Oryx Petroleum Q2 2018 Financial and Operational Results

Sizable increases in production, revenues and operating funds flow(1) with three wells added in recent months

CALGARY, Aug. 8, 2018 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") today announces its financial and operational results for the three and six months ended June 30, 2018. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.

Financial Highlights:

    --  Total revenues of $17.9 million on working interest sales of 262,000
        barrels of oil ("bbl") and an average realised sales price of $61.51/bbl
        for Q2 2018
        --  152% increase in revenues versus Q2 2017; 29% increase in revenues
            versus Q1 2018
        --  The Corporation has received full payment in accordance with
            production sharing contract entitlements for all oil sale deliveries
            into the Kurdistan Region-Turkey Export Pipeline through April 2018.
            Oryx Petroleum's entitlement share of amounts receivable from oil
            sale deliveries for the months of May, June and July 2018 is $13.7
            million
    --  Operating expenses of $3.6 million ($13.86/bbl) and an Oryx Petroleum
        Netback(2) of $23.00/bbl for Q2 2018
        --  42% decrease in operating expenses per barrel versus Q2 201
        --  Oryx Petroleum Netback(2) in Q2 2018 highest on record for a quarter
    --  Net loss of $3.5 million ($0.01 per common share) in Q2 2018 versus net
        loss of $9.2 million in Q2 2017 ($0.03 per common share)
    --  Operating Funds Flow(1) for Q2 2018 was $4.1 million compared to
        negative $2.1 million for Q2 2017 and positive $2.0 million for Q1 2018.
        The Corporation's improved Operating Funds Flow(1) is primarily due to
        higher production and a higher Oryx Petroleum Netback(2) which have
        contributed cash in excess of cash general and administrative
        expenditures
    --  Net cash used in operating activities was $1.6 million in Q2 2018 versus
        $1.2 million in Q2 2017. Net cash used in operating activities for Q2
        2018 was comprised of positive Operating Funds Flow1 of $4.1 million and
        a $5.7 million increase in non-cash working capital
    --  Net cash used in investing activities during Q2 2018 was $5.0 million
        including payments related to drilling and facilities work in the Hawler
        license area and seismic interpretation costs in the AGC Central license
        area
    --  $21.3 million of cash and cash equivalents as of June 30, 2018


    _____________________________

    (1) Operating Funds Flow is a non-IFRS measure.  See the table below for
     a definition of and other information related to the term
    (2) Oryx Petroleum Netback is a non-IFRS measure. See the table below for
     a definition of and other information related to the term

Operations Update:

    --  Average gross (100%) oil production of 6,100 bbl/d in July 2018 and
        4,400 bbl/d (working interest 2,900 bbl/d) for Q2 2018 vs 2,900 bbl/d
        (working interest 1,900 bbl/d) for Q2 2017
        --  - 52% increase in Q2 2018 versus Q2 2017 and 16% increase versus Q1
            2018
    --  The Banan-3 appraisal well targeting the Tertiary reservoir was spudded
        in May 2018, drilled to a measured depth of 500 metres, completed in
        open hole, and placed on extended test in early June
        --  Average gross (100%) oil production of approximately 1,600 bbl/d for
            the month of July 2018
        --  Gravity of stock tank oil has been measured at 26 degrees API with
            sulphur measured at 4%
        --  The well demonstrates the productivity of the Tertiary reservoir at
            the Banan West field and management expects that oil reserves will
            be booked in this reservoir for the first time in 2018
    --  The Zey Gawra-3 appraisal well targeting the Cretaceous reservoir was
        spudded in May 2018, drilled to a measured depth of 2,100 metres
        utilising a horizontal well design, completed, stimulated, and placed on
        extended test in late June
        --  Average gross (100%) oil production of approximately 800 bbl/d for
            the month of July 2018 and 1,700 bbl/d over the past 10 days
        --  Gravity of stock tank oil has been measured at 35 degrees API
        --  Horizontal well design enabled an isolation of the producing
            interval from overlying gas and underlying water in the reservoir
    --  Completion of the Banan-2 well in the Cretaceous reservoir was
        successfully completed and placed on extended test in late July 2018
        --  Average gross (100%) oil production of approximately 1,100 bbl/d
            over the last 5 days with rate increases expected in the coming days
        --  Gravity of stock tank oil has been measured at 21 degrees API
    --  Four additional new wells and one workover are planned for the remainder
        of 2018 targeting the Cretaceous reservoir at the Zey Gawra field, the
        Tertiary reservoir at the Banan field, and the Cretaceous reservoir at
        the Demir Dagh field, subject to performance of existing wells and
        funding availability
        --  Infrastructure work needed to enable drilling of additional wells at
            the Banan and Zey Gawra fields has commenced
    --  Further interpretation of 3D seismic data covering the AGC Central
        license area and prospect ranking is ongoing with preparation for
        drilling to follow
    --  Sale of the Corporation's 30% interest in the Haute Mer B license
        offshore Congo (Brazzaville) ("Haute Mer B") to a subsidiary of Total
        SA, concluded in April 2018, is expected to close during the third
        quarter of 2018
        --  Upon closing, Oryx Petroleum expects to receive cash consideration
            of $8.0 million plus $5.3 million reimbursement of costs incurred by
            Oryx Petroleum between January 1, 2018 and the date of the agreement

2H 2018 Forecasted Work Program and Capital Expenditures:

    --  2018 capital expenditures are forecasted to be $51 million versus
        previous forecast of $52 million. Capital expenditures for the second
        half of 2018 are forecasted to be $36 million. Most expenditures will be
        dedicated to further appraisal and early development of the Hawler
        license area in the Kurdistan Region of Iraq and 3D seismic data
        processing and interpretation in the AGC Central license area. Planned
        expenditures for the second half of 2018 include wells not previously
        scheduled: a new well targeting the Zey Gawra Cretaceous reservoir and a
        workover of the Demir Dagh-8 well targeting the Cretaceous reservoir.

Liquidity Outlook:

    --  The AOG Credit Facility, which matures in July 2019, is expected to be
        restructured/rescheduled such that no cash outflow arises before 2020.
    --  The expanded discretionary drilling program planned for the second half
        of 2018 is conditional upon availability of sufficient funding. If
        existing and internally generated funds are insufficient, the
        Corporation's major shareholders have indicated that additional debt or
        equity capital could be made available in the range of $10-$15 million
        in order to commit to the drilling program as envisaged.
    --  The Corporation expects cash on hand as of June 30, 2018, cash receipts
        from export sales exclusively through the Kurdistan Region-Turkey Export
        Pipeline, expected net proceeds from the sale of its interest in the
        Haute Mer B license area, and, if needed, additional debt or equity
        capital of $10 - $15 million will allow it to fund its forecasted cash
        expenditures and to meet its obligations through the end of 2019, with
        the exception of the repayment of the AOG Credit Facility, which is
        expected to be restructured. Further capital is likely required in late
        2019 and beyond to fund expected drilling in the AGC Central license
        area.

CEO's Comment

Commenting today, Oryx Petroleum's Chief Executive Officer, Vance Querio, stated:

"In recent months we have significantly increased production bringing three new wells online in the Hawler license area and we continued to mature our AGC Central exploration prospects.

Gross (100%) oil production from the Hawler licence area averaged 4,400 bbl/d in Q2 2018 and 6,100 bbl/d in July 2018 versus an average of 2,900 bbl/d in Q2 2017 and 3,800 bbl/d in Q1 2018. All oil production has been sold via the export pipeline and payments for export sales through the end of April 2018 have been received in full. Higher realised oil prices and lower operating expenses helped us achieve our highest quarterly netback and operating funds flow on record.

We have been very active with the drill bit in recent months. We spudded and successfully completed the Banan-3 appraisal well targeting the Tertiary reservoir at the Banan West field. The well is on extended test with average daily production of 1,600 bbl/d in July. We also spudded and successfully completed the Zey Gawra-3 well targeting the Cretaceous reservoir at Zey Gawra. A horizontal well design was utilised for the first time in the Hawler license area and this enabled the successful isolation of the oil producing interval from the underlying aquifer and the free gas in the natural gas cap. The Zey Gawra-3 well has produced at an average rate of 1,700 bbl/d over the past 10 days. Most recently, we completed the Banan-2 well, drilled in 2014 but suspended due to security developments in 2014, in the Cretaceous reservoir at the Banan West field. The Banan-2 well has been producing at an average rate of approximately 1,100 bbl/d over the past 5 days but we intend to increase the production rate in the coming days now that all drilling equipment has been demobilised from the well site.

We have an active drilling program planned for the remainder of 2018. We are planning to drill or workover five additional wells: two wells targeting the Demir Dagh Cretaceous, two targeting the Banan Tertiary and one targeting the Zey Gawra Cretaceous.

During Q2 2018 we also continued to study the AGC Central license area with additional interpretation and prospect selection ongoing and drilling preparation to follow as we prepare to begin exploration drilling.

We look forward to continuing to implement our plans in 2018 and achieving higher production in the Hawler license area and preparing for an exciting exploration drilling program in the AGC Central license area."

Selected Financial Results

Financial results are prepared in accordance with International Financial Reporting Standards ("IFRS") and the reporting currency is United States dollars. References in this news release to the "Group" and/or "the Corporation" refer to Oryx Petroleum and its subsidiaries. The following table summarises selected financial highlights for Oryx Petroleum for the three and six month periods ended June 30, 2018 and June 30, 2017, as well as the year ended December 31, 2017.



                    Three Months Ended    Six Months Ended      Year Ended
                          June 30              June 30
                                                                December 31
                                                               -----------

    ($ in
     millions
     unless
     otherwise
     indicated)        2018         2017     2018         2017           2017
    -----------        ----         ----     ----         ----           ----


    Revenue            17.9          7.1     31.8         15.0           37.4
    -------            ----          ---     ----         ----           ----


    Working
     Interest
     Oil
     Production
     (bbl)          261,700      169,100  483,800      340,300        781,400

    Average WI
     Oil
     Production
     per day
     (bbl/d)          2,900        1,900    2,700        1,900          2,100

    Working
     Interest
     Oil Sales
     (bbl)          262,000      168,800  484,700      338,500        779,200

    Average
     Sales
     Price
     ($/bbl)          61.51        37.93    59.12        39.94          43.17
    --------          -----        -----    -----        -----          -----


    Operating
     Expense            3.6          4.0      6.8          8.3           15.5

    Field
     production
     costs
     ($/bbl)(1)       10.60        18.25    10.66        18.71          15.20

    Field
     Netback
     ($/bbl)(2)       19.45         0.27    18.22         0.80           5.89

    Operating
     expenses
     ($/bbl)          13.86        23.89    13.94        24.46          19.87

    Oryx
     Petroleum
     Netback
     ($/bbl)(3)       23.00       (1.15)   21.49       (0.53)          5.99
    -----------       -----        -----    -----        -----           ----


    Net Profit
     (Loss)           (3.5)       (9.2)   (7.8)       (5.1)        (39.1)

    Earnings
     (Loss) per
     Share
     ($/sh)          (0.01)      (0.03)  (0.02)      (0.02)        (0.11)
    -----------       -----        -----    -----        -----          -----


    Operating
     Funds
     Flow(4)            4.1        (2.1)     6.1        (4.5)         (5.4)

    Net Cash
     (used in)
     /
     generated
     by
     operating
     activities       (1.6)       (1.2)   (4.2)         1.0          (9.7)

    Net Cash
     used in
     investing
     activities         5.1         10.9     12.3         14.3           22.3

    Capital
     Expenditure(5)     8.8          0.8     14.9        (5.1)           3.3
    ---------------     ---          ---     ----         ----            ---


    Cash and
     Cash
     Equivalents       21.3         57.4     21.3         57.4           38.6

    Total
     Assets           744.4        774.8    744.4        774.8          744.8

    Total
     Liabilities      197.5        191.3    197.5        191.3          190.4

    Total
     Equity           546.8        583.5    546.9        583.5          554.4
    =======           =====        =====    =====        =====          =====

              (1)    Field production costs represent Oryx
                      Petroleum's working interest share of
                      gross production costs and exclude the
                      partner share of production costs carried
                      by Oryx Petroleum.

              (2)    Field Netback is a non-IFRS measure that
                      represents the Group's working interest
                      share of oil sales net of the Group's
                      working interest share of royalties, the
                      Group's working interest share of operating
                      expenses and the Group's working interest
                      share of taxes. Management believes that
                      Field Netback is a useful supplemental
                      measure to analyse operating performance
                      and provides an indication of the results
                      generated by the Group's principal business
                      activities prior to the consideration of
                      production sharing contract and joint
                      operating agreement financing
                      characteristics, and other income and
                      expenses. Field Netback does not have a
                      standard meaning under IFRS and may not be
                      comparable to similar measures used by
                      other companies.

              (3)    Oryx Petroleum Netback is a non-IFRS
                      measure that represents Field Netbacks
                      adjusted to reflect the impact of carried
                      costs incurred and recovered through the
                      sale of cost oil during the reporting
                      period. Management believes that Oryx
                      Petroleum Netback is a useful supplemental
                      measure to analyse the net cash impact of
                      the Group's principal business activities
                      prior to the consideration of other income
                      and expenses. Oryx Petroleum Netback does
                      not have a standard meaning under IFRS and
                      may not be comparable to similar measures
                      used by other companies.

              (4)    Operating Funds Flow is a non-IFRS measure
                      that represents cash generated from
                      operating activities before changes in non-
                      cash assets and liabilities and changes in
                      the retirement benefit obligation balance.
                      The term Operating Funds Flow should not be
                      considered an alternative to or more
                      meaningful than "cash flow from operating
                      activities" as determined in accordance
                      with IFRS. Management considers Operating
                      Funds Flow to be a key measure as it
                      demonstrates the Group's ability to
                      generate the cash flow necessary to fund
                      future growth through capital investment.
                      Operating Funds Flow does not have any
                      standardised meaning prescribed by IFRS and
                      may not be comparable to similar measures
                      used by other companies. In previous
                      disclosure, Operating Funds Flow was
                      referred to as Operating Cash Flow.

              (5)    Capital Expenditure for the six months
                      ended June 30, 2017 and year ended
                      December 31, 2017 include credits of $7.3
                      million and $7.5 million, respectively,
                      reflecting revisions of previously
                      estimated costs related to the Hawler and
                      OML 141 license areas. Capital
                      expenditures for the three and six months
                      ended June 30, 2017 and the year ended
                      December 31, 2017, include non-cash
                      credits of $2.8 million, $2.4 million and
                      $2.4 million, respectively, relating to
                      revisions to estimates associated with
                      the Hawler license area decommissioning
                      liabilities.

    --  Revenue increased to $17.9 million in Q2 2018 versus $7.1 million in Q2
        2017 due to a 62% increase in average oil sales prices and a 55%
        increase in oil sales volumes. Gross (working interest) production and
        sales of oil in Q2 2018 were 261,700 barrels and 262,000 barrels,
        respectively, versus 169,100 and 168,800 barrels, respectively, for Q2
        2017. The average oil sales price realised in Q2 2018 was $61.51 per
        barrel versus $37.93 for Q2 2017. A new pricing agreement with the
        Ministry of Natural Resources of the Kurdistan Regional Government was
        implemented in Q2 2018 and applied retroactively to February 1, 2018.
        Realised oil sales prices subsequent to February 1, 2018 are referenced
        to monthly average Brent crude oil prices, discounted by approximately
        $8.00/bbl for pipeline system tariffs and fees, and adjusted for
        differences in API gravity and sulphur content relative to standard
        Brent crude oil specifications. In addition to oil sales, revenue
        includes the recovery of carried costs.
    --  Operating expenses in Q2 2018 decreased 10% to $3.6 million versus $4.0
        million in Q2 2017 due primarily to lower security and technical support
        costs. Operating expenses on a per barrel basis declined 42% in Q2 2018
        to $13.86/bbl versus $23.89/bbl in Q2 2017 due to lower costs and higher
        sales volumes. Per barrel operating expenses decreased slightly in Q2
        2018 versus Q1 2018 as increased volumes offset the impact of additional
        costs associated with the start-up of the Banan field. Per barrel
        operating expenses are expected to continue to decrease as production
        increases to expected field plateau production levels. Oryx Petroleum
        currently carries the Kurdistan Regional Government's share of
        production costs. The Oryx Petroleum Netback achieved in Q2 2018 of
        $23.00 per barrel, a quarterly record, reflects the Field Netback plus
        adjustments for carried costs.
    --  General and administrative expenses decreased modestly to $2.4 million
        in Q2 2018 versus $2.5 million in Q2 2017.
    --  Loss for Q2 2018 decreased to $3.5 million as compared to the loss of
        $9.2 million in Q2 2017. The change in loss is primarily attributable
        to: i) an increase in net revenue of $6.0 million; ii) a $1.4 million
        decrease in finance expense; and iii) a $0.4 million decrease in
        operating expense. These positive factors were partially offset by a
        $1.5 million increase in depletion charge and a $0.9 million provision
        on trade and other receivables recorded in Q2 2018.
    --  Operating Funds Flow was $4.1 million for Q2 2018 compared to negative
        Operating Funds Flow of $2.1 million in Q2 2017. The positive change in
        Operating Funds Flow is primarily due to a higher Oryx Petroleum Netback
        in Q2 2018 versus Q2 2017.
    --  Net cash used in operating activities was $1.6 million in Q2 2018 versus
        $1.2 million in Q2 2017. The change is primarily due to higher Oryx
        Petroleum Netback, lower cash administrative costs, and an increase in
        non-cash working capital in Q2 2018 versus Q2 2017.
    --  Net cash used in investing activities decreased to $5.0 million in Q2
        2018 as compared to $10.9 million in Q2 2017. The reduction is due
        primarily to a decrease in non-cash assets and liabilities of $3.3
        million in Q2 2018 versus an increase of $7.4 million in Q2 2017. The
        difference in the change in non-cash assets and liabilities is partially
        offset by increased capital spending in both the Hawler and AGC Central
        license areas.
    --  Capital expenditures in Q2 2018 totalled $8.8 million including $8.2
        million for facilities and drilling activities in the Hawler license
        area, and $0.6 million to interpret and analyse 3D seismic data and to
        prepare for drilling activities in the AGC Central license area.
    --  Cash and cash equivalents decreased to $21.3 million at June 30, 2018
        from $27.9 million at March 31, 2018 reflecting cash investments and
        movements in related non-cash assets and liabilities partially offset by
        positive Operating Funds Flow.
    --  In March 2015, Oryx Petroleum entered into a Loan Agreement with The
        Addax and Oryx Group ("AOG") whereby AOG committed to provide a $100
        million unsecured credit facility to Oryx Petroleum (the "AOG Credit
        Facility"). As at June 30, 2018 the balance owing under the facility
        totalled $81.1 million, including $4.0 million in accrued interest which
        has since been settled through the issuance of common shares.
        --  Maturity date: July 1, 2019
        --  Interest accrued after May 11, 2017 is settled through the issuance
            of common shares approximately every six months at the then current
            five day volume-weighted average trading price for the common shares
    --  Contingent upon declaration of commerciality of a second discovery in
        the Hawler license area, the Corporation is obligated to make further
        payments to the vendor of the Hawler license area.
        --  As at June 30, 2018, the total balance of principal and accrued
            interest recognised under the contingent consideration obligation
            was $73.9 million. The remaining principal balance plus accrued
            interest is projected to be paid in four annual instalments
            beginning September 30, 2018
        --  If the Corporation has not declared a second commercial discovery by
            September 30, 2018, the instalment payment schedule will no longer
            apply and the contingent consideration obligation, if subsequently
            triggered by a second commercial discovery, will revert to a single
            lump-sum payment obligation
    --  As at August 8, 2018, 480,611,754 common shares are outstanding. As at
        August 8, 2018 there are unvested Long Term Incentive Plan awards which
        will result in the issuance of up to an additional 9,496,149 common
        shares upon vesting.

2H 2018 Capital Expenditure Forecast

Oryx Petroleum planned capital expenditures for the second half of 2018 are $36 million as summarised in the following table:



              Location                  License/Field/
                                           Activity       2H 2018 Forecast

                                                                     $ millions
                                                                     ----------

                Kurdistan Region    Hawler

                                    Zey Gawra-Drilling                       8

                                    Demir Dagh-Drilling                      4

                                    Demir Dagh-Facilities                    2

                                    Banan-Drilling                           8

                                    Banan-Facilities                         2

                                    Other                                    3

                                    Total Hawler(1)                         27

                     West Africa     AGC Central--
                                     Drilling Prep                           2

                                    AGC Central-Other                        7
                                    =================                      ===

                                        Capex Total(1)                    36
                                         =============                   ===

    Note:
    (1)  Totals may not add-up due to rounding

Kurdistan Region of Iraq -- Hawler License Area

Demir Dagh drilling--consists of costs related to the workover of the Demir Dagh-8 well and, subject to the results of the Demir Dagh-8 workover, a short radius sidetrack of the previously drilled Demir Dagh-5 well.

Zey Gawra drilling--consists of the drilling of one new well targeting the Zey Gawra Cretaceous reservoir. This well was not previously planned.

Banan drilling--consists of i) the now completed re-entry, completion and testing of the Banan-2 well targeting the Cretaceous reservoir, which had been suspended since 2014 due to security developments, and ii) the drilling of two new wells targeting the Tertiary reservoir, subject to the ongoing performance of the first well targeting the Tertiary reservoir successfully drilled and completed in June 2018.

Demir Dagh facilities--comprised of modifications to the Hawler truck loading station needed to accommodate increased production, and minor infrastructure works.

Banan facilities--comprised of the construction of a truck loading station, a new drilling pad, and flowlines at the Banan field.

AGC Central License Area

Consists of preparation for drilling, facilities studies, and a final payment for the acquisition of 3D seismic data contingent upon entering the first renewal of the exploration period under the applicable production sharing contract which is expected in September 2018.

Regulatory Filings

This announcement coincides with the filing with the Canadian securities regulatory authorities of Oryx Petroleum's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2018 and the related management's discussion and analysis thereon. Copies of these documents filed by Oryx Petroleum may be obtained via www.sedar.com and the Corporation's website, www.oryxpetroleum.com.

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration, development and production company focused in Africa and the Middle East. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OXC". The Oryx Petroleum group of companies was founded in 2010 by The Addax and Oryx Group P.L.C. Oryx Petroleum has interests in three license areas, one of which has yielded an oil discovery. The Corporation is the operator in two of the three license areas. One license area is located in the Kurdistan Region of Iraq and two license areas are located in West Africa in the AGC administrative area offshore Senegal and Guinea Bissau, and Congo (Brazzaville). Further information about Oryx Petroleum is available at www.oryxpetroleum.com or under Oryx Petroleum's profile at www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements in this news release constitute "forward-looking information", including statements related to forecast work program and capital expenditure for 2018, drilling and well workover plans, development plans and schedules and chance of success, future drilling of wells and the reservoirs to be targeted, ultimate recoverability of current and long-term assets, expected completion of interpretation of 3D seismic data from the AGC Central license area and plans to identify and map prospects in the AGC Central license area and prepare for drilling, expected entry into the first renewal of the exploration period under the AGC Central PSC in September 2018, possible commerciality of our projects, plateau production rates, future expenditures and sources of financing for such expenditures, expectations that cash on hand as of June 30, 2018, cash receipts from export sales exclusively through the Kurdistan Region-Turkey Export Pipeline, expected net proceeds from the sale of its interests in the Haute Mer B license area, and, if needed, additional debt or equity capital of $10 - $15 million will allow the Corporation to fund its forecasted cash expenditures and to meet its obligations through the end of 2019, expected closing of a transaction to transfer the Corporation's interests in the Haute Mer B license area in Q3 2018, expected restructuring of the AOG Credit Facility, expected production rate increases for individual wells, management expectations regarding revisions to oil reserves estimates, the issuance of shares as a result of the vesting of Long Term Incentive Plan awards and in consideration of interest under the Loan Agreement with AOG, future requirements for additional funding, estimates for the fair value of the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, the expected timing for settlement of liabilities including the credit facility with AOG and the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, and statements that contain words such as "may", "will", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "potentially", "project", or the negative of such expressions and statements relating to matters that are not historical fact, constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. For more information about these assumptions and risks facing the Corporation, refer to the Corporation's annual information form dated March 23, 2018 available at www.sedar.com and the Corporation's website at www.oryxpetroleum.com. Further, statements including forward-looking information in this news release are made as at the date they are given and, except as required by applicable law, Oryx Petroleum does not intend, and does not assume any obligation, to update any forward-looking information, whether as a result of new information, future events or otherwise. If the Corporation does update one or more statements containing forward-looking information, it is not obligated to, and no inference should be drawn that it will make additional updates with respect thereto or with respect to other forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Reader Advisory Regarding Certain Figures

Unless provided otherwise, all production and capacity figures and volumes cited in this news release are gross (100%) values, indicating that figures (i) have not been adjusted for deductions specified in the production sharing contract applicable to the Hawler license area, and (ii) are attributed to the license area as a whole and do not represent Oryx Petroleum's working interest in such production, capacity or volumes.

SOURCE Oryx Petroleum Corporation Limited