Oryx Petroleum : Year End 2017 Reserves and Resources

15 February 2018

Calgary, Alberta, February 15, 2018

Proved Plus Probable Oil Reserves of 122 million barrels and US$ 704 million( ) in Related After-Tax Net Present Value of Future Net Revenue as at December 31, 2017; Best estimate unrisked Prospective Oil Resources of 3,450 million barrels in the AGC Central license area

Oryx Petroleum Corporation Limited ('Oryx Petroleum' or the 'Corporation') today announced its oil reserves and resources as at December 31, 2017 as evaluated by Netherland, Sewell & Associates, Inc. ('NSAI'), an independent oil and gas consulting firm, and as set forth in a report dated February 9, 2018 prepared in accordance with National Instrument 51-101 by NSAI (the '2017 NSAI Report'). The reserves and resources disclosure coincides with the filing on SEDAR at www.sedar.com of a material change report (the 'Material Change Report'), which includes additional information derived from the 2017 NSAI Report.

Highlights of the report for Oryx Petroleum's gross (working interest) oil reserves and resources volumes, and future net revenue related to oil reserves and contingent oil resources sub-classified as development pending in the Hawler license area as at December 31, 2017, as compared to the equivalent estimates prepared by NSAI as at December 31, 2016 (the '2016 NSAI Report'), include:

• Proved plus probable oil reserves of 122 million barrels ('MMbbl') versus 202 MMbbl as at December 31, 2016:
  - Significant decrease of volumes attributable to the Zey Gawra Cretaceous reservoir based on logging results and performance data of the Zab-1 sidetrack well drilled in 2017
  - Decrease of volumes attributable to the Demir Dagh and Banan Cretaceous reservoirs based on performance data from existing Demir Dagh Cretaceous wells
• After-tax net present value of future net revenue related to proved plus probable oil reserves of US$ 704 million(1) versus US$ 1.0 billion( ) as at December 31, 2016:
  - Lower volumes, forecasted Brent crude oil prices and assumed export oil prices partially offset by impact of production sharing contract mechanics
• Best estimate (2C) unrisked contingent oil resources attributable to the Hawler license area of 148 MMbbl as at December 31, 2017 versus 140 MMbbl as at December 31, 2016:
  - Best estimate (2C) risked contingent oil resources sub-classified as development pending of 47 MMbbl as at December 31, 2017 versus 42 MMbbl as at December 31, 2016
• - After-tax risked net present value of future net revenue of US$ 106 million(1) as at December 31, 2017 versus US$ 71 million(2) as at December 31, 2016
• Best estimate unrisked prospective oil resources of 3,750 MMbbl as at December 31, 2017 versus 853 MMbbl as at December 31, 2016
  - Upward revision of estimates for the AGC Central license area

CEO's Comment
Commenting today, Oryx Petroleum's Chief Executive Officer, Vance Querio, stated:
'We are pleased to report our reserves and resources at year end 2017 as evaluated by NSAI. Our proved plus probable oil reserves estimates and associated after-tax net present value of future net revenue have been impacted by a modestly lower long term oil price outlook, a significant downward revision of reserve volumes attributable to the Zey Gawra Cretaceous reservoir, and downward revisions to reserve volumes attributable to the Demir Dagh and Banan Cretaceous, and the Demir Dagh Jurassic, reservoirs. More positively, the remapping of prospects based on initial interpretation of 3D seismic data acquired and processed in 2017 has resulted in a more than tenfold increase in prospective oil resources attributable to the AGC Central license area. We look forward to an active drilling program in 2018 in the Hawler license area that should allow a more fulsome assessment of the potential of that license area and to further calibrate the significant potential of the AGC Central exploration license area in West Africa as we prepare for exploration drilling in 2019.'