Mr. Jim McFarland reports

VALEURA ANNOUNCES INCREASE TO UNDERWRITTEN PRIVATE PLACEMENT

In connection with its previously announced private-placement financing, Valeura Energy Inc. and the syndicate of underwriters led by Cormark Securities Inc., and including GMP FirstEnergy have agreed to increase the size of the private-placement financing. Valeura will now issue 14,629,000 subscription receipts of the corporation at a price of 75 cents per subscription receipt for total gross proceeds of approximately $11-million.

The subscription receipts (and the underlying common shares of the corporation issuable pursuant thereto) will be subject to a four-month hold period, under applicable securities laws in Canada. The offering is expected to close on or about Nov. 3, 2016. Completion of the offering is subject to certain conditions, including, without limitation, the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.

We seek Safe Harbor.