Mr. Morgan Tincher reports

PETRO BASIN ANNOUNCES COMPLETION OF PLAN OF ARRANGEMENT

Further to the news release of June 23, 2016, Petro Basin Energy Corp.'s previously announced plan of arrangement with Centennial Acquisitions Corp. and Glenwood Acquisitions Corp. was completed on June 30, 2016.

In connection with the arrangement, Centennial has issued one common share without par value in the capital stock of Centennial for every 20 common shares in the capital of the company to holders of the shares as of May 31, 2016. Centennial issued a total of 1,287,458 Centennial shares pursuant to the arrangement.

Glenwood has issued one common share without par value in the capital stock of Glenwood for every 10 shares to holders of the shares as of May 31, 2016. Glenwood issued a total of 2,575,900 Glenwood shares pursuant to the plan of arrangement.

Direct registration statements representing the Centennial shares and the Glenwood shares will be mailed to holders of the shares as of the record date next week (assuming there is no disruption in postal service).

We seek Safe Harbor.