 2016 until closing of the Transaction, under an agreed upon work program and budget, will be paid by Maha.

ON BEHALF OF PETRO VISTA ENERGY CORP.

Keith Hill, Chairman of the Board of Directors

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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