Mr. Paul Ebdale reports

MITRA ENERGY INC. ANNOUNCES CONVERSION OF COMMON SHARES BY SHAREHOLDER INTO CLASS B COMMON SHARES

Further to the news release dated Sept. 28, 2015, pursuant to which Mitra Energy Inc. announced that certain amendments to its share capital and articles of incorporation had been effected, which amendments included the creation of a conversion right attached to each common share of the company, Ontario Teachers' Pension Plan Board (OTPP) has exercised its conversion right with respect to 6,817,881 common shares.

Effective as of Nov. 30, 2015, 6,817,881 common shares held by OTPP were converted into an equivalent number of Class B common shares on the basis of one Class B common share for each one common share converted. In accordance with the company's articles, the period for exercise of the conversion right expired yesterday. No other shareholders exercised the conversion right in respect of their common shares.