Cona Resources : Announces Mailing of Management Information Circular for Annual and Special Meeting

news release

Cona Resources Ltd. Announces Mailing of Management Information Circular for Annual and Special Meeting

CALGARY, ALBERTA (April 19, 2018) - Cona Resources Ltd. ("Cona" or the "Company") (TSX: CONA) announced today that it has mailed a management information circular and related voting materials (collectively, the "Meeting Materials") to its shareholders in connection with the annual and special meeting to be held in the Plaza Room of the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta at 11:00 a.m. (Calgary Time) on Friday, May 18, 2018 (the "Meeting").

At the Meeting, shareholders of Cona will be asked to approve, among other matters, a transaction pursuant to the previously announced arrangement agreement between Cona and certain affiliates of Waterous Energy Fund (collectively, "WEF"), whereby WEF agreed to acquire all of the common shares of Cona not currently owned by WEF for consideration of $2.55 in cash per common share pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").

The Meeting Materials are available on Cona's website atwww.conaresources.comand under Cona's corporate profile on SEDAR atwww.SEDAR.com. The full text of the formal valuation and fairness opinion prepared by CIBC World Markets Inc., financial advisor to the independent committee of the board of directors of Cona in connection with the Arrangement, in accordance with Multilateral Instrument 61-101, is included in the Meeting Materials.

Cona Resources Ltd.

Cona is a Canadian crude oil production and development company focused on maximizing recovery from its large-scale oil resource base. The Company's operations, infrastructure and concentrated land position are focused in southwest Saskatchewan. Cona's common shares trade on the Toronto Stock Exchange under the symbol CONA.

For further information about Cona Resources Ltd., please visit our website atwww.conaresources.com or contact:

Cona Resources Ltd. Telephone: 403-930-3000

Rob Morgan

President & Chief Executive Officer

Michael Makinson

Vice President, Finance & Chief Financial Officer