$100m New Funding for Oryx Petroleum

Oryx Petroleum currently has approximately 121.7 million common shares outstanding on a fully diluted basis. The pro-forma ownership of AOG and its affiliates in Oryx Petroleum would be expected to increase to 77% from 75% on a fully diluted basis if Oryx Petroleum draws down the full $100 million and if AOG exercises the full 12 million warrants that it is entitled to under the terms of the facility.

Definitive agreements have been executed by Oryx Petroleum and AOG, and the requisite approvals have been received from their respective boards and the relevant security regulatory authorities in Canada. The transaction closed on March 11, 2015.

This unsecured credit facility constitutes a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Oryx Petroleum is relying on sections 5.5(a) and 5.7(a) of MI 61-101, which provides an exemption to the formal valuation requirement and minority approval requirement, respectively, where neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction exceeds 25 per cent of Oryx Petroleum's market capitalization as at the time the transaction is agreed to.

This news release and the related material change report have not been filed at least 21 days before the closing date of the transaction as any delay in finalising the facility from AOG could result in corresponding delays in the implementation of Oryx Petroleum´s 2015 capital expenditure plans.

(Source: Oryx)