Mr. Chris Reid reports

PETRODORADO FILES FINANCIAL RESULTS AND MANAGEMENT DISCUSSION & ANALYSIS FOR THE FIRST QUARTER OF 2016 AND ANNOUNCES BOARD CHANGES

Petrodorado Energy Ltd. has filed its interim financial results and management's discussion and analysis for the three months ended March 31, 2016, and has made changes to the board of directors of the company.

Financial statements

Highlights (are in U.S. dollars unless otherwise indicated) include:

• Total available funds of $17.4-million*;
• Working capital of $16.8-million;
• Elimination of the vast majority of contractual commitments.

                               FINANCIAL HIGHLIGHTS
                                  (U.S. dollars)

                                          Period ended March 31, 2016    Period ended March 31, 2015

Available funds*                                          $17,371,071                    $14,615,681
Working capital                                            16,795,357                     11,007,470
Exploration and evaluation assets                                                         10,700,000
Total assets                                               17,801,401                     31,863,162
Funds used in operations                                      657,788                        586,227
Net loss                                                      925,842                        157,963
Net loss per share, basic and diluted                            0.02                           0.00

* Constitutes the sum of cash, cash equivalents and short-term investments.

On April 4, 2016, the company carried out a special return-of-capital distribution to the shareholders of the company as approved at the annual general and special meeting of the shareholders realized on Jan. 26, 2016. This distribution was achieved by way of a cash payment of 42 Canadian cents for each of the 49,704,702 common shares existing as of the date of the distribution, resulting in $16.0-million ($20.9-million (Canadian)) being distributed to the shareholders and leaving the company with a minimal working capital balance to sustain future operations.

Complete reports and statements are available on SEDAR and on the company website.

Board changes

The company announces the departure of Robert Cross and Doug Urch as directors of the company, effectively immediately. The company thanks Mr. Cross and Mr. Urch for their significant contributions over the last several years and wishes them success in the future.

The company is pleased to announce the appointment of Chris Reid, president and chief executive officer of Petrodorado, and David Hergenhein as directors of the company, effective immediately. Mr. Hergenhein, an independent director, has 14 years of public accounting and financial reporting experience, including four years with Deloitte & Touche LLP. Mr. Hergenhein is a chartered professional accountant (CPA) and has provided financial management services for several international junior oil and gas exploration companies. Mr. Hergenhein holds a bachelor of commerce degree from the University of Calgary. Following the above changes, the board of directors will consist of Peter Yates, Mr. Hergenhein and Mr. Reid as chairman.