On December 30, 2015, Petrodorado Energy Ltd. announced that it has been notified that the nominees of a dissident shareholder group have withdrawn their names from consideration for election as directors of the Company at the upcoming annual general and special meeting of the shareholders scheduled to occur on January 27, 2016. These nominees were originally presented by a particular group of shareholders, including Krishna Vathyam and Braans Ventures LLC. In addition, the Company announced that these Dissident Nominees have indicated that they support the Company's proposal of a special distribution as announced in the Company's press releases dated December 8 and 15, 2015.

Furthermore, the Company announced that it and the Dissident Nominees look forward to a collaborative effort in identifying prospective opportunities that will bring value to the Company subsequent to the realization of the special distribution, pending shareholder approval at the upcoming AGM.